Are you are 55 years of age or older? If so, you might be looking for a term life insurance policy. While life insurance may seem like an unnecessary expense to some, it is one of the only ways you can be sure that your loved ones will be taken care of after your time comes.
Now, it is true that many life insurance companies cater to people who are say, in their 30s and 40s— mostly those who still have children living under their roof. However, the good news is that even if you are older it is still not too late to get approved for a decent term life insurance policy. The truth is that if you are in your 50s or 60s there are still many term life insurance companies that will cover you, and you can still get 10,15,20,25, or possibly even a 30 year term life policy.
What kind of rates can I expect for life insurance over 55?
We at chooseterm.com strive to get the best term life insurance rates for our clients, no matter how old you are. We work with over 30 of the top life insurance companies, and this means we can compare and contrast rates and types of coverage until we find the best policy for you. Keep in mind that you can always start comparing rates within seconds by using our quote form on this page.
In the meantime, here are some examples of the kind of rates you can expect:
Life Insurance Rates for a 55 Year Old
Let’s say Kate is a 55 year old who qualifies for preferred plus term life insurance, thanks to her being a nonsmoker, being in overall good health, and not engaging regularly in any risky behaviors. For a $100,000 policy for a 20-year term, she is likely to be offered the following rates from some of the nation’s top life insurance companies:
Protective Life $26.15 per month
Banner Life: $26.51 per month
SBLI: $27.49 per month
North American $28.09 per month
Transamerica: $28.09 per month
If Kate decides that she wants a policy without a medical exam, she can get a $100,000 20 year term for $41.73 with American National Life Insurance Company.
Life Insurance Rates for a 60 Year Old
Ben is a 60-year-old non-smoking male who is also interested in a term life insurance policy. At age 60 Ben can still get a 25 year term life policy. For a 25-year, $25,000 policy, he receives the best rate with Transamerica at $45.46 per month. This policy doesn’t require a medical exam.
So, this all just goes to show that you are eligible for term life insurance far longer than you may think. However, it is always best to act sooner rather than later.