How to Look for Life Insurance At Age 53

by Jeff Rose on September 15, 2016 · 0 comments

life insurance age 53By age 53, chances are that you are starting to think about life insurance in terms of how not having it may affect your loved ones. It is actually a very good age to acquire insurance if you haven’t already. There are a lot of people that start thinking that they don’t need a life insurance policy anymore, but that could be one of the worst mistakes that you make for your family.

If you were to pass away tomorrow, what would have with all of your debt? It would be left to your family. Your family could find themselves with thousands of dollars in unexpected expenses. This left behind dead has caused hundreds of thousands of families additional financial strain on top of the emotional wear of losing a loved one. This is why life insurance is so important. Don’t let your family suffer the hardships of losing a loved one and having to find a way to pay off all of your debt

Not only is a 53 year old person hopefully still in good health, but they can also obtain insurance at a much lower rate than someone of an older age. When shopping for life insurance, you will find that there are plenty of options and sorting through the ins and outs can be quite the feat.

What are Your Life Insurance Options at Age 53?

When it comes to life insurance at age 53, there are multiple options at your disposal. Two of the most prevalent types of life insurance that people explore are cheap term life insurance and permanent life insurance.

One of the characteristics of term life insurance is that it only lasts for a term that is determined at the point of purchase. This range of time can vary depending on which life insurance company you choose to go with.

Another characteristic of term life insurance is that it is relatively inexpensive compared to other types of insurance. For anyone that is looking to get quality coverage at an affordable rate, term life insurance could be the best way to go.  Permanent life insurance on the other hand lasts for an entire lifetime, or at least for as long as you continue to make payments.

The other advantage of permanent life insurance is that it accumulates cash and can be used as an asset for which you can borrow against. Whole life and universal life both fall under the category of permanent life insurance. As you can see, each type of policy has different advantages and disadvantages that you have to consider. Each applicant is different which means that you have to weigh each plan based on your coverage preferences and what you value the most.

Rates for a 53 Year Old

Assuming you are a healthy adult and lead a positive lifestyle, here are a few sample rates that can give you a good idea of what you may pay for life insurance at age 53.

To obtain a $200,000, 20 year term life insurance, a 53 year old male will spend about $1005 per annum. A female on the other hand, a 53 year old female will cost about $723 per year. For a less hefty amount of coverage of $50,000, a man can expect to pay about $1140.

A female will however pay about $957 per year. These rates of course may vary depending on many factors that you may be affected by. The best course of action is to obtain quotes from several different insurance companies. Here are some quotes for a $250,000 term life policy:

Sex10 Year20 Year30 Year
MaleProtective - $32.32/monthSBLI - $55.25/monthBanner - $102.81/month
FemaleProtective - $25.78/monthSBLI - $42.63/monthBanner - $75.25/month

How Rates are Determined Based on Health

Hopefully a 53 year old is in decent health, but there are instances where rates can be higher. One such case is if there is a pre-existing health condition. This can be either recently diagnosed or otherwise. If you have any pre-existing health conditions, you could be considered a “high-risk applicant”, which could drastically impact your life insurance coverage. Even if you are high-risk, that doesn’t mean that you can’t get an affordable insurance policy. Each insurance company tends to view certain conditions more favorably than other companies. It’s vital that you find the company that views your condition the best and has experience with dealing with similar situations.

The best course of action is to seek the guidance of a professional independent insurance agent. These agents don’t work for one specific company, but they represent dozens of the highest-rated insurance companies in the nation. This will not only save you time, but it will almost always save you money.  People looking to obtain over 50 life insurance need help sorting through all the different types of life insurance that may or may not work for their individual situation.  If you want to ensure that you’re getting the lowest rates for the insurance policy that you choose, you would have to call dozens and dozens of companies around you. You could spend hours on the phone talking to different agents and answering the same questions, but your time is valuable. An independent agent will shop all of the best life insurance companies that provide coverage in your area and give you quote based off of your personal needs.

Aside from using an independent agent, there are several different ways that you can get the best rates available for your life insurance policy. As we mentioned early, your health is going to play a big role in your life insurance plan, if you want lower rates, you need to be in the best health that you can be. The results of the medical exam (unless you go with a no-exam policy) can cause you to get excellent rates or make your premiums go through the roof. One of the best ways to do this is by getting regular exercise and following a healthy diet. Losing any excess weight, lowering your cholesterol, and lowering your blood is one of the best things you can do for your insurance application.

The other tip for getting lower rates is to kick your bad habits like excess alcohol or using tobacco. Smoking cigarettes is a guaranteed way to double or triple your monthly rates. If you want to save money, quit smoking, your lunch and your wallet with both thank you.

If you are ready to get started with a set of life insurance quote you can use the form on this page.  Or if you need to speak with someone about your specific life insurance needs then call us at 888-836-7071. Not only can we find you the perfect policy to fit your insurance needs, but we can also answer you questions that you have about life insurance and the different types of policies.

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Shopping for Life Insurance At Age 53
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Finding life insurance at age 53 may seem impossible. But do you know that it's the best time for you to get one? Talk to a professional today and know your options.
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