Co-Founder, Coastal Financial Partners Group, California
It depends on the amount of coverage needed, the type of policy (term or permanent), insurability and other factors. A healthy male age 55 who can qualify for Preferred rates and needs term insurance for the next 10 years could expect to pay as little as $150 per month for a $1M policy. An independent life insurance professional can help find the right policy.
The price of life insurance for a 55 year old will depend on your health, the amount of life insurance you want to purchase, and one of the bigger factors is how long you want the policy to stay in effect. At age 55, the difference in price between a 10 and 20 year term policy is much greater than when applying at age 25. However, at age 55, many people do not want to take out 10 year term because there is a greater risk of being unable to qualify for life insurance at age 65.
It is very helpful to have a good agent who will find the best company for your health, plus review various face amounts and lengths of coverage with you. That way you can determine the most suitable policy for your situation, at the most affordable premium.
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It is very helpful to have a good agent who will find the best company for your health, plus review various face amounts and lengths of coverage with you. That way you can determine the most suitable policy for your situation, at the most affordable premium.