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There are a lot of Americans that skip purchasing a life insurance policy, especially once they start to reach their mid-50’s and early 60’s, but this could be an awful mistake.

When looking for life insurance at age 56 one of the greatest impacts on your premium is your health.
life insurance for 56 years old

Unfortunately at this age there are many medical conditions that can start to creep up if it hasn’t already started affecting you.

Depending on what type of medical condition you have, your rates may or may not be affected significantly.  There are a lot of people that think if you have any pre-existing condition, that they can’t be approved for a life insurance policy, but this couldn’t be further from the truth.

Regardless, life insurance is something that everybody should have for their own peace of mind.

What Type of Coverage Should I Get?

Ninety percent of 56 year olds who obtain life insurance typically only need it for 10 to 20 years. This is the case because the purpose of the life insurance is meant to fill in for displaced income.

With this in consideration it is assumed that you will not need insurance after retiring and for that reason you only need a policy for the term of your working career.

Buying cheap term life insurance is the solution for this. This type of insurance is surprisingly affordable, especially considering all of the benefits that come with it.  If you need more extensive or permanent insurance, whole life insurance is most likely for you.

As you can imagine, the biggest difference between whole life insurance and term life insurance is that whole life insurance is effective for as long as you pay the monthly premiums. This a significant advantage over term policies that expire after their predetermined time.

There are a lot of people that prefer having permanent coverage and don’t have to worry about reapplying for another policy. If you want the comfort of having a whole life policy, go for it, but be warned, you’re probably paying way more for life insurance coverage than you have to.

What are the rates for a 56 year old?

The rates for a 56 year old will depend on many factors, but the most recent quotes for a healthy man are as follows. A policy for term life insurance of twenty years costs $1655 per year for a $500,000 benefit.

A 56 year old female on the other hand will only pay $1205 for the same coverage. Whole like insurance for a male with a benefit of $100,000 will run $1169 per year.

The same coverage for a female will only cost $966 per year. Here is some quotes for $250,000 of coverage for someone age 56:

Sex10 Year20 Year30 Year
MaleProtective - $42.48/monthSBLI - $73.30/monthTransamerica - $161.88/month
FemaleProtective - $32.07/monthSBLI - $55.46/monthTransamerica - $113.75/month

These quotes are mainly met to provide an idea to you as to how affordable life insurance can be. Every person is different and rates can change so these should be taken merely as indicators.

What Risk Tables Does a 56 Year Old Operate On?

There are several reasons that person may be denied coverage. Serious illnesses fall into this category. These can include diabetes, heart disorders, and other critical diseases.

All hope is not lost for people with these illnesses though. Standard life insurance may still be available to someone with what is considered a critical illness if it is deemed to be under control.  There are a lot of life insurance companies that have experience working with high-risk applicants of various conditions. These companies understand the conditions and how they can be controlled, which means they will view applicants for favorably than companies without that experience.  Otherwise healthy adults will most always be able to qualify for the standard rates that are available.

Even if you’ve been turned down for coverage because of your health conditions, there are still several insurance coverage options that you can choose from. Not having life insurance is one of the worst mistakes that you can make for your family.

How much Life Insurance do you need?

Aside from asking what type of policy that should get, this is the next most common question that we receive, “how much life insurance do I need?”” and it’s also one of the most important decisions that you can make in regards to your insurance.

Shopping for life insurance at age 56 is extremely different than shopping for a policy in your 20’s or 30’s. There are many notable differences that are going to impact your life insurance needs. More than likely you don’t have as much debt as you did twenty years ago. One of the main goals of life insurance is to pay off any debt you would leave behind, you might be able to buy a much smaller policy at this stage of life.

Another key difference in a life insurance policy in your mid 50’s is your salary and how many people are relying on your income. Your salary is probably higher than it was when you first bought a life insurance policy many years ago, but that doesn’t necessarily mean that you need a larger insurance plan. If your spouse is still working, and your kids all have jobs of their own, you can consider getting a smaller, cheaper insurance policy.

Getting the Best Rates on Your Life Insurance Policy

Getting life insurance is important for the protection of your family, but it’s also important that it doesn’t break your bank. Even at 56, a life insurance policy can still be more affordable than most applicants assume. Sure, your coverage is going to be more expensive than it was when you were 25, but that doesn’t mean your premiums have to drain your bank account every month. There are several ways that you can get lower rates.

The first way is to focus on your health. Aside from your age (which you can’t change), your health is the next most important factor that impacts your monthly premiums. Sure, you probably aren’t in as good shape as you were twenty years ago, but now is the time to focus on your health.

If you’re carrying any extra weight, it could hurt your monthly rates. The more weight that you’re carrying, the higher your chances of having health problems. The higher your risk for health problems, the more the insurance company is going to charge you for an insurance plan. Shedding some of those pounds through a diet and exercise will not only lower the number on your scale, but it will also work wonders for your cholesterol, blood pressure, and much more. Not only is this great for your health, but good for your wallet as well.

Additionally, kicking your bad habits like smoking cigarettes will also save you several hundred dollars on your policy coverage. Smokers pay double on their monthly premiums, sometimes triple, versus a non-smoker. If you want to get the cheapest rates possible, it’s time to quit that bad habit and drop the cigarettes.

Whether it is standard term life insurance or a no medical exam policy working with an independent agent will yield the lowest premiums for your needs, because each company is different, all of them are going to look at your application differently. It’s important that you find the company that is going to look at your application favorably. There are hundreds of different insurance companies for you to choose from, which means you could spend days calling different insurance agencies. Instead, you can let us do all of the hard work for you.

At LifeInsuranceByJeff.com we work with all of the top rated life insurance companies so that we can shop for you and get the absolute best rates. It is never a bad idea to seek the guidance of a professional life insurance agent. They will most almost always be able to steer you in the right direction when it comes to obtaining life insurance. This can be very valuable in that it may end up saving you a lot of time and money.

If you are ready to get started with a set of term life insurance quotes over 50, you can get them by filling in the form on this page.  If you are looking at all of your potential options then give us a call at 888-836-7071 and one of our agents will work with you to find the best matching policy for your needs.