Yesterday, I wrote about affordable term life insurance when you are a 56 year old man. Today, I am blogging about term life insurance rates for a 56 year old woman non smoker, which are lower than the male rates, because women, as a group, live longer than men. Term life rates are not as low for people in middle-age as they are for younger people, but they are still affordable to most people wanting it.
The great thing about term life insurance is you can adjust the amount of coverage, or the length of term of coverage, to make a policy fit your budget. This blog post will show you the companies with the lowest rates for the best (Preferred Plus) and Standard health classes, for various amounts of coverage for 10 & 15 year term life policies, for a female age fifty-six non-smoker, so you have an idea of whether you are getting a quote at a reasonable price, when you shop for life insurance.
Term life insurance is perfect for people having only a temporary need for life insurance. Say, for example, you have 15 years left on your mortgage. A 15 year term policy for 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.
You may not be willing to pay the cost of a $250,000 15 year term life insurance policy, but you can choose a 10 year term policy, or a $100,000 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 at age 56, discuss with agents the option of buying some permanent life insurance, too.
Depending on your health, or the rates term life insurance companies are willing to offer you, whole life insurance might be your best or least expensive option. It doesn’t make sense to buy a 10 year term life insurance policy with a $50,000 death benefit, for $45 a month, if you can buy a $50,000 whole life insurance policy for $40 a month, which will still pay if you die thirty years from now.
Here are the lowest rates for a 10 year term life policy:
$100,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $16.09 a month or $186 a year.
$250,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $31.79 a month or $367.50 a year.
$500,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $57.52 a month or $665 a year.
$1.000,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $105.10 a month or $1,215 a year.
Even if you are in good health, you may not qualify for the Preferred Plus class rates as listed above. Here are the lowest 10 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.
Companies may have as many as four rate classes for non-smokers: Preferred Plus, Preferred, Standard Plus, & Standard. Getting quotes from several agents will increase your chances of finding an agent whom can get the lowest rates for which you can qualify.
$100,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Ohio National Life Assurance Corporation is $25.78 a month or $298 a year.
$250,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Security Mutual Life Insurance Co of NY is $56.70 a month or $630 a year.
$500,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Security Mutual Life Insurance Co of NY is $106.65 a month or $1,185 a year.
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$1.000,000 10 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Ohio National Life Assurance Corporation is $195.92 a month or $2,265 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 Female Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $18.94 a month or $219 a year.
$250,000 15 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Preferred Rates
Savings Bank Life Insurance Company of MA is $37.63 a month or $432.50 a year.
$500,000 15 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $66.61 a month or $770 a year.
$1.000,000 15 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Preferred Rates
Ohio National Life Assurance Corporation is $123.26 a month or $1,425 a year.
Here are the lowest 15 year term life Standard rates:
$100,000 15 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Ohio National Life Assurance Corporation is $32.61 a month or $377 a year.
$250,000 15 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Ohio National Life Assurance Corporation is $73.09 a month or $845 a year.
$500,000 15 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Ohio National Life Assurance Corporation is $137.97 a month or $1,595 a year.
$1.000,000 15 year Term Life Insurance Policy for a 56 Year Old Female Non Smoker at Standard Rates
Ohio National Life Assurance Corporation is $259.07 a month or $2,995 a year.
As you can see, the range of rates for term life insurance for a 56 year old woman vary a lot, from very affordable 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 purchase the most coverage at the best price for you. Saving money on auto insurance can give you more money in your budget for term life insurance. Don’t put off saving money or buying the insurance you need. Start shopping now.
How much life insurance do 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.