Are you 54 and seeking life insurance, chances are you are not doing so for the first time. If it is the case that you are obtaining life insurance for the first time or are simply renewing there are several factors to consider. In today’s day in age with advanced medicine, cheap life insurance rates are surprisingly low for a 54-year-old person.
Time is of the essence when you are in your early 50’s. Once you reach your 60s, rates jump dramatically from those of someone who is in their 50s. This of course is all dependent on your health conditions, pre-existing or otherwise.
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However, the fact of the matter is that your risk to that of a life insurance company increases with your age, so seeking out insurance now is better than waiting.
Which Life Insurance Is Best for a 54-Year-Old?
Two of the best types of insurance for someone of age 54 are term life insurance and whole life insurance. If you are the average person, you probably don’t know the difference between the two. Even if you do, you may not know which one is best for your situation.
Term life insurance varies in the amount of time you are covered. Terms can be anywhere from 10 to 30 years. Of the two term life insurance is the preferred route for many people of this age. Not only is it much more affordable but it also allows for an extent of flexibility that you may not otherwise find with other insurance.
Another reason that term life insurance is more popular among 50-year-olds is that their need for life insurance could be coming to an end shortly. There are a lot of people who once they retire, don’t need life insurance for much longer, which is by buying a shorter-term life insurance policy is so valuable.
Whole life insurance, sometimes referred to as universal life insurance, will continue to cover you for as long as you make the premium payment. It is appealing in that it can be considered an asset from which you can borrow against. It of course is slightly more expensive for this reason. Whole life insurance can actually be as much as 12 times the rates of term life insurance.
If you do not know much about life insurance, there is no shame in seeking guidance from a life insurance agent. They know how to save you money in the short and long term.
For a $250,000 policy, a 54-year-old winds up paying $23.40. A $200,000 policy on the other hand costs $41.34. A $500,000 policy is a bit pricier, valued at $71.22. For the $1 million dollar policy, the rates go to $125.15.Check these results for a $250,000 term life insurance policy:
| Sex | 10 Year | 20 Year | 30 Year |
|---|---|---|---|
| Male | Protective – $35.51/month | SBLI – $60.25/month | Banner – $118.13/month |
| Female | Protective – $27.81/month | SBLI – $46.76/month | Banner – $85.53/month |
These rates of course are all dependent on your level of health. Factors such as pre-existing conditions and newly diagnosed diseases will all take a toll on the rates that you pay. Some insurance companies may ask you to take a medical exam in order to confirm that you are indeed healthy.
Getting the Lowest Life Insurance Rates
When you’re looking to purchase life insurance at 54, you’ll notice monthly premiums are much higher than when you purchased your first policy. That’s because age is one of the biggest factors in calculating your premium. Just because you are a couple of years (or a couple of decades) older than the last time you applied, doesn’t mean that your insurance premiums have to be through the roof. There are several things that you can do to get the lowest life insurance rates possible.
Spend some months working on your health through diet and regular exercise. Being overweight increases your risk of having health problems later in later, which means your risk is higher to the insurance company. Sticking to a diet and getting regular exercise is not only going to help you lose weight, but it will also help lower your blood pressure and your cholesterol, which will lower your premiums even further.
Additionally, one of the best ways for you to save money on your life insurance plan is kicking the bad habits like smoking cigarettes or using tobacco. Marking yes to tobacco on your insurance applications is going to cause your quoted price to double automatically. In some cases, it could even triple. If the time comes to buy another life insurance policy, drop the cigarettes once and for all. Your wallet is going to thank you.
The easiest option to find the most affordable rates is by comparing dozens of different insurance companies before you choose the policy that works best for you. Instead of calling all of the companies yourself, our independent advisors can do all the hard work. Our agents represent dozens of the highest-rated companies across the United States and have access to the lowest rates available.
If you do not already have insurance, there is no better time to obtain it. The life insurance over 50 policies can go up dramatically when you hit age 55.
Life is unexpected and, tragedy could strike tomorrow. You can’t predict the future, but you can plan for the worst.
The Bottom Line – Protect Your Family – Buy Life Insurance Age 54
Obtaining life insurance at the age of 54 is a prudent financial decision. While premiums may be higher than in your younger years, the protection it provides for your family’s financial future is invaluable. Term life insurance, with its affordability and flexibility, is a popular choice for individuals in their 50s.
However, whole life insurance offers long-term coverage and additional financial benefits. To secure the best rates, improving your health and quitting tobacco use is essential. It’s crucial to compare quotes from multiple insurance companies to find the most cost-effective policy. Don’t delay; safeguard your family’s future today.
