Lowest Priced Life Insurance for 58 Year Olds

by | Life Insurance Ages

What do Tim Russert, Barry White, George Harrison, and Andy Warhol all have in common? They all passed away at the age of 58.

Lowest Priced Life Insurance for 58 Year Olds

Searching for the lowest priced life insurance for 58 year olds?  You’ll want to do your homework by reading this post first. You’ll need to know which life insurance companies will give you the best chance at securing the most affordable life insurance policies.

Take age for instance. Your age is a major factor with regards to premium price.

However, it is only one of the many factors that the life insurance companies will end up using to determine your health class and rates.

  Life insurance rates by age can sometimes vary by a wide margin depending on the life insurance company that you choose.

If you have a current or preexisting health condition, it can make an even bigger difference in what you will end up paying.

Qualifying for life insurance isn’t standardized. This means that every life insurance company will use their own individual underwriting guidelines to determine your rate. This is great news for the consumer.  Why? Because it means that every life insurance company is a potential niche.

These niches give the smart consumer the chance at the best available rates – if you know how to find them!


Life Insurance at 58- Now or Later?

life insurance now or later

There’s no better time to secure your life insurance coverage. The term life insurance rates that are available now are at an all time low.  You should not have difficulty securing an affordable policy when you’re 58 as long as your health is satisfactory.

If you have health issues, it’s extremely important to remember that every life insurance company is different with their underwriting criteria.

Some health conditions are looked more favorably by some life insurance companies than others.

At LifeInsuranceBlog, 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 we speak to 58 year olds looking for life insurance, some common questions get asked. You’re going to get those answers in this blog post. This post will discuss permanent as well as term life insurance policies.

We’ll be providing some examples of life insurance quotes and go over the how medical and no medical exam life insurance is different. We’ll also provide you some of the top insurance companies for 58 year olds.

If you have an idea of the type of policy you are looking for – click here to compare life insurance quotes or use our online quote calculator located to the side or at the bottom of the page for INSTANT QUOTES. 

Ready to learn and gain a full understanding of the life insurance options available to you? Read on to find out just how much you should expect to pay for life insurance when you’re 58 for a variety of life situations.


Life Insurance At Age 58

For most, buying term life insurance at age 58 will typically not be difficult. In fact, it should be quite simple and quick.

Life insurance policies continues to get less expensive across the industry.  This is often due to our population living longer than in the past. It is also due to advancements in the medical field and term life insurance competition.

However, when researching for the lowest priced life insurance rates for 58 year olds, you need to be aware of 3 things. These 3 questions should be know before putting in an application.

  1. Am I choosing the best term life insurance policy at age 58?
  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 58?

choosing best life insurance policy

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 important questions that need to be answered.

LifeInsuranceBlog will 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. Give us a call at 888-411-1329

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?

no medical exam life insurance

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 life insurance medical exam consists of the examiner gathering the following information:

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

Think of the medical exam like the yearly physical you get with your primary doctor.  All of the medical exam information will be sent off to the life insurance company that we apply with.

You will never be charged for this medical exam. Your medical exam is paid for by your agent or the life insurance company.


Life Insurance Agents and Fact Gathering

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

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.

Example Scenario: You don’t mention to your agent that you have high blood pressure. Your agent will be providing you the best options for someone with normal blood pressure. The problem is, you won’t qualify for those options. You will be applying with the wrong company and it will cost you in the end. By providing your agent with accurate details on your heart condition – you will allow them to research the niche companies that are most lenient toward heart issues.

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?

You are more than likely going to have a higher life insurance premium if an offer is provided. The life insurance company may even deny you a policy altogether depending on the results.


The Benefit of No Exam Life Insurance

no exam life insurance benefits

There are those who do not want a life insurance medical exam for a variety of reasons.  One major reason is that many prefer the simplicity and speed that a No Medical Exam life insurance policy provides.

Another common reason to skip the medical exam is that many hate giving blood samples and 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 58 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: Non Medical life insurance is becoming much more popular.  More and more companies are offering these types of policies.  Here are a few of the stronger companies for Non Medical life insurance:

Transamerica and American National frequently 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?

buying life insurance direct

ABSOLUTELY NOT

Buying directly from the life insurance company can actually be a detriment to most shoppers. Here is the reason.

Each and every life insurance company submits 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 better or different rate based on where you purchase the policy.

When you apply with a life insurance company directly, you are subjecting yourself to 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.

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

Life Insurance Rates at Age 58

*Example Life Insurance Ratees. The following life insurance rates for 58 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 58 Year Old Female will have a monthly premium of $141.44
  • A 58 Year Old Male will have a monthly premium of $200.68

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


 

What are some of the best term life companies for a 58 year old?

best life insurance companies

Finding and applying to the life insurance company that is the best fit for you will depend 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.

Although the market changes every year – the life insurance companies below generally have the cheapest rates and best term life insurance coverage for 58 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!

Work with LifeInsuranceBlog, because we have access to over 60 of the top life insurance companies on the market. 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, Lowest Priced Life Insurance for 58 Year Olds. Please leave a comment or question down below.

Michael Quinn

Michael Quinn is the founder of LifeInsuranceBlog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.

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