Life insurance at 53

Some people think life insurance at 53 will be too expensive. Not necessarily so. Others are not even sure why life insurance at 53 is a good idea. A few minutes of reading will fill you in on the basics and have you ready to talk to Ogletree Financial Services agent about your life insurance needs.

But don’t wait! Life insurance at 53 is still reasonably priced, but your premiums will increase every year you wait. You can easily get started today toward your goal of securing your family’s financial future.

We’re going to answer of few basic questions here, followed by some sample quotes. If you have a specific question addressed in this brief article, feel free to give us a call at 1-800-712-8519 or send us a message via our contact page. We are always ready to take care of your life insurance needs.Life insurance at 53

What is term versus permanent life insurance?
Why do I need life insurance?
How much life insurance do I need?
How much will my life insurance cost?

One other thing, opting to partner with an independent life insurance agent is wise when considering such an important decision for your family and your finances. Deciding on your coverage needs requires a careful consideration of your lifestyle and finances. Finding the right insurance company demands an expert knowledge of the life insurance marketplace.

What is term versus permanent life insurance?
The two basic types of life insurance, term and permanent, both carry the core component of life insurance, the death benefit. When you die while you have a policy in force, your beneficiaries receive the proceeds of your policy.

Big difference number one is that term policies are temporary. They will pay your beneficiaries if you die within the “term” of your policy. Permanent policies are, well, permanent. Term life insurance is often used to insure a financial obligation that will eventually not exist. If your goal is to make sure your family will be taken care of financially until your kids get out of college, then a 15 or 20-year term policy may be what you need.

Big difference number two is the cash accounts connected to permanent policies. Cash accounts that earn tax-deferred interest and can turn your life insurance policy into a powerful financial tool. The quotes given in this article are for term life insurance, but look for a few links to articles about an exciting type of permanent life insurance called indexed universal life (IUL).

If you think you are interested in permanent life insurance, check out our article about the living benefits associated with these policies.

Why do I need life insurance?
Some clients only want a small policy to cover funeral costs and final expenses. But most people want their life insurance coverage to do more for their loved ones than just that. A large part of what you represent to your family financially is your income. If you were to pass unexpectedly and this were to go away, where would leave this your family?

Beyond income replacement, we see many clients include college education expense in their life insurance Life insurance at 53calculations. If you plan to send your kids to college then this will be an important consideration in your life insurance deliberations.

4 key features of Indexed Universal Life for College Planning

Anywhere you have a financial obligation, especially to the ones dearest to you, life insurance is a way to be sure this obligation is fulfilled, no matter what may happen to you.

Are you planning on buying a house? Life insurance is a common way to insure mortgages and other large debts you wouldn’t want to leave to your family if you were to pass unexpectedly.

Indexed Universal Life for Mortgage Protection?

Small business partners often use life insurance policies to insure each other’s lives. The death of a partner could create serious financial problems for the business. A life insurance policy can ease the process of settling the deceased’s interest in the business with their family and make the difference between bankruptcy and continued success.Life insurance at 53

Funding buy sell agreements with indexed universal life insurance

These are just the basics, don’t be alarmed if you have questions. You can give us a call at 1-800-712-8519, or send us a message via our contact page. At Ogletree Financial Services, we are always ready to help.

How much life insurance do I need?
Here again, the assistance a qualified independent agent is absolutely necessary. Any financial commitment you would like your life insurance policy to cover must be considered thoroughly. In a business partnership each party’s interest in the business must be calculated.

College education expenses? So many choices to consider: two or four-year school, in-state or out-of-state, public or private, etcetera. You might be spending $4,000 a year or $40,000.

A type of policyLife insurance at 53 called decreasing term is often used to insure a large debt or mortgage. The benefit paid by these policies decreases as you pay off your debt.

Income replacement calculations can get pretty complicated. What we’ll do is look at a simple method so you can see some ballpark numbers of the amount of insurance you will need. The basic idea here is for the benefit of your life insurance policy to act as a nest egg for your loved ones.

This nest egg will generate interest that will provide financial support to your family in the event of your unexpected passing. How much would your family need in this situation? The experts at Ogletree Financial Services are ready to help.

Let’s say you decide your family would need $25,000 a year. We want your nest egg to generate this much in interest. Assuming the nest egg would earn 4% a year in interest, we divide $25,000 by 0.04 and get $625,000. Note that this solution leaves the $625,000 nest egg intact for other important family expenses such as education or medical bills.

Okay, now a little about life insurance cost and some sample quotes. After that, you’ll be ready to get in touch with the team at Ogletree Financial Services.

How much will my life insurance cost?
If your health is good, life insurance at 53 can be quite affordable. If you have health issues, what insurance companies often refer to as “impaired risk,” don’t worry, Ogletree Financial Services can help. We represent over thirty top insurers. We can assess your unique risk and select the best life insurance carrier for you and your family.Life insurance at 53

Insurance companies place customers into risk categories based on an underwriting process that predicts how your chances of living a long life compare to others your age. This process is based on your age of course, sex, occupation, hobbies, health and several other factors. Each client is different.

Preferred-plus or some other similar label is used to refer to very best risk category. If you are in excellent health and have no other factors that increase your risk, you could be paying these very low rates for your life insurance coverage.

We have four tables set up here with some sample monthly premiums for a non-smoking, 53-year-old male and female. The sample quotes shown here are for term life insurance. There is a table for a preferred plus risk rating and one for a standard risk rating.

Term lengths of 10, 15, 20, 25, and 30 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown. These are only sample premiums, your premium will be based on how your unique risk is assessed. These sample quotes were gathered in July of 2016.

53-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $20.67 $35.81 $63.92 $115.39
15-year $25.00 $43.38 $78.20 $146.53
20-year $30.02 $55.27 $104.15 $200.16
25-year $48.21 $90.69 $170.10 $325.60
30-year $57.87 $105.66 $202.32 $383.54

53-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $32.31 69.33 $128.30 $228.71
15-year $39.83 $81.15 $154.32 $284.93
20-year $48.21 $104.91 $200.16 $384.41
25-year $76.30 $165.94 $298.72 $576.97
30-year $82.18 $174.69 $337.70 $663.80

53-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $16.01 $28.03 $49.25 $88.99
15-year $18.55 $33.65 $60.46 $108.00
20-year $22.92 $42.30 $77.76 $146.53
25-year $35.35 $65.97 $121.97 $231.35
30-year $41.91 $76.91 $145.23 $268.10

53-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $25.42 $46.84 $87.28 $164.70
15-year $29.75 $58.54 $109.77 $203.62
20-year $35.87 $75.24 $142.21 $271.09
25-year $56.35 $119.13 $220.85 $417.72
 30-year $61.95 $134.88 $260.71 $508.97

Life insurance at 53

All that is left now is to reach out to us at Ogletree Financial Services. If you are ready to make the move to protect the financial future of your family, get in touch with us today. You can rely on our knowledge, experience and continuing support of your life insurance needs.

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!
About Ogletree Financial Services
About Ogletree Financial Services

As independent life insurance agents, we specialize in finding the best life insurance rates and policies for our clients.  Our customers are located all over the USA.  If you would like a personalized life insurance quote, you can start here on our website or give us a call at 1-800-712-8519.

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