The closer and closer you get to age 60, the higher you will see your rates climb when it comes to life insurance. This is why it is extremely important at age 59 to start to seek out life insurance that is good for your current situation.
It is hopefully the case that you are still in very good health, but many life insurance companies start to associate age 60 with increased health problems. This is why it is extremely important to lock in a lower rate while you are still healthy and in your 50s.
Not only that but life insurance provides you with the ability to sleep well at night knowing that your loved ones will be taken care of.
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Coverage for Life Insurance At Age 59
Term life insurance is a very appealing type of insurance for someone at the age of 59. You can purchase it in a variety of different periods of time anywhere from five to twenty years.
It is meant to fill the lack of income in the event of misfortune so it is extremely valuable especially given that it can be obtained at a very reasonable rate. If you’re looking for the cheapest term life insurance option, term life insurance is the cheapest. Because they are only effective for a certain period, they are offered at a lower monthly premium.
The other type of insurance that is appealing to someone at age 59 is whole life insurance. Although this comes at a slightly higher rate, it is permanent insurance, at least for as long as you continue paying the rates. You won’t lose protection in the future, or have to reapply for coverage, these whole-life policies are a great option.
What Are the Rates for a 59-Year-Old?
Insurance premiums are based on a lot of things. Your age is only one of them. We can’t give you specific numbers without knowing your health, but we can give some example rates of what you may pay.
For a 59-year-old male who doesn’t smoke, they will pay around $1800 every year for a $200,000 life insurance policy. A woman who is in similar health is going to pay much less at $1100 for the same-sized policy. In general, women are going to pay a lot less for their insurance
| Sex | 10 Year | 20 Year | 30 Year |
|---|---|---|---|
| Male | Protective – $55.53/month | SBLI – $100.27/month | Transamerica – Not Available |
| Female | Protective – $39.71/month | SBLI – $70.25/month | Transamerica – Unavailable |
As we mentioned, these are only ballpark figures for life insurance plans. Even as a 59-year-old applicant, your rates could be drastically different.
What Are the Risk Tables?
If you are a high-risk applicant, you need to find the perfect insurance company for your specific condition. There are a lot of insurance companies that specialize in insuring applicants with certain health complications. These companies have more experience working with high-risk applicants and under what is involved with the conditions and they are going to give you lower rates or a better chance of being accepted.
There are a lot of things that could cause you to be a high-risk applicant. The most common cause is diabetes. Anyone who has been diagnosed with diabetes is going to be a high-risk applicant.
Getting a Set of Quotes
If you are unsure of how to proceed in obtaining life insurance, it may be advisable to seek out the help of an experienced life insurance agent. We provide easy life insurance quotes by using the quote form on the side of this page. This will allow you to compare term life insurance rates from all of the best life insurance companies.
We know that purchasing a life insurance policy and applying for coverage can be confusing and difficult, but we can help walk you through the process to ensure that your family is getting the protection that they deserve.
Getting the Lowest Insurance Rates
More than likely, this isn’t your first time purchasing life insurance, and you’ve noticed that it’s much more expensive than it was the first time that you bought coverage. Regardless of how old you are, you can find lower premiums.
The best advice for getting lower rates is to not wait any longer to apply. Once you turn 60, you are going to see a significant increase in your monthly premiums. Start the process today.
You’re at the age where your health might be as great as it once was. Your health is the pivotal ingredient in getting cheap life insurance. Let’s look at some of the ways you can be healthier and save money.
It’s time to stop using your treadmill to keep clothes on. Instead, actually start using it to run. Getting extra exercise will help you lose weight and get in shape.
The next lifestyle change that you need to make to save money is your smoking habits. If you’re a smoker, then you’re going to pay around double or triple. Even if you use chewing tobacco or smoke cigars, you may still be lumped in with the smoker’s rates.
Anyone looking to purchase life insurance for people over 50 is going to need to consider all the possible life insurance options. Because the needs of people in this age range vary greatly from person to person, working with an independent agent will allow you to get the best policy at the best price for your needs.
Final Thoughts
As individuals approach age 60, life insurance premiums rise, making it crucial for those aged 59 to secure a suitable policy while still healthy. Term life insurance offers cost-effective coverage for specific durations, while whole life insurance provides lasting protection. Premiums vary based on age, health, and gender. High-risk applicants, like those with diabetes, might face higher rates but specialized insurers can offer competitive options. Ensuring a healthier lifestyle, like quitting smoking or regular exercise, can lower premiums. Seeking guidance from experienced agents can streamline the process, ensuring the best coverage at an optimal rate.
