What is the best life insurance for 59 year olds?

life insurance for 59 year olds
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    You’ve begun your search for the best life insurance for 59 year olds. To find the lowest life insurance prices, you want to know which life insurance carriers will provide the greatest chance at approving you at the most affordable rate. Who is the best life insurance company for a 59 year old? Let’s find out!

    Best Life Insurance Options for 59 Year Olds

    You’re going to need to know what companies and underwriters are looking for. Take age for instance. Your age is a major factor with regards to premium price. However, it is only one of the several underwriting factors that the carriers use to determine your health class rating and cost.

    Life insurance rates by age can vary by a wide margin. Choosing the right company is key to saving you money.

    What do Tim Russert, Barry White, George Harrison, and Andy Warhol all have in common? They all passed away at the age of 59.

    Savings and Health

    What about your health? If you had a preexisting health condition, it can make a difference in what you premium will be.

    The industry isn’t standardized when it comes to approving policies. What that means is that each carrier will use their own underwriting guides to determine your health class and rate. This is actually great news even though it makes things a little confusing for the consumer.  Why? Because it allows the life insurance companies to become potential niches.

    These niches will give you, the smart shopper, the best chance at the lowest available rates – But only if you know how to research them!

    Life Insurance at 59 – Buy Now or Later?

    There isn’s a greater time to be shopping for your policy than now.

    The available rates are at all time lows. You shouldn’t have a problem locating a life insurance policy that is affordable when you’re 59. Just as long as you aren’t risky in the eyes of the underwriters.

    What if you had some health issues?

    The good news is that you may still have an excellent chance at affordable coverage. Remember that insurers have niches and this is extremely important when you have an underwriting risk.

    Often times your health condition may be looked at more favorably by the niche life insurance companies. FINDING THESE COMPANIES IS KEY!

    We do not rush out quotes or use a cookie cutter system to quote like the big call centers. Instead, we take the time to know you, ask you the important questions and find the best life insurance companies based on your specific situation.

    When helping 59 year olds look for affordable coverage, there are some frequently asked questions. Keep reading to get these answers. We will also go over permanent and term life insurance policies.

    Shoppers love examples. We’ll provide you some examples of rates and discuss how medical and no medical exam life insurance is different. We’ll also provide you some of the top insurance companies for 59 year olds. Read on and let’s find out just how much you can expect to pay at 59.

    Life Insurance At Age 59

    For the majority of shoppers, purchasing term insurance at age 59 won’t be very difficult. Buying a policy should be quick and quite simple. Life insurance continues to get less costly across the industry.  


    Because people are living longer than in the past. Another reason is due to the advancements in the medical and health fields. Lastly, competition among companies has helped lower life insurance costs.

    Shoppers researching for the lowest priced rates for 59 year olds, should get the answers to 3 important questions.

    These 3 questions should be answered prior to putting in a life insurance application.

    1. Am I choosing the best term policy at age 59?
    2. Should I buy a policy that requires a Medical Exam or a No Exam policy?
    3. Will there be a benefit if I shop directly with the company?

    Choosing the Best Term Life Insurance Policy at Age 59?

    Every shopper and individual is different.

    However, 15 and 20 term life insurance policies are very common.

    You should begin by asking yourself what is the overall goal of this policy?

    We have helped clients that ultimately chose a 10 year term because their mortgage is pretty much paid for and their kids are approaching college age (which was already paid for).

    A 30 year term is also pretty common and depends on your goals and your family’s needs.

    • Will you have a large amount on your mortgage to pay off?
    • How about your income?
    • Is your income difficult to replace?
    • Will your life insurance policy need to pay for your kid’s college education?  

    These questions are so important and need to be answered. Maybe a term life insurance policy won’t meet your financial goals. Perhaps you’re shopping for life insurance coverage that won’t run out.

    Guaranteed Universal Life insurance is a permanent life insurance option that can meet that goal. It will provide you protection to a specified age.

    A GUL policy can be bought to provide coverage all the way up to age 121.

    This is a great life insurance option for peace of mind. Term life can run out.

    The Guaranteed Universal Life insurance’s ability to cover to age 121 is a great option that many are unaware of.

    Should I buy a policy that requires a Medical Exam or a No Exam policy?

    Buying a life insurance policy that requires a medical exam is the most common way people buy protection.

    Is this the first time buying life insurance?

    You may feel that this is your best option because it’s the way the majority of life insurance is purchased.

    Your typical life insurance medical exam will have an examiner that gathers the following details:

    You can compare the medical exam to your physical that you compete with your primary doctor.

    They are very similar.

    The medical exam information that is gathered is sent to the life insurance company that you applied with.

    You are not charged for the life insurance medical exam.

    Your medical exam will be paid for by your life insurance agent or by the life insurance company.

    Life Insurance Agents and Fact Gathering

    Prior to submitting your life insurance application and the medical exam, your life insurance agent should be gathering details about your health and lifestyle.

    LIFE INSURANCE TIP: If your agent provides you quotes without asking you questions about your health and lifestyle – Your quote may be completely wrong. A good agent will do thorough fact gathering in order to quote you correctly.

    This will help them estimate which health class you should qualify for.

    Details and honesty is key, because your quote is only based on the information you provide your agent.

    Applying to a company based on inaccurate information can be a disaster. Let’s fast forward and discuss the medical exam results. The life insurance company will analyze your medical exam results.

    Life insurance companies also have access to your past medical records (Physician notes, medication history, MVR reports, etc.).

    Unless something pops up in your medical exam or health history, your original quote should be accurate.

    Now, what if something does pop up on the medical exam or health history?

    It is very likely that you’re going to have to pay more for your life insurance coverage.

    If you applied with the wrong life insurance company, you might even be denied a policy altogether.

    Of course it will depend on the health condition and the reason for the denial.

    Benefits of No Exam Life Insurance

    What about those shoppers that do not want to participate in the life insurance medical exam?

    There are various reasons for not wanting to take the medical exam.

    One example that many prefer – the ease and speed that the No Medical Exam life insurance policy can be issued.

    Another common reason to skip the medical exam is that many hate giving blood samples and needles.

    No matter the reason, No Medical Life Insurance plans usually have a much quicker application process.

    Some have very fast underwriting and can be issued immediately or in 24 hours.

    The No Exam life insurance application will usually have a detailed list of qualifying medical questions, a medication database check, and an MVR motor vehicle report.

    Non Medical Insurance vs Medical Rates for a 59 Year Old

    If you think that a Non Medical policy sounds good, you’ll want to compare rates with medical exam policies.

    Feel free to use our Free Instant Life Insurance Quotes and compare.

    COMPANY TIPS: The Non Medical life insurance option is getting much more popular for shoppers.

    There are more life insurance companies offering Non Med policies. We listed several of the stronger life insurance carriers for Non Medical life insurance below.

    Transamerica and American National are 2 companies that often offer the best premiums for non medical exam life insurance.

    It should be noted that they sometimes take longer to approve than companies such as Sagicor and Fidelity. Transamerica and American National do not require a medical exam, but they do request your medical records from your doctors.

    This will often take around 3-4 weeks to approve your life insurance policy – as opposed to Sagicor. Sagicor can approve your life insurance application in about 15 minutes to 48 hours.

    Fidelity often approves in about 24 hours.

    If getting a policy quickly is your number one goal – for example, for collateral for a loan or before flying on a plane, go with Sagicor or Fidelity Life.

    At Life Insurance Blog, we can help you apply regardless of the company.

    Should I Buy Directly From a Life Insurance Company?

    Warning: Not Advisable

    Shoppers applying directly to the life insurance carrier can actually be a huge negative to most shoppers.

    Here is the reason why.

    Every life insurance carrier will submit their life insurance rates for approval to every state’s insurance department. The life insurance carrier will come up with their rates before they submit them to the state.

    Once these rates are approved, they must sell the life insurance policy at that rate.

    You will not get a better or different rate based on where you purchase the policy.

    When you apply with a life insurance carrier directly, you are being underwritten by that company’s underwriting rules.

    You are not going to know if the final offer you receive from that 1 company is the best rate on the market.

    How will you know?

    You won’t – unless you have access to the underwriting guides to every life insurance company. Which, unless you’re an agent, you won’t have access to that information.

    Work with an Independent Life Insurance Agent

    That is why you should always work with an independent agent. Independent agents work for you and are there to find the best companies that you will qualify with.

    This is especially true if you have health conditions, use certain medications, or have something that may affect underwriting.

    Feel confident that you are getting the best life insurance rate when you work with an independent agent.

    Independent agents are not stuck with one company.

    They should have access to multiple companies. If you shop direct, that company won’t let you know that another company is a better fit for you.

    At LifeInsuranceBlog, we work with over 60 top rated life insurance companies.

    We’ll make sure we research the best life insurance carriers for you. We’ll give you the best chance of coverage at the best life insurance prices on the market.

    By working with us, our clients receive the best chance at getting affordable coverage.

    Life Insurance Rates at Age 59

    *Example Life Insurance Rates. The following life insurance rates for 59 year olds are sample rates. The life insurance rates were researched and based on a 20 year term and $500,000 death benefit. These are non-smoker rates and calculated with a “Preferred” health class rating. Your actual quote may be higher or lower based on a variety of underwriting factors. Factors such as health, medication, driving history, occupation, hobbies, family history and lifestyle will affect your actual rate.

    $500,000 20 Year Term Life Insurance Quote:

    • A 59 Year Old Female will have a monthly premium of $156.28
    • A 59 Year Old Male will have a monthly premium of $219.84

    What Are Some of the Best Term Life Companies for a 59 Year Old?

    Researching and selecting the best life insurance company can be challenging. Finding the companies that are the best fit for you will depend on your present health, your health history including family history, as well as weight and height.

    It will also depend on the amount of desired life insurance coverage as well as the length of your term. We’ll help you figure out which life insurance company would be best for you based on all these variables.

    Although the market changes every year – the life insurance companies below generally have the cheapest rates and best term life insurance coverage for 59 year olds.

    Protective Life
    Banner Life

    Compare Life Insurance Rates Today and Get a Quote

    Always shop the market when buying life insurance. Rates frequently change and no matter your situation, always work with an independent life insurance agent.

     TIP: Life insurance rates can vary up to 70% depending on the company!

    Work with LifeInsuranceBlog today, because we have access to over 60 top rated life insurance carriers. Get started now by comparing multiple rates on our site. 

    Thanks for reading our post, Best Life Insurance for 59 Year Olds. Please leave a comment or question down below.

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    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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