If you are age 54 and seeking life insurance, chances are you are not doing so for the first time. If it is the case that you are obtaining life insurance for the first time or are simply renewing there are several factors that you should consider. Today’s day in age with advanced medicine, cheap life insurance rates are surprisingly low for a 54 year old person.
life insurance age 54
Time is of the essence when you are in your early 50’s. It is shown that once you reach your 60’s, rates jump dramatically from those of someone who is in their 50’s. This of course is all dependent on your health conditions, pre-existing or otherwise.

However, the fact of the matter is that your risk to that of a life insurance company increases with your age, so seeking out insurance now is better than waiting.

Which Life Insurance is Best for a 54 Year Old?

Two of the best types of insurance for someone of age 54 are term life insurance or whole life insurance. If you are the average person, you probably don’t know the difference between the two. Even if you do, you may not know which one is best for your situation.

Term life insurance varies in the amount of time you are covered for. Terms can be anywhere from 10 to 30 years. Of the two term life insurance is the preferred route for many people of this age. Not only is it much more affordable but it also allows for an extent of flexibility that you may not otherwise find with other insurance.  Another reason that term life insurance is more popular among 50-year-olds is because their need for life insurance could be coming to an end shortly. There are a lot of people that once they retire, they don’t need life insurance for much longer, which is by buying a shorter-term life insurance policy is so valuable.

Whole life insurance, sometimes referred to as universal life insurance, will continue to cover you for as long as you make the premium payment. It is appealing in that it can be considered an asset of which you can borrow against. It of course is slightly more expensive for this reason. Whole life insurance can actually be as much as 12 times the rates of term life insurance.

If you do not know much about life insurance, there is no shame in seeking the guidance of a professional life insurance agent. This can end up saving you money in both the short and long term.

For a $250,000 policy, a 54 year old will end up paying $23.40. A $200,000 policy on the other hand with cost $41.34. A $500,000 policy is a bit pricier, valued at $71.22. For the $1 million dollar policy, the rates go to $125.15. Here are some quotes for a $250,000 term life insurance policy:

Sex10 Year20 Year30 Year
MaleProtective - $35.51/monthSBLI - $60.25/monthBanner - $118.13/month
FemaleProtective - $27.81/monthSBLI - $46.76/monthBanner - $85.53/month

These rates of course are all dependent on your level of health. Factors such as pre-existing conditions and newly diagnosed diseases will all take a toll on the rates that you pay. Some insurance companies may ask you to take a medical exam in order to confirm that you are indeed healthy.

Getting the Lowest Life Insurance Rates

When you’re looking to purchase life insurance at 54, you’ll notice that your monthly premiums are much higher than when you purchased your first policy. That’s because age is one of the biggest factors in calculating your premium. Just because you are a couple years (or couple decades) older than the last time you applied, doesn’t meant that your insurance premiums have to be through the roof. There are several things that you can do to get the lowest life insurance rates possible.

The first is to improve your health. Aside from your age, your overall health is going to play a huge role in how much money you pay every month for your coverage. Unless you go with a no medical exam, the insurance company is going to have you complete a health exam before they approve you policy and give you coverage.

If you want to save money on your life insurance policy, spend some months improving your health through a healthy diet and regular exercise. Being overweight increases your risk of having health problems later in later, which means you’ll pose more of a risk to the insurance company. The more of a risk you are, the more they are going to charge you every month. Sticking to a diet and getting regular exercise is not only going to help you lose weight, but it will also help lower your blood pressure and your cholesterol, which will lower your premiums even further.

Additionally, one of the best ways for you to save money on your life insurance plan it’s time to kick the bad habits like smoking cigarettes or using tobacco. Being listed as a smoker on your insurance applications is going to cause your monthly premiums to double automatically. In some cases, it could even triple. If it’s time to buy another life insurance policy, drop the cigarettes once and for all. Your wallet is going to thank you.

The best way to ensure that you’re getting the most affordable rates is by comparing dozens of different insurance companies before you choose the policy that works best for you. Instead of calling all of the companies yourself, our independent agents can do all of the work for you. Our agents represent dozens of the highest rated companies across the United States, and they can give you the lowest rates available.

If you do not already have insurance, there is no better time to obtain it. The life insurance over 50 policies can go up dramatically when you hit age 55.  If you are ready to get started with a set of life insurance quotes, use the form on this page.  If you are looking to get a broader view of different types of life insurance then call us at 888-836-7071 to talk directly to an agent.

All of our agents work for our independent agency.  This means we will provide you with quotes from all the best life insurance companies that are available for whatever type of life insurance meets your particular needs.  With other agents they will try to fit you into a few different policies but our team will make sure that we find the right type of policy first, and then match you up with a company.

If you have any questions about the different types of policies or life insurance in general, feel free to contact us today. We want to ensure that you’re getting the life insurance that you and your loved ones deserve. You never know what life is going to throw at you, tragedy could strike tomorrow. You can’t predict the future, but you can plan for the worst.



universal life insurance pros and consThere are dozens of different insurance products, each of them has their own set of advantages and disadvantages. Trying to decide which one works best for you can be a long and complicated process, but it’s vital that you understand all of the options and what they provide.

One of the insurance products receiving some interest in recent years has been the universal index life insurance policy. These life insurance policies are permanent life insurance policies, build cash value over time, and provide the ability to take advantage of stock market gains.

While the universal index life insurance policy can be a way to aggressively grow your cash value in a life insurance policy over time, it’s important to be aware that there are drawbacks to these types of policies as well.

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