58 Year Olds Life Insurance Rates

Joseph Meyer
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Life Insurance at Age 58

If you want to buy life insurance at age 58 you will need to purchase a level term life or universal life policy. A level term or universal life insurance policy is an insurance policy you can continue to renew at the same rate based on your age or health, rather than the benefits going down over time like a traditional term policy.

The premiums for a 58 year old are going to be higher than a 38 year old.

A 58 year old is considered to be near the beginning of the high risk time for most life insurance products. That is because it’s very easy to be in better health at age 25 than at age 60. So health and wellness is going to be a big factor when it comes to the decision to issue a life insurance policy.

Your premiums for a term life, level universal life, and term universal life are likely to be higher than your premiums for a whole or universal life since any term or universal life insurance will have a higher probability of being in force after 40 years of age than whole or universal life insurance. So you’ll be paid a benefit at the end of the term on term or universal life and you’ll still be paying the premiums on the insurance for the possibility of receiving a death benefit.

Why Would a 58 Year Old Want to Buy Life Insurance?

Raising children and getting them through college can be very expensive. You may rely on your income to pay for many of their expenses. Life insurance can be crucial source of funds for your family if you pass away prematurely.

According to the U.S. Department of Labor, the U.S. life expectancy was 78.5 years as of 2013.

However, health related issues can cause health to decline significantly and accelerate the aging process. If you have pre-existing health conditions, life expectancy could decrease significantly, especially if you’re on certain medications and you’re not exercising regularly. Life expectancy for 58 year olds with pre-existing health conditions can go down to the late 50’s or early 60’s.

Planning for a longer life, unfortunately, can be challenging. As a 58 year old, you may have a lot of financial commitments such as mortgage, school loans, and college planning. You also may be looking forward to retirement. The last thing you want to do is take on a lot of additional financial obligations—like life insurance premiums.

What are Your Options for Life Insurance at Age 58?

According to the Social Security Administration, most people probably don’t think about life insurance until they’re approaching their 65th birthday. Some people even think about it around age 58 and 59, and then come to the realization that they don’t have enough time to really justify buying a life insurance policy.

The truth, however, is that older people are still very vulnerable to major medical costs, which oftentimes include paying for long-term care for which a life insurance may be the only financial path to take.

Life insurance is anything but a waste of money at this stage of life. In fact, many seniors are disproportionately vulnerable to unanticipated medical and expenses. At age 58, you should be considering life insurance because if you were to experience catastrophic medical expenses now, they would be devastating, especially if you didn’t have life insurance.

With that being said, you most likely can get a lower premium, even at age 58. And because coverage is guaranteed-death-benefit, even if you’re in a weakened state because of an illness, the person who inherits the payout can’t back out of the claim.

Life Insurance Rates for a 58 Year Old

Chances are that you are already familiar with age life insurance rates because you likely have a good sense of what you need to cover your family if you die.

But if you aren’t sure of what to get or how much coverage you need, you may not know how much life insurance you need.

Life insurance is a financial tool that is used to help guarantee that your family is protected. It is a good idea to get enough life insurance to ensure that your family isn’t left with any debt or a mortgage that has a huge balance. But according to the Age Life Insurance Quotes, factors to consider when deciding how much life insurance to get include:

Spouse’s Dependent Status

The age of your spouse determines whether or not you will qualify for a married discount on the life insurance value. A married discount is a reduction in price for the spouse who is your co owner on the policy.

Special Policies, like Coverage for Children.

If you have young children, you may be interested in a special policy, which will cover them should something happen to you.

How Life Rates are Determined Based on Health

The insurance costs depend on the conditions that are defined by law. When you buy a new policy, the insurer has to detail all of these factors. The most common factors are smoking, pre-existing illnesses, family medical history, and the family’s age at the time you take up the policy.

If you smoke, you will pay a higher premium than non-smokers, who have a more favorable risk assessment. The insurers calculate the risk by using statistical tables provided by the government. Those sections that are more susceptible to life-threatening illnesses are charged higher rates.

Other sections that are likely to incur higher health care costs are families that have more than three children, single-parent families, and families with both parents over 50 years of age or older. If you or any family member has a pre-existing condition, the chances are that you will be denied coverage in some or all of the sections.

These are some of the factors that determine your premium. The figure you arrive at at the end of the process is called your “rating ratio.” The rating ratio is what will be used to calculate your insurance premium. The rating ratio is calculated by dividing a winner’s wages by a loser’s wages. The final numbers from the winner and the loser are divided and multiplied by each other to determine the premium.

Getting Affordable Life Insurance for 58 Year Olds

If, like most people, you’re at the peak of your life expectancy at age 58, you might be shocked to discover that life insurance quotes you get through the Internet might be well above what you’re willing or able to pay.

You could pay as much as 400% more for the same amount of term life insurance if you’re over 55 years of age. This huge increase in rate has to do with your likelihood of dying before your life insurance policy pays out. With a smaller pool of policy holders still living at the 58 year-old age, older people are more likely to die while their policies are still valid.