There are several important tasks that come up when a person hits middle age that are unpleasant to think about but important to complete as soon as possible. Researching the top cheap life insurance providers for 53-year-olds and picking a life insurance policy are two such tasks, and millions of people neglect to even begin thinking about obtaining life insurance. If something were to happen to you, not having a life insurance policy may leave your family struggling financially, in addition to the emotional toll that losses bring.
What We'll Cover
- Important Life Insurance Definitions
- What to Look for in a Life Insurance Policy
- The Top Life Insurance Providers for 53-Year-Olds (Males and Females)
- Average Monthly Premiums in Different States for 53 Year-olds
- Easily Find the Best Cheap Life Insurance for 53-Year-Olds Today
Although it's best to lock in a life insurance policy when you are in your 20s, your second best option is to get one as soon as possible! Life insurance premiums increase each year, and purchasing a policy in your early 50s is far cheaper than waiting until your late 50s or 60s. If you're ready to begin the search for a life insurance policy, learn more about what you should look for in a policy, the best cheap life insurance providers for 53-year-olds, and more using our handy guide below!
Important Life Insurance Definitions
When hunting for a great and affordable life insurance policy, there are numerous key terms you will run into. It can get confusing if you don't know what they mean off-hand. Here are six life insurance definitions you should be aware of:
- Beneficiary: The person that will receive the benefits your life insurance policy provides when the insurance policyholder passes away. You can name anyone as your beneficiary, though beneficiaries under 18-years-old must be represented by a public official or legal guardian.
- Death benefit: The amount paid to a beneficiary after a life insurance policyholder dies.
- Permanent life insurance: A life insurance plan that gives the policyholder coverage until their death
- Preferred rates: Lower costs for life insurance policies for those who generally have good health and health habits and are considered lower risk to the insurance companies.
- Premium: The cost of a life insurance policy, usually charged monthly or yearly.
- Term life insurance: A life insurance plan that only covers the policyholder for a specific period of time. Plans can be renewed when needed, though usually at a significantly higher cost when the policy expires.
These are just a few of the dozens of terms you may see while searching for a life insurance plan, But knowing the definitions of all of the above will help research the best providers for 53-year-olds as you pick a good plan for you and your family.
What to Look for in a Life Insurance Policy
You can certainly pick a random life insurance policy and hope for the best. But if you want to get the most benefits out of your plan, it's important to consider several factors. Some of the most important considerations to make when looking for a life insurance policy at 53 include:
The more coverage you want your insurance to provide, the higher your premiums will be. Not every person needs a life insurance plan that covers $500,000 or more, but you also don't want to cheap out and get a plan that can't possibly cover your debts or give your beneficiaries enough in your absence. For this reason, you must carefully consider the coverage amount you need. Once you narrow down this number, you will be better able to find life insurance policies for you and your family.
You must also decide whether you want term life insurance or permanent life insurance. If you're tight on money now, term life insurance may be a better choice, as it's often cheaper from a premium standpoint. However, you may end up paying more in the long run if you outlive your term life insurance plan and have to get a new one. Permanent plans may cost more upfront, but they may also save you money down the road because your premium is locked in.
Other Desired Benefits
Not all life insurance policies offer a simple payout upon the death of the benefit holder. Some life insurance policies provide other benefits for policyholders, their families, and their beneficiaries. Some life insurance plans, including variable and universal ones, can allow your life insurance policy to accumulate a cash value. As you pay more into your plan, its value can grow over time, and you may be able to use some of those funds for other needs, such as healthcare or other large purchases.
The Top Life Insurance Providers for 53-Year-Olds (Males and Females)
One of the best ways to find a great life insurance policy is by looking at what the most reputable brands offer. Some of the best cheap life insurance providers for 53-year-olds include:
AIG has been in the business since 1919, and it remains one of the most respected life insurance providers today. One of the biggest benefits AIG provides is guaranteed issue whole life insurance, which is available immediately to those between ages 50 and 80. It also does not require medical examinations, and you can choose policies that cover $5,000 to $25,000. AIG is often a great choice for those on a strict budget.
Bestow Life Insurance has only been around since 2017, but it has already proved itself to be a reputable life insurance provider. Customers like it because life insurance policies can be purchased online without a medical exam, and you can choose from a wide range of term lengths. You can purchase term life insurance for 10 or 15 years at the age of 53 with coverage ranging from $50,000 to $1 million.
- Estimated premium for 15-year term for a 53-year-old male with $500,000 of coverage: $81
- Estimated premium for 15-year term for a 53-year-old female with $500,000 of coverage: $57
One of the best-known cheap life insurance providers for 53-year-olds, Pacific Life, provides several term life insurance options that can adhere to a wide variety of budgets. One of the most compelling features that Pacific Life provides is the ability to convert a term life insurance policy to a whole-life policy once the term life one expires. You can get coverage from $50,000 to $3 million, and you can choose a 10- or 15-year limit as a 53-year-old.
Lemonade has taken the insurance world by storm, making applying for a life insurance plan easier than ever. You can get a quote quickly by using the app or visiting the Lemonade website, and you aren't required to undergo a medical exam. You can select 10- or 15-year term policies with coverage between $50,000 and $1 million.
- Estimated premium for 15-year term for a 53-year-old male with $500,000 of coverage: $77
- Estimated premium for 15-year term for a 53-year-old female with $500,000 of coverage: $57
SelectQuote is an online insurance tool that helps connect you with the right insurance policy for you among several different companies. With SelectQuote, you can choose policies that cover between $5,000 all the way up to $5,000,000, and you can decide whether you want term or permanent insurance. You can get incredibly competitive rates from SelectQuote, and the policy offers you receive may even be renewable and convertible.
Sproutt is another favorite life insurance provider, especially for younger individuals and couples. You can get a quote for life insurance by answering a few questions from a chatbot, and you can choose whether you want instant insurance without an exam or cheaper insurance that requires a medical exam. Sproutt is also connected to several insurance companies, and you can customize the amount of coverage you want for a term of your choice. You can even get matched with policies that include guaranteed issues, universal life, variable universal, and more.
Ladder, like other health insurance providers, allows users to get an estimate and apply online. After you're accepted by Ladder, you can get nearly instant coverage, which is a major plus. Ladder offers numerous life insurance offers, with coverage up to $8 million and term options of 10 and 15 years for 53-year-olds.
Average Monthly Premiums in Different States for 53 Year-olds
Your actual premium for your life insurance policy will largely depend on which state you live in. Here are average monthly premiums for 15-year term policies that provide coverage of $500,000 for 53-year-olds in some states:
- California: The average is $80/month for males and $57/month for females
- Florida: Average $77 per month for males and $53 per month for females
- Kentucky: Average premiums are $74/month for males and $53/month for females
- New York: Average monthly cost is around $8o for males and $58 for females.
- Ohio: The average monthly premium is $77 for males and $52 for females
- Pennsylvania: Average policy rates are $78 for males and $55 for females
- Texas: Average monthly rates are $74 for males and $54 for females
Easily Find the Best Cheap Life Insurance for 53-Year-Olds Today
There are several excellent options listed above, but it can still be hard to narrow down which policy is truly the best for your own unique situation. The good news is that we can help you get the best affordable life insurance for you with our incredible price comparison service.