Chances are, life insurance can provide some kind of benefit to your life. At age 57, you most likely have different priorities than a person who is younger, but there is still a valid reason for having a quality insurance policy.
When it comes to insurance, there are multiple factors that must be brought into consideration before deciding on a particular type of life insurance.
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What Do You Need?
As a 57-year-old, you are hopefully either already retired or are close to retirement. Additionally, your family most likely isn’t as dependent on you as your children are (hopefully) out of the house.
If you have fewer people, or nobody, dependent on your annual salary, you may think that you don’t need life insurance anymore, but this isn’t the only purpose for life insurance. Even if your kids have finally moved out of the basement, you still need protection for your family.
Regardless, you probably still have liabilities and most likely still have the desire to provide for your family.
It provides the peace of mind that your family will be cared for in the event of some kind of misfortune.
What Are the Going Rates of Life Insurance at Age 57?
The rates that are quoted depend on a number of factors aside from your health. Most likely, though, if you are a non-smoker, you have a clean bill of health, and you will be eligible for a Preferred Plus rate.
Many life insurance providers will perform a medical exam as well as obtain a history of your medical records before offering a final quote.
| Sex | 10 Year | 20 Year | 30 Year |
|---|---|---|---|
| Male | Protective – $46.26/Month | SBLI – $80.91/Month | Transamerica – $180.69/Month |
| Female | Protective – $34.30/Month | SBLI – $59.60/Month | Transamerica – $126.88/Month |
At age 57, you hopefully have no medical ailments, but this most likely will not be the case forever. It is easy to fall into the mindset that you will always be healthy, but life happens, and it is not always in pleasant form.
Life insurance comes into play by offsetting these misfortunes and offering peace of mind.
What Type of Insurance Does a 57-Year-Old Need?
When you’re over 50, your life insurance needs are very different. There are several kinds of plans still available to you, but not each of them is a good purchase.
In most cases, a term life insurance policy is going to be the best option because it allows you to decide how much longer you’ll need coverage. There might be a time in the next 10 or 20 years when you no longer need life insurance, which is why term insurance is so handy.
What Is Term Life Insurance?
A cheap term life insurance policy is appealing for many ages, but particularly for someone at age 57. In addition to being affordable, it offers a large degree of protection against a number of different scenarios.
Unlike a traditional insurance agent, independent agents don’t just represent one single company, we represent dozens of the most highly rated insurance companies across the United States. Don’t waste time calling all of the companies yourself, we can bring all of the lowest quotes directly to you. Contact our agents or simply fill out the quote form with your information, and you can get the best rates from reputable companies.
Working with an independent agent isn’t the only way that you can get cheap term life insurance. There are several other things that you can do to keep some extra cash in your pocket.
The first is to improve your health and start using that dusty gym membership that you’ve had for years. Unless you choose a no-medical exam policy, you’ll be required to complete a short health physical before you are accepted for coverage. The medical exam is going to impact how much you pay for coverage.
Put simply, the better health you’re in, the less you pay for life insurance. If you want to save money, cut back on junk food and start hitting the gym. Your doctor and bank account will both thank you.
Similarly, you’ll need to quit smoking or using chewing tobacco. Being listed as a smoker on your insurance application is going to cause your premiums to double automatically, regardless of how the rest of your health is.
If you want to save as much money as possible on your coverage, you’ll need to kick the cigarettes. Smoking is one of the worst things that you can do for your insurance rates.
The last thing you should do is make sure that you’re getting the right amount of coverage. It’s a delicate balance trying to get the perfect amount of coverage, but if you purchase too much life insurance, you’ll be tossing away money.
Sure, it’s better to have too much than too little, but it could also mean you’re spending way more on monthly premiums.
The Bottom Line – Life Insurance at Age 57 – Choosing the Best Policy
At age 57, life insurance remains an essential tool to provide for your family’s future, even as your priorities shift.
With diverse options available, term life insurance emerges as a preferred choice due to its flexibility and affordability. Premium rates can vary widely, making it crucial to collaborate with knowledgeable agents familiar with the market landscape.
Prioritizing health by adopting a balanced lifestyle, quitting smoking, and hitting the gym can further optimize insurance rates.
Ultimately, securing a life insurance policy not only offers peace of mind but also ensures that your family won’t face financial burdens during challenging times.
