Inexpensive Life Insurance for 55 Year Olds

Inexpensive Life Insurance for 55 Year Olds
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    Finding inexpensive life insurance for 55 year olds is quite possible, but you need to know who is the best life insurance company for your situation.

    Your age is just one factors that life insurance companies use to calculate your health class and rates. Life insurance rates by age vary tremendously from each life insurance company.

    Inexpensive Life Insurance for 55 Year Olds

    Will I pay more when I’m in my 50s? Well, if you’re comparing rates now vs when you were in your 40s…then yes!

    However, your rates are much cheaper compared to if you were in your 60s. Age is a huge factor with life insurance. Now if you have a preexisting health condition, this will make a significant difference in your rate as well.

    What do Will Rogers, Johnny Ramone, and  Christopher Columbus all have in common? They all passed away at the age of 55.

    Life insurance is not rated the same across all companies. It isn’t standardized when life insurance underwriters analyze your application.

    In other words, every life insurance company uses their own unique underwriting guides in order to classify your health class and your rate. What does that mean? It means that each and every life insurance company has an excellent potential at providing you the best rate. You may fall into a niche category- Finding the niche company where they can offer the lowest rate is key.

    Life Insurance Rates at Age 55

    *Example Life Insurance Rates. The following life insurance rates for 55 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:

    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. If you smoke, you’ll pay more. If you’re getting fit after 50, you’ll probably pay less.

    • A 55 Year Old Female will have a monthly premium of $102.98
    • A 55 Year Old Male will have a monthly premium of $146.12

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

    Life Insurance At Age 55

    Buying term life insurance at age 55 typically will not be difficult. Term life insurance gets less expensive every year for a few reasons.

    People are living longer, the advancements in medicine and life insurance competition are all factors that drive down costs.

    With that said, when looking for the best life insurance rates by age, you need to be aware of 3 things prior to putting in an application.

    1. Am I choosing the best term life insurance policy at age 55?
    2. Should I get a policy that requires a Medical Exam or a No Exam policy?
    3. Is there a benefit with shopping directly with the insurance company?

    Life Insurance Now or Later?

    Right now is the best time to get life insurance coverage. Term life insurance rates are at an all time low right now.  Since you’re 55, you should not have difficulty finding an affordable policy.

    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. Call us at 888-411-1329 for a personalized quote.

    When you’re 55 years old and shopping for whole life or term life insurance– you’ll have a few questions. We answer the most common questions in this blog post.

    This post will go over permanent and term life insurance policies. You’ll be provided pricing examples and go over the differences between medical and no medical exam life insurance. You’ll get to know some of the top insurance companies for the 55 year old age group.

    Already have a good idea of the type of policy you are looking for?

    Click here to compare no-exam life insurance quotes or use our online quote calculator located to the side or at the bottom of the page.  Read on to discover just how much 55 year olds can expect to pay for life insurance for a variety of common situations.

    Buying the best term life insurance policy at age 55?

    Each individual is different, however 15 and 30 term life insurance policies are very common.

    Begin by asking what is the purpose of this policy? We have clients that choose 10 year term because their mortgage is almost paid for and their children are almost in college (which was paid for). 30 year term is also common depending on your family’s needs.

    Do you have a significant amount on your mortgage? Will your income be difficult to replace? Will your policy need to help pay for your children’s education?  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.

    If this is your first time purchasing life insurance, you may feel this is your best option. The typical medical exam consists of the examiner gathering the following information:

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

    The life insurance medical exam is very similar to a physical.

    The medical exam information will be sent off to the life insurance company you applied to. There is no cost for the life insurance medical exam. It is paid for by either your Agent or the Life Insurance carrier.

    Now, prior to your application and 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.

    Now let’s fast forward to the medical exam results. The life insurance carrier goes over the medical exam results and also your past medical history (Physician notes, medication history, MVR reports, etc.). Your quote should be accurate unless something pops up in your medical exam or health history.

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

    More than likely you’re going to have an increase in your premium if an offer is provided. The life insurance company may even deny you a policy altogether.

    Benefit of No Exam Life Insurance

    Many people don’t want a life insurance medical exam for several reasons.

    Some like the convenience and speed of a No Medical Exam life insurance policy. Some shoppers hate the thought of needles and the blood sample.

    Regardless of the reason, No Medical Life Insurance policies typically have a quicker application and underwriting process.  It typically consists of a list of medical questions, a medication database check, and a motor vehicle report. That’s it. No blood or urine samples. No nurse. Simple and easy.

    Medical vs. Non Medical Insurance Rates for a 55 Year Old

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

    There are new companies coming into the no medical exam life insurance market. These rates and available companies get updated frequently. So who is best today may not be best tomorrow.

    Should I buy directly from the life insurance company?

    No! No! No!

    It can actually be a detriment. That’s the short 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.

    So 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 agent. Independent agents are not stuck with one company. They should have access to multiple companies.

    At Life Insurance Blog, 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.


    Best term life companies for 55 year olds?

    Determining the company that is the best fit for you 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.

    The life insurance companies below generally have the cheapest rates and best term life insurance coverage for 55 year olds.

    Protective Life
    SBLI
    Banner Life
    Prudential
    Transamerica
    ING

    Compare Life Insurance Rates Today and Get a Quote

    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.

    You can also pick up the phone and give us a call now at 888-411-1329 for a quote customized specifically for you.

    Thanks for reading our post, Inexpensive Life Insurance for 55 Year Olds. Please leave a comment or question down below.

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    Michael Quinn LIB

    About Michael Quinn

    Michael Quinn is the cofounder of Life Insurance Blog and a multi-state licensed life insurance agent. LIB has helped thousands of people understand life insurance and secure affordable coverage.

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