Term Insurance For The Mature: Exploring Options For Peace Of Mind At 57

If you're 57 and thinking about getting life insurance, you're not alone. Many people in their late 50s start considering their mortality and how their families will cope financially if they were to pass away. The good news is that it's not too late to get life insurance coverage at a reasonable price. In fact, most 57-year-olds are taking out 10 or 20-year term life insurance policies.

There are a few things to consider when deciding on a policy. Firstly, it's important to think about your situation and what type of policy will best suit your needs. Term life insurance, for example, covers you for a predetermined amount of time, usually between 10 and 30 years. This type of insurance is more affordable and basic in coverage. On the other hand, permanent life insurance will cover you for your entire life and often includes a cash value build-up component.

Another thing to keep in mind is your health. The healthier you are, the lower your insurance rates will be. Dieting, exercising regularly, and quitting smoking before applying for life insurance can all help to lower your premiums. Additionally, working with an independent insurance agent can be beneficial as they can help you compare quotes and find more affordable policies.

While it may be a long process, getting some form of life insurance coverage is important to ensure your family's financial security.

Term life insurance rates for 57-year-olds

It's never too late to get life insurance, and if you're 57, it's still possible to get life insurance coverage at a reasonable price. The cost of your life insurance depends on several factors, such as your health, gender, and whether you smoke.

A 57-year-old man in good health can expect to pay around $45 per month for a 10-year term plan, while a woman may pay around $35 per month for the same policy. These rates can increase if you are a smoker or have pre-existing health conditions.

Most 57-year-olds opt for 10 or 20-year term life insurance policies. By this age, most people have paid off their mortgages, and their children are usually financially independent, so a permanent life insurance policy is often unnecessary.

To get the best rates, it's recommended that you work with an independent insurance agent who can compare quotes from multiple companies and find you the most affordable policies. Improving your health before applying for life insurance can also help lower your premiums. Dieting, exercising regularly, and quitting smoking can all contribute to reduced insurance rates.

When calculating how much life insurance you need, consider any debts, mortgage or car payments, and the cost of your final expenses. You may also want to use life insurance to replace your income for your family or fund personal expenses, such as your grandchildren's college tuition.

The longer you wait, the more expensive life insurance becomes. While you may still be able to get coverage at 60, the rates will be significantly higher. Therefore, it's advisable to get life insurance coverage as early as possible to secure the best rates.

Whole life insurance for 57-year-olds

Whole life insurance is a type of permanent life insurance that does not expire. It is a good option for people over 50 who want to leave a legacy for their loved ones or ensure their final expenses are covered.

• Whole life insurance is more expensive than term life insurance, but it offers permanent coverage. As long as you pay the premiums, you will be covered for life.
• Whole life insurance policies often include a cash value accumulation component. This means that the policy builds equity over time, and you can borrow against this cash value at a low interest rate.
• When choosing a whole life insurance policy, it is important to consider the financial strength and customer satisfaction ratings of the insurance company. Look for companies with high financial stability ratings, such as an A+ or higher from AM Best.
• The cost of whole life insurance depends on various factors, including age, gender, health, and smoking status. For a 57-year-old non-smoker in good health, the monthly premium for a whole life insurance policy can range from $36 to $53 per month for $100,000 in coverage.
• It is important to work with an independent insurance agent who can help you compare quotes from multiple companies and find the most affordable policy for your needs.
• When deciding how much coverage you need, consider your income, mortgage, debts, and anticipated funeral expenses. You may also want to provide an inheritance or fund your child's or grandchild's education.
• Whole life insurance policies are available from various companies, including Transamerica, Sagicor, Protective Life Insurance, Lincoln, and Mutual of Omaha.

Reasons for life insurance at 57

While it is not too late to get life insurance at 57, it is important to consider the reasons for doing so. Here are some key reasons why someone in their late 50s might want to take out a life insurance policy:

• Dependents and Family: If you have financial dependents, such as minor children or a spouse who relies on your income, life insurance can provide for them until they are financially independent or until your spouse can retire comfortably. It can also help cover expenses like mortgage payments and ensure your family can maintain their standard of living.
• Adult Children with Special Needs: If you have an adult child who cannot care for themselves due to a disability or other special needs, life insurance can ensure they are taken care of financially even after you're gone.
• Funeral and Final Expenses: Life insurance can cover the costs of your funeral and other final expenses, so your family doesn't have to worry about these financial burdens during a difficult time.
• Peace of Mind: Knowing that your family will be taken care of financially in the event of your death can give you peace of mind and help you plan for the future.
• Leaving a Legacy: You may want to leave something behind for your family or grandchildren, such as funding their college education or helping them with a down payment on a house.
• Debts and Liabilities: If you still have outstanding debts, such as a mortgage or other loans, life insurance can help pay these off so your family isn't burdened with these expenses.

While life insurance is not a necessity for everyone, it can provide valuable protection and peace of mind for you and your loved ones during your golden years.

How to get the best rates for life insurance at 57

It's never too late to get life insurance, and if you're 57, it's still possible to get life insurance coverage at a reasonable price. Here are some tips to help you get the best rates:

Work with an Independent Agent

Independent agents can work with multiple companies and aren't affiliated with just one particular company or employed by one. They work for their clients and can save you considerable amounts of time by sifting through dozens of companies to match the company to the client.

Choose the Right Type of Insurance

Buy the right type of insurance for your situation. If you need a permanent policy, getting a term policy won't be helpful in the long run. When the term runs out, it will be much more expensive to get a new policy or switch to a permanent policy.

Find Out How Much Coverage You Need

Know how much life insurance you need. Calculate your annual income, mortgage, how much more you need before retiring, and consider whether you have any dependents. This will help you ensure that you are neither over-insured nor under-insured.

Compare Multiple Companies

Have your independent insurance agent shop the market and review all the best life insurance companies. Certain companies will view you more favourably than others, so it's important to work with an expert who knows your situation well and can help you choose the lowest rate for the same policy.

Stay as Healthy as Possible

Improving your health before applying for life insurance can help lower your insurance rates. Dieting, exercising regularly, and quitting smoking can all positively impact your insurance premiums. Be upfront with any health issues so that your agent can steer you away from companies that will charge you extra.

Consider a No-Medical Exam Policy

If you're in bad health and having difficulty getting covered, you can choose to apply for a no-medical exam policy. Although these policies are more expensive, you are guaranteed coverage, and they also begin covering you almost immediately.

Life insurance for 57-year-olds with health issues

Life insurance is a very personal consideration. If you have no dependents, your house is paid off, and you have enough funds to cover funeral costs, you may decide you don't need life insurance coverage. However, if you want to ensure your loved ones don't have to pay for your funeral costs, help them finish paying off a mortgage or any other debt, or leave money to your heirs, then you might want to consider buying a policy.

How to Get Life Insurance Over 57

Getting life insurance over 57 is generally the same process as getting life insurance when you are younger. First, get multiple quotes for different policy types and features to see which rate and coverage suits you best. Then, fill out an in-depth application where you disclose your age, current health, nicotine and alcohol use, and your medical history. Some life insurance policies require a health exam, where a medical professional will perform a physical exam, take your vitals, and review your health history. After the health exam, there is usually a waiting period before you find out if you are approved. Once approved, you pay the first month's premium, and your coverage takes effect.

Finding Affordable Life Insurance at 57

To get the best rates, you must shop around and compare. The good news is you don't have to do that yourself. By working with an independent life insurance agent, you can save considerable amounts of time. Independent agents can work with multiple companies and aren't affiliated with just one particular company or employer. They work for their clients and can sift through dozens of companies to match the company to the client.

Types of Life Insurance for 57-Year-Olds

The best type of policy for you will depend on why you are buying life insurance. Think about whether you want to support children, ensure your spouse can retire comfortably, or pay off your mortgage. Also, consider whether these are permanent or temporary reasons for buying life insurance.

Permanent Life Insurance

Permanent life insurance is the umbrella term for whole life insurance, universal life, and all other policies that last your lifetime. As long as you pay your premiums on time, you are covered. Some permanent policies offer a 20-pay option where you only pay premiums for 20 years. After you finish paying off your policy, it's yours for life.

Permanent policies tend to cost more than term policies because they last until you pass away, and the insurance company will have to pay your life insurance beneficiary at some point. Most permanent policies come with a cash value accumulation component, which is like building equity in your life insurance policy. You can use the cash value portion as a low-interest loan.

Term Life Insurance

Term life insurance is best for covering temporary purposes. The most common terms are 10, 20, or 30 years. Some companies offer even shorter terms, but these are mostly to cover business reasons. Term life insurance is generally more affordable since many people outlive their policy. However, a permanent policy may be a better option if you want to lock in a rate at your current health and age range.

Sample Rates for 57-Year-Olds

• A 57-year-old male can get $100,000 in 20-year term life insurance starting at $53 per month.
• A 57-year-old female will pay around $36 per month for the same type of policy.

Rates will vary based on health and other factors. If you smoke, you can expect to pay at least 50% more.

Frequently asked questions