Believe it or not, you can buy affordable life insurance when you are a 56 year old man. With term life insurance, you can adjust the amount of coverage, or the length of time for the coverage, to make a policy affordable to you. This blog post will show you what types of rates to expect, depending on your health, amount of coverage, and length of the term of the policy, as well as the names of the companies with the lowest rates.
Term life insurance is perfect for people having only a temporary need for life insurance. Say, for example, you have 10 years left on your mortgage. A 10 year term policy in the amount of your current mortgage balance can be used by your loved ones to pay off your mortgage, should you die before you pay it off.
Maybe you are now in your mid-50s, but you are behind on making your retirement savings goals for you and your spouse. You plan to put a lot of money away between now, and when you expect to retire at age 70. A 15 year term life policy can be used to fund your spouse’s retirement, if you should die before age 70, and not be able to fund your retirement savings goal due to your early demise.
You may not be willing to pay the cost of a $500,000 or 1 million dollar 15 year term life insurance policy, but you can choose a 10 year term policy, or a $250,000 15 year term policy, which may not fully fund your goal, but will make the world of difference to the people you leave behind.
Before buying term life insurance in your 50s, discuss with agents the option of buying some permanent life insurance, too.
If you are in poor health, or pushing 60, whole life insurance might be your best or least expensive option. It doesn’t make sense to buy a 15 year term life insurance policy with a $50,000 death benefit, for $55 a month, if you can buy a $50,000 whole life insurance policy for $50 a month, which will still pay if you die 30 years from now.
Here are the best rates for a 5 year term policy, which will insure you until age 61, if you are 56 now, for various amounts of coverage:
$100,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
EMC National Life Company is $27.32 a month or $307 a year.
$250,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Minnesota Life Insurance Company is $45.54 a month or $517.50 a year.
$500,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Minnesota Life Insurance Company is $82.72 a month or $940 a year.
$1.000,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Minnesota Life Insurance Company is $154.44 a month or $1,755 a year.
The Preferred Plus rates listed above are for people in the best health. Most life insurance companies have 4 rate classes for non-smokers: Preferred Plus, Preferred, Standard Plus, & Standard rates.
Here are 5 year term life rates for the Standard class. If you are seriously overweight, or have a chronic medical condition, you might have to pay a higher table rating, but most healthy people should qualify for at least these Standard rates.
In fact, a good agent may be able to find a company willing to insure you at their Standard rates, even if you have a chronic health condition, like diabetes, so it pays to comparison shop with several agents.
$100,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
EMC National Life Company is $46.55 a month or $523 a year.
$250,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Minnesota Life Insurance Company is $88.66 a month or $1,007.50 a year.
$500,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Minnesota Life Insurance Company is $168.96 a month or $1,920 a year.
$1.000,000 5 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
EMC National Life Company is $329.30 a month or $3,700 a year.
You can use the above information to make sure you are getting good rates.
For example, if you are looking for a 5 year term life insurance policy with a $100,00 death benefit, any quote you get for around $27 a month or about $307 is a great deal. Any quotes for a lot more than $46.55, or $523 per year for a $100,000 death benefit, is not a good deal. Fidelity Life Association is $60.12 a month, or $691 a year for the same amount of coverage. Don’t be scared off by high Standard rates. A good agent may get you a much better deal.
Here are examples of the lowest rates for a 10 year term policy, at various amounts of coverage:
$100,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $20.15 a month or $233 a year.
$250,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $41.95 a month or $485 a year.
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$500,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $78.72 a month or $910 a year.
$1.000,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $145.75 a month or $1,685 a year.
Here are the lowest 10 year term Standard rates:
$100,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Ohio National Life Assurance Corporation is $36.42 a month or $421 a year.
$250,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Primerica Life Insurance Company is $83.84 a month or $882.50 a year.
$500,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Primerica Life Insurance Company is $153.43 a month or $1,615 a year.
$1.000,000 10 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Primerica Life Insurance Company is $299.73 a month or $3,155 a year.
Here are the lowest 15 year term life insurance policy rates:
$100,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $27.33 a month or $316 a year.
$250,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Savings Bank Life Insurance Company of MA is $54.81 a month or $630 a year.
$500,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $101.21 a month or $1,170 a year.
$1.000,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $195.92 a month or $2,265 a year.
Here are the 15 year term life Standard rates:
$100,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Savings Bank Life Insurance Company of MA is $45.33 a month or $521 a year.
$250,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Savings Bank Life Insurance Company of MA is $102.88 a month or $1,182.50 a year.
$500,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
Savings Bank Life Insurance Company of MA is $200.54 a month or $2,305 a year.
$1.000,000 15 year Term Life Insurance Policy for a 56 Year Old Male Non Smoker at Standard Rates
North American Company for Life & Health is $381.06 a month or $4,355 a year.
As you can see, the range of rates for term life insurance for a 56 year old man vary greatly, from very affordable for most people to the size of a monthly car payment, depending on how long you want the coverage, and the dollar amount of the death benefit you choose.
Shop for the best deal you can get, so you can buy the most coverage at the best price for you. Saving money on auto insurance can give you more money in your budget for life insurance. Don’t put off saving money or buying the insurance you need. Start shopping now.
How much life insurance do you think you need? Please leave a comment on my facebook page. Or, you can e-mail me at help@smartshopyourcarinsurance.com if you have questions and would like my help. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.