You might be wondering if you waited too long to buy life insurance if you are 57 years old. Many people buy life insurance in their younger decades to financially protect their children in the event of their unexpected death. However, by the time you are 57, your children may be adults.
What We'll Cover
- Why Get Life Insurance at 57 Years Old?
- Advantages to Getting Life Insurance at 57 Years Old
- Compare Prices and Benefits to Find the Best Life Insurance
- 7 Best Life Insurance Provider Choices for 57-Year-Olds
- Why Term Life at 57 Years Old?
- The Details Matter When It Comes to Choosing the Right Life Insurance
- Average Premium Per State
Being 57 years old doesn't mean it's too late for insurance, but it does mean it will be more expensive. After all, insurance costs are based on risk, and your risk of death increases with age. That is why it is important to find the best cheap life insurance providers for 57 year olds. If you do your research and shop around, you can still find quality life insurance at an affordable price.
Why Get Life Insurance at 57 Years Old?
Kids are still the primary reason people get life insurance at 57 years old. Sure, they might be fully grown, but many people have kids later in life. Many of them live at home for the first few years after high school, or they might attend college and still be considered a dependent.
Whether your kids are living at home or working their first full-time job, they may still depend on you for financial support. This means life insurance would save them a great deal of financial hardship if you weren't available to help. It might also help them if they've started their own family.
Offspring aren't the only people who can be listed as beneficiaries of your life insurance policy. Other common (and some not-so-common) beneficiaries include:
- Business partner
Under some circumstances, such as in the case of a minor or a pet, you will want to set up a trust to distribute funds to the beneficiary. Additionally, some people have chosen to list random beneficiaries as opposed to those who are affected by their death. This is also perfectly acceptable, but it may be grounds for a family member to contest your will.
So the question remains, why get life insurance at 57 years old? The answer is that you want to make sure you don't negatively impact anyone in your life financially if you die. Potentially, you can continue to offer support through the value of the life insurance policy.
Advantages to Getting Life Insurance at 57 Years Old
Getting life insurance later in life is generally frowned upon, but there are some advantages to getting life insurance during this time in your life. They include:
- Fewer dependents (or dependents who are closer to being able to provide for themselves)
- Greater financial independence (savings and investments that will cover the costs of your death)
- Term life coverage easily extends past average life expectancy
- Life insurance can also be an investment to cover things like retirement
- Better late than never, your loved ones will be taken care of
Fifty-seven years old is not the time to be picking out caskets or prepping for your funeral if you are in good health. Many people are working full-time and will live active, healthy lives for decades from this point. The point is, it is rarely too late to purchase life insurance that will benefit you or your loved ones.
Compare Prices and Benefits to Find the Best Life Insurance
The key to finding the best life insurance when you are 57 years old is shopping. Shopping for life insurance has never been easier because of the internet. You can easily price shop and compare policies with similar benefits and coverage, which makes it much easier to decide where to purchase life insurance. Many online providers will sell you a policy without even requiring a medical exam.
Click here to compare rates and coverages available from the best life insurance companies for 57-year-olds.
7 Best Life Insurance Provider Choices for 57-Year-Olds
- Type of Policy: No-exam term, whole, and universal life
- Benefits: Sproutt offers term life insurance with multiple term options. They don't require a medical exam, which makes it very easy to purchase a competitively-priced policy, as long as you are healthy. There are cheaper options available online, but Sproutt offers quick and easy life insurance policy options. They also have a quality of life tool to give you discounts for a healthy lifestyle.
- Cost: For example, a 57-year-old man in good health can expect to pay $95 per month for a $500,000, 20-year term policy, while a woman in good health will pay around $73.
- Coverage: Up to $5 million
- Type of Policy: Term, whole, and universal life
- Benefits: SelectQuote's term policies are all convertible to whole life, and they have high coverage limits.
- Cost: for a 10-year, $250,000 policy, a 57-year-old man can expect to pay around $48, while a 57-year-old woman will pay approximately $34.
- Coverage: Up to $5 million
- Type of Policy: No-exam term life
- Benefits: Bestow is another no-exam term life insurance option that quickly delivers policies for those who are relatively healthy and haven't been diagnosed with cancer in over 10 years.
- Coverage: $1 million for those over 50 years old
Estimated premiums for 15-year term life insurance with $500,000 of coverage:
- 57-year-old female, nonsmoker: $53.28 per month
- 57-year-old male, nonsmoker: $73.01 per month
- 57-year-old female, smoker: $281.99 per month
- 57-year-old male, smoker: $445 per month
- Type of Policy: No-exam term life
- Benefits: Also offers the secure term life policy that offers monthly payments of ongoing expenses until the end of the term
- Coverage: Up to $3 million
For a Term life insurance for 57-year-old females (non-smoker) with a 20-year term can expect:
- $250,000 — $103.31/month
- $500,000 — $193.10/month
- $750,000 — $285.69/month
Term life insurance for 57-year-old males (non-smoker) with a 20-year term can expect:
- $250,000 — $149.99/month
- $500,000 — $283.31/month
- $750,000 — $420.48/month
- Type of Policy: Term life
- Benefits: Ladders' signature coverage benefit is that you can change, or ladder, your coverage up and down based on your changing needs. This can help you save money over time or increase coverage when you are financially able.
- Cost: Variable based on term and coverage limit chosen.
- Coverage: Up to $8 million
- Type of Policy: Term life
- Benefits: Ethos offers level premiums and renewable policies. It also offers small policies for older customers over the age of 66!
- Coverage: Up to $1.5 million
Term life insurance for 57-year-old females (non-smoker) with a 20-year term:
- $100,000 — $53.01 to $83.27
- $200,000 — $103 to $162.05
- $350,000 — $173.99 to $279.04
Term life insurance for 57-year-old males (non-smoker) with a 20-year term:
- $100,000 — $75.99 to $112.89
- $200,000 — $147 to $219.89
- $350,000 — $251.84 to $379.98
- Type of Policy: Term and universal life
- Benefits: Lincoln Financial Group offers universal life insurance policies that can be used for long-term care. Their term life policies may not be able to be purchased completely online but rather require the assistance of an agent.
- Cost: Varies based on risk factors, the term chosen, and coverage amounts.
- Coverage: Up to $1 million for term life
Why Term Life at 57 Years Old?
If you are looking at life insurance as an investment, universal life is going to be an expensive option at 57 years old. The insurance company simply isn't able to collect enough premium payments to cover your benefits if you die before the policy is paid up.
Term life policies offer life insurance coverage for 10, 20, or 30 years, and if you live for the entire term, they don't pay out a benefit. Some consider this type of insurance to be akin to throwing away money. However, it is very much like automobile insurance. Additionally, you don't have to pay as much because the company is counting on you living for the length of the term.
Most people choose term life as they get older because of the decreased cost, but they also get greater coverage during their term at a lower cost. This is very important if you have dependents, a spouse, or simply want to ease the financial burden on your family in the event of your death.
The Details Matter When It Comes to Choosing the Right Life Insurance
The details in each life insurance policy can be complicated and filled with terms that are misunderstood by its insured clients. This turns many people away from online options because they don't trust sales tactics and feel confused by their options.
Shopping for life insurance online is actually an excellent way to view and compare your options. In contrast, prices are difficult to compare without filling out an actual quote; coverage options matter. Whether a medical exam is required matters. How quickly you can get a policy and if your policy can be altered following issuance matters.
Finally, the ratings of the life insurance company matter, and there is no better place to find reviews and ratings than online. If an insurance company is denying or delaying the distribution of benefits, you can count on this creating a hardship for your loved ones. This goes against the whole concept of life insurance; the internet will steer you in the direction of a reputable company that will make sure your loved ones get the financial benefit for which you paid.
If you are 57 years old and interested in purchasing life insurance, make sure you check out your options. It is not too late to ensure the financial security of your loved ones, and it is not too late to get life insurance at an affordable rate.
Average Premium Per State
According to a 2021 Insider article, the average monthly premium for people over 50 years of age was $60.68 for a female and $81.23 for a male. That means, at 57 years old, you can expect to pay more. Prices rose significantly at age 40.
The average price you will pay for life insurance also varies by state. The numbers below are for monthly premiums on term life insurance.
- Average premium in California is $56
- In Texas the average cost is $53
- Florida has an average price of $52
- The average premium in New York is $56
- In Pennsylvania the average price is $55
- Kentucky has an average cost of $50
- The average premium in Ohio is $50
These variations are why it is always good to comparison shop for your life insurance policy. You may find companies that are willing to give no-exam policies, or you might find some willing to offer discounts for healthy lifestyle choices. The details matter when you are trying to find the best cheap life insurance provider at 57 years old.