Least expensive Life Insurance for 56 Year Olds

Least Expensive Life Insurance for 56 year olds
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    Least Expensive Life Insurance for 56 year olds

    Who is the best life insurance company for 56 year olds? Finding the least expensive life insurance policy isn’t very complicated and we’ll teach you how.

    When you’re starting your research, you need to know which companies look most favorably toward your situation.  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 – it can make a huge difference.

    What do Abraham Lincoln, Adolf Hitler, and Steve Jobs all have in common? They all passed away at the age of 56.

    Life insurance isn’t standardized when it comes to underwriting. This is a fancy way of saying that every company can rate you differently. Each life insurance company uses their own underwriting guidelines to determine what you’ll pay. This means that every life insurance company has a potential niche where they can offer the lowest rate.

    Life Insurance Rates at Age 56

    The following life insurance rates for 56 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. If you smoke, you’ll pay higher. If you’re getting in shape after 50, you may pay less.

    • A 56 Year Old Female will have a monthly premium of $114.09
    • A 56 Year Old Male will have a monthly premium of $162.33

    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 secure life insurance coverage then now. Term life insurance rates are at an all time low.  Since you’re 56 years old, you should not have difficulty securing an affordable policy. It’s vital to the consumer that they know that not every life insurance company will view their lifestyle, health, and age the same.

    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. 

    When you’re 56 years old and looking for a life insurance policy you probably have some questions. We hope to answer them 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 in your 50’s for a variety of situations.

    Life Insurance At Age 56

    Purchasing term life insurance at age 56 typically will not be difficult. Life insurance continually gets less expensive due to people living longer, advancements in medicine and life insurance competition. 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 56?
    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?

    Choosing the best term life insurance policy at age 56?

    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 mortgage to pay off? 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:

    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.

    We’re getting ahead of ourselves, so let’s back up a bit. 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 company analyzes the medical exam results and also your past medical history (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? You are more than likely going to have an increase in your premium if an offer is provided. The life insurance company may even deny you a policy altogether.

    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 56 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 the life insurance company?


    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.

    What are some of the best term life companies for a 56 year old?

    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 coverage for 56 year olds.

    Protective Life
    Banner Life

    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.

    Thanks for reading our post, Least Expensive Life Insurance for 56 year olds. Please leave a comment or question down below.

    Michael Quinn

    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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    Michael Quinn
    Founder – Life Insurance Blog

    We’ve all been there — You’re just not ready to talk to an agent right now.

    Good news: For life insurance quotes that doesn’t require contact information, we’ve partnered with Policy Genius.

    They provide my visitors a simple and fast quoting experience. You can compare multiple “A” rated companies & you won’t have to enter your personal information unless you like the price and want to apply.