It may feel like it's too late to get life insurance at 55, but there's nothing further from the truth. It's never too late to secure your family's financial well-being and stability if there comes a time when you cannot be there to do it yourself. Also, there are plenty of cheap life insurance providers for 55-year-olds that can help you access the right plan.

Despite the common misconception that life insurance is too expensive to have, it's actually more affordable than you may think. Sure, you lock in the best rates in your 20s, 30s, and 40s, but 55 is still better than never. In fact, most life insurance providers are willing to provide services to customers up to 80 and older, so there's still time to lock in savings before retiring!

Here's what you need to know about buying life insurance at 55 and the best cheap life insurance providers for 55-year-olds specifically. 

It's Not Too Late: Why 55-Year-Olds Should Get Life Insurance

Life insurance isn't just a safeguard for those who start early. While you may qualify for a more substantial death benefit with a low monthly premium when you start at 20, 55 is still an optimal age to benefit from savings. In fact, you are in the unique position to go into your life insurance plan with major life events likely behind you already, allowing you to consider lower death benefits right off the bat.

For instance, at 55, you may already have your mortgage paid off, and your kids may have grown up and moved out of the house. This means you don't have to consider the extra costs that would be needed to continue raising them when you're gone. It also means you won't have to worry about whether your loved one would be at risk of losing their home if you were not there to contribute financially. 

With that being said, you still want to make sure you have enough coverage for the expenses that can take a toll on your family. For instance, on average, funeral costs alone can cost between $7,000 and $12,000. This is only one piece of the pie. You're also looking at any unsettled debts that need to be taken care of — not to mention bills and other expenses your spouse depended on your income to provide. 

The Average Life Insurance Cost for 55-Year-Olds

Life insurance rates can vary from age to age and company to company. However, research reports that the average you should expect at the age of 55 (in best-case scenarios) are as follows:

Policy Coverage Cost
$250,000 Average cost is $85.43 for males and $61.11 for females
$500,000 Average cost is $152.57 for males and $108.91 for females
$750,000 Average cost is $223.81 for males and $155.97 for females
$1,000,000 Average cost is $289 for males and $207.65 for females

Consider these numbers when building a plan for yourself with any of the best life insurance providers for 55-year-olds. But keep in mind that numbers can fluctuate depending on your health and location.

Are Your 55? Here Are the Best Cheap Life Insurance Providers for 55-Year-Olds!

To make sure you're getting the best possible life insurance plan for you and your family, you must start by considering options that appeal to your age specifically. Every age is full of different life events and anticipated needs, which is why many providers restrict their benefits to specific age groups (or at least provide the best benefits to certain age groups). 

The best cheap life insurance providers for 55-year olds are the following. 

Prudential

Prudential

Prudential is a great option for policyholders between 50 and 60. They claim that their application process and plans are quick and easy for the age range. While your limit can go as high as $3 million for those who require it, they also offer death benefits as low as $100,000. They also offer 55-year-olds a real-time decision for up to $500,000. 

Term life insurance for 55-year-old females (non-smoker) with a 20-year term:

  • $250,000 — $102.51/month
  • $500,000 — $191.02/month
  • $750,000 — $283.40/month

Term life insurance for 55-year-old males (non-smoker) with a 20-year term:

  • $250,000 — $147.99/month
  • $500,000 — $281.28/month
  • $750,000 — $418.79/month

Sproutt

Sproutt

Sproutt is a great online option for 55-year-olds because they consider your specific needs and gather only the most relevant policies and providers to match those needs. What sets Sproutt apart from other sites is its special attention to lifestyle and overall health for users. For instance, they consider not only your age when finding the top providers for you but also your: 

  • Movement level
  • Sleep quality and length
  • Emotional health
  • Nutrition
  • Work-life balance

Even better, you get access to tips about improving all of them! This way, you can count on having access to the latest expert tips for improving your health in all categories. 

SelectQuote 

SelectQuote

SelectQuote is another great life insurance provider comparison option if you want to consider all of your options online. While Sproutt can be great for aligning your lifestyle and overall health with a plan or provider, SelectQuote can give you access to some of the best providers in the market. In fact, they've partnered with top names like:

  • AIG
  • Banner Life
  • Globe Life
  • Pacific Life
  • SBLI
  • TruStage
  • United of Omaha
  • William Penn

They also pride themselves on providing a range of options, claiming on their site that "our strategic partners offer services that complement our marketplace, filling in coverage gaps and presenting additional options to retirees."

Bestow

Bestow

Bestow is one of the great cheap life insurance providers for 55-year-olds for a few reasons. It's 100% online, it offers an instant decision after you input your details, and you don't have to get a medical exam to be accepted. The only downside for some is they only offer you ten- and 15-year policies if you're 55 or older (which can be good for those who are only looking for a small, renewable plan).

Term life insurance for 55-year-old females (non-smoker) with $500,000 coverage:

  • 10-year — $56.00 a month
  • 15-year — $63.500 a month

Term life insurance for 55-year-old males (non-smoker) with $500,000 coverage:

  • 10-year — $81.00 a month
  • 15-year — $88.50 a month

Fidelity Life

Fidelty

Fidelity Life is a well-liked life insurance provider because they have several policy plans to choose from, making it much easier for you to find the perfect one for your specific needs. Even better, they make plans designed specifically for individuals who are 50 and older.

Term life insurance for 55-year-old females (non-smoker):

  • 10 years, up to $100k — starting at $28.45
  • 20 years, up to $100k — starting at $38.28
  • Final Expense plan, up to $10k — starting at $40.16

Term life insurance for 55-year-old males (non-smoker):

  • 10 years, up to $100k — starting at $34.54
  • 20 years, up to $100k — starting at $48.02
  • Final Expense plan, up to $10k — starting at $50.65

Ethos

Ethos

The great advantage of working with Ethos at 55 is that you'll get your answer in a matter of minutes, and the application can be done 100% online without salespeople talking you into more than you need. They only provide a limited amount for death benefits, but for 55, you don't typically need as much (although it can vary from person to person). 

Term life insurance for 55-year-old females (non-smoker) with a 20-year term:

  • $100,000 — $52 to $82
  • $200,000 — $101 to $161
  • $350,000 (max) — $173 to $278

Term life insurance for 55-year-old males (non-smoker) with a 20-year term:

  • $100,000 — $74 to $111
  • $200,000 — $145 to $218
  • $350,000 (max) — $250 to $378

TruStage

TruStage

TruStage is a great option for policyholders looking for one of the best low-paying death benefits for the right monthly payment. Since most providers offer policies that are $100,000 plus, TruStage can be a great option for those looking for something under $100,000 because it has various options for you to choose from. 

Term life insurance for 55-year-old females (non-smoker) with a 20-year term:

  • $45,000 — $54.25
  • $50,000 — $60
  • $60,000 — $71.50
  • $70,000 — $81.50

Term life insurance for 55-year-old males (non-smoker) with a 20-year term:

  • $30,000 — $52.90
  • $35,000 — $61.30
  • $40,000 — $69.70
  • $45,000 — $78.10

State-to-State Premium Differences

The best thing you can do for your family is prepare them for a future without you by proactively choosing plans from the best cheap policy providers for 55-year-olds. Although 55 is still the prime of your life with likely many, many more years to celebrate, there's always a chance for unexpected news and circumstances. Having a financial plan already set in place now guarantees no surprises leave your loved ones struggling more than they have to with your loss when the time comes. 

This type of financial planning begins with learning more about your life insurance options, more ideal providers for your age, and how your location affects pricing (due to cost-of-living). For instance, here are the average monthly premiums for seven out of the 50 states for people aged 55:

  1. Kentucky — $50/month
  2. Ohio — $50/month
  3. Florida — $52/month
  4. Texas — $53/month
  5. Pennsylvania — $55/month
  6. California — $56/month
  7. New York — $56/month

Cheap Life Insurance Quotes by Age

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