Can You Still Get Life Insurance at Age 51?

by Jeff Rose on October 26, 2016 · 0 comments

Depending on where you are in life, your insurance needs will change. As a person of 51 years of age, your needs vary tremendously from that of someone of another age. There are multiple factors that need to be considered before deciding on which life insurance to settle on.

life insurance age 51

If this is your second time buying a life insurance policy, you may notice that its’ very different from the last time that you purchased a plan, but it’s no less important at age 51. Life insurance is one of the most important things you’ll buy for your family, but there are a lot of people in their 50s that avoid buying life insurance coverage. That’s one of the worst mistakes that you could make for your loved ones.

Determine Your Needs

As a 51 year old you are most likely starting to hunker down on your retirement, your children have most likely left the house, and your home is hopefully close to being paid off. If might even be the case that you have grandchildren at this stage of life. With all of these potential factors in your life it is not surprise that life insurance may not be a top priority. The fact of the matter is that it is still extremely important.

Before you buy an insurance plan, you need to calculate how much life insurance you need, and there are several things you need to account for. The first is your debt. As we mentioned, your house should be close to being paid off, but that isn’t going to be your only debt, or maybe you still have a lot left on your mortgage. If you were to pass away, all of your debts and unpaid expenses would be passed on to your family. You’ll also need to account for any funeral costs or possible medical expenses you could rack up.

You’ll also need to think about your annual salary. Your kids have already moved out, or are close to it, but what about your spouse? Does he/she depend on your income? Would anyone else experience financial suffering if you were to pass away? If so, you’ll need to account for replacing your salary if anything tragic were to happen to you.

What Cost Can You Expect at Age 51?

Assuming you are a non-smoker and can achieve a Preferred Plus rate, you are in a good spot to receive top notch insurance at a reasonable rate. The going rate for a 10 year term is $15.26 whereas the going rate for a 20 year term is $25.20. Both of these rates are for a man who is seeking $100,000 of coverage and assumedly good health. Here are some quotes for $250,000:

Sex10 Year20 Year30 Year
MaleProtective - $26.73/monthSBLI - $46.93/monthBanner - $79.84/month
FemaleProtective - $22.35/monthSBLI - $35.24/monthBanner - $59.94/month

You may still be of the mindset that you will not need life insurance for the foreseeable future, but the fact of the matter is that there is no telling what health problems you can be faced with in this stage of life. Your body unfortunately starts to deteriorate whether you like it or not, and being proactive and prepared is the best defense against this.

In most cases, a life insurance plan is much more affordable than you might think. There are several things that you can do to help you get the some  lowest rates possible. The first is to quit smoking. The sample quotes above are from a non-smoking applicant, if you’re a smoker, you can expect those rates to double, or even triple depending on the company. If you want to get the cheapest insurance policy, you’ll need to kick the cigarettes for good.

Additionally, you’ll need to get in the best shape possible. Starting a good diet and getting regular exercise is an excellent way to lower your blood pressures, lose some weight, and lower your cholesterol. All of these are going to help you get better results from the medical exam, which translates into lower premiums.

The best way to ensure that you’re getting lower premiums is by working with an independent agent, like myself. Instead of just representing one company, like most insurance agents, we represent dozens of different highly rated companies. You could spend days calling insurance companies yourself, or you can let us do the work for you. Independent agents not only save you time, but save you money by connecting you with the perfect insurance company to fit your needs.

What Type of Insurance Does a 51 Year Old Need?

Although some people may consider it late in the game to start shopping for life insurance, the fact of the matter is that it is never too late. In fact, the sooner, the better as rates start to increase with age. Depending on where you are in life, the type of insurance that you may need varies. It is often times a good idea to consult the advice of an experienced life insurance agent who can help steer you towards the right insurance.

There are several different types of life insurance that you’ll have to compare. You’ll need to weigh the advantages and disadvantages of all of them before you make a choice. It’s vital that you pick the perfect policy type to fit your insurance needs.

What is Term Life Insurance?

At age 51, perhaps the best type of insurance to consider is term life insurance. Not only is it affordable, but it oftentimes covers you for a wide variety of situations and provides you with the peace of mind that is so appealing with insurance.

Term life insurance is offered for several different spans of time that could very well cover a 51 year old until death. If you are unsure of what exact coverage you need, do not hesitate to seek the advice of a life insurance agent. They will most likely save you time and money in the short and long term that you may have otherwise lost by going about it on your own.

Getting the Best Rates

The key to getting the best rates for anyone looking to get over 50 life insurance is to work with an independent agent.  Instead of you having to go from company to company or website to website, and independent agent will shop all of the available plans and companies in your area.  At LifeInsuranceByJeff.com we help you by providing life insurance quotes from all of the top companies in the United States.  This means our agents are working for you to get the best rates instead of trying to fit your needs into a specific set of policies.

If you are ready to get started with a set of life insurance quote use the form on the side of this page or give us a call at 888-836-7071.  Our agents are ready to help you get the best price on your premium.  If you have any questions about your life insurance needs or any of the types of policies, we would be happy to answer those questions and help you find the perfect policy for you. Life insurance is the most important purchase you’ll make for your family, but it can be a long and frustrating process, but thankfully, we are here to help.

 

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