Cheap Term Life Insurance for 57 Year Olds

Cheap Term Life Insurance for 57 Year Olds

Finding cheap term life insurance when you’re 57 is possible, but you need to know how to find the best life insurance company that will offer you the lowest rate. There are many factors that determine your life insurance rate.

What do John Lennon, Glenn Miller, Edgar Allan Poe, & Paul Walker all have in common? They all passed away at the age of 57.

Age is just one of the factors that companies use to determine your rates. Life insurance rates by age can vary significantly from each life insurance company. If you have a preexisting health condition can make a huge difference as well.

Life insurance isn’t standardized when it comes to underwriting. In other words, each term life insurance company will use their specific underwriting guides to find out your rate. This is a good thing – even if it seems complicated. That is a benefit to the consumer because every life insurance company has a potential niche.  These niches will provide you a chance to find the lowest rates.

Life Insurance Rates at Age 57

 The following life insurance rates for 57 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. 

$500,000 20 Year Term Life Insurance Quote:

*Example Life Insurance Rates. 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. So, if you’re getting in shape after 50, your rate may be lower. If you smoke, it will be higher.

• A 57 Year Old Female will have a monthly premium of $127.75
• A 57 Year Old Male will have a monthly premium of $180.60

Want additional rates? Use our Free Quoter on this page to get an Instant Life Insurance Quote.

Life Insurance – Now or Later?

There’s no better time to shop for life insurance coverage. Term life insurance premiums are at an all time low for all ages. Since you’re in your 50s, you might be approaching retirement. Perhaps you have already retired.

Just know that you should not have difficulty securing an affordable policy based on your health. It’s vital to the consumer that they know that not every life insurance company will view their lifestyle, health, and age the same.

If you have any health issues, it’s important to have an agent research the life insurance companies that are in that health niche. 

At Life Insurance Blog, we don’t use a cookie cutter quoting system like the big call centers. Instead, we get to know you, research your options and find you the best companies based on your unique situation. 

Since you’re 57 years old and have started shopping for life insurance policy you probably have a few questions.

We hope to answer the most common life insurance questions in this blog post. This post will discuss permanent as well as term life insurance policies, providing pricing examples and discuss the differences between medical and no medical exam life insurance.

We’ll also provide you some of the top insurance companies for the 50’s age demographic.

If you want to learn more and gain a full overview of the options available to you, read on to discover just how much you should expect to pay for life insurance for 57 year olds.

Life Insurance At Age 57

Buying term life insurance when you’re 57 should happen sooner rather than later.

Life insurance continually gets less expensive due to people living longer, advancements in medicine and life insurance competition. However, rates start to increase quickly in the late 50s and early 60s.

When you’re shopping for the cheapest term life insurance rates by age, you need to focus on a few things before you put in an application.

1. Am I selecting the best term life insurance policy at age 57?
2. Is a Medical Exam or a No Exam policy best for me?
3. Is there a benefit with shopping directly with the insurance company?

Choosing the best term life insurance policy at age 57?

Every person who is shopping for life insurance is different. However, 15 and 20 term life insurance policies are very common.

Start with asking what is the purpose of this life insurance policy?

We have clients that choose 10 year term because their mortgage is almost paid for and their children are almost out of college (which was paid for). 20 year term is also common depending on your family’s needs.

Are you still paying a significant percentage of your mortgage? Will your future income be difficult or simple to replace?

Will your policy need to help pay for your children’s education or is it already paid?  These are decisions that you need to make.  We provide you all of your options and will absolutely help you make the proper decision for your family and you- but it’s ultimately your decision.

Perhaps term life insurance isn’t appropriate for your goals. Maybe you looking for life insurance that won’t expire.

Guaranteed Universal Life insurance would provide you coverage to a specific age.  GUL policies can be purchased to cover you all the way up to age 121. This option is great for those that want peace of mind knowing they will always have life insurance coverage.

Should I Get a Policy that Requires a Medical Exam or a No Exam policy?

Purchasing a life insurance policy with a medical exam is the traditional way people buy coverage.

Is this the first time purchasing a life insurance policy? If it is, you may feel this is your best option, because it is the most common. The typical medical exam consists of the examiner gathering the following information:

• Height
• Weight
• Cholesterol
• Blood Pressure
• Blood Sample
• Urine Sample

Think of the medical exam as a physical.  All of this information will be sent off to the company you chose to apply with.

You will not be charged for this medical exam. It is paid for by either your Agent or the Life Insurance company.

Before you put in a life insurance application and participate in the medical exam, your agent needs to gather as much information about your health and lifestyle.

A good agent will do this in order to quote you correctly and estimate which health class you should qualify for.  

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.

Why?

Applying to a company at a rate that you won’t qualify for will waste your valuable time.

Now let’s fast forward to the medical exam results. The life insurance company analyzes the medical exam results and also your past medical history (Physician notes, medication history, MVR reports, etc.).

Now unless something were to come up in your medical exam or health history during underwriting, your original quote should be accurate.

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

You are more than likely going to have a more expensive premium. The life insurance company may even deny you a policy altogether.

This is why it is so important to work with an agent who will work with you to find the companies that focus on your health and lifestyle.

The Benefit of No Exam Life Insurance

There are people who don’t want a medical exam for a variety of reasons.

Some prefer the convenience and speed of a No Medical Exam life insurance policy. Some people hate the idea of needles. Regardless of the reason, No Medical Life Insurance policies typically have a much shorter application and underwriting process.  

They typically consist of a list of medical questions, a medication database check, and a motor vehicle report.

Medical vs. Non Medical Insurance Rates for a 57 Year Old

If you are interested in comparing the rates for no medical vs medical life insurance, use our free online quoters to compare.

COMPANY TIPS: While Transamerica and American National often have the best rates for no medical exam life insurance, they do take longer to approve than companies Sagicor and Fidelity.

Transamerica and American National will not require an exam, however they will request your records from your doctor. Because of this approval will usually take about 3-4 weeks, as opposed to Sagicor which can approve you within 15 minutes to 48 hours, and Fidelity which approves within 24 hours.

If you need to get a policy quickly – for example for collateral for a loan or before flying on a plane, go with Fidelity Life or Sagicor – and we can help you apply.

Should I Buy Directly From A Life Insurance Company?

IT COULD COST YOU! 

Buying directly with a life insurance company can actually be a detriment. That’s the quick answer.

Here’s the long answer. Each life insurance company will submit their life insurance rates for approval to each state’s insurance department. The life insurance company will come up with their rates before they submit them.

Once they are approved, they must sell the policy at that rate. You will not get a different rate based on where you purchase the policy.

When you apply with a company directly, you are subjecting yourself to that company’s underwriting rules.

How are you going to know if you’re receiving the best rate on the market if you use only one company? You won’t. This is especially true if you have a health condition, use a certain medication, or have something that may effect underwriting.

The only way you can feel confident that you are getting the best life insurance rate is by working with an independent life insurance agent. Independent agents are not stuck with one company.

They should have access to multiple companies. Make sure the agent or agency you work with has access to many companies.

At LifeInsuranceBlog, we work with over 60 top rated life insurance companies to make sure we find the best chance of coverage at the best price. This gives our clients the best chance at securing affordable coverage.

What Are Some of the Best Term Life Companies for a 57 Year Old?

Finding the life insurance company that is the best fit for you depends on several things.

It is dependent on your present health, your health history including family history, as well as weight and height. It also depends on your desired amount of coverage and the length of your term. We can help you figure out which life insurance company would be best for you based on these variables.

Your agent will gather all of this information, research all of your options, and present them to you to choose.

The life insurance companies below generally have the cheapest rates and best term coverage for 57 year olds. 

Protective Life
SBLI
Banner Life
Prudential
Transamerica
ING

Compare Rates and Get Instant Quotes

Always shop around when buying life insurance. No matter your situation, always work with an independent life insurance agent. Life insurance rates can vary up to 70% depending on the company!

LifeInsuranceBlog represents more than 60 of the top life insurance companies available. Get started today by comparing multiple rates on our site. 

Thanks for reading our post, Cheap Term Life Insurance for 57 Year Olds. Please leave a comment or question down below.