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Life insurance at 53

Life insurance at age 55.

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

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So you’ve turned 53 years old and think its out of your budget to buy life insurance?  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.

Cost of life insurance

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 and critical illness insurance needs.

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?
Both term and perm carry the core component of life insurance, the death benefit. If you pass while a policy is active then the benefit will be passed on to whomever you named as beneficiary.

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. We’re mainly going to talk about term life quotes but this link will teach you more about permanent 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?


Life insurance at 53 Beyond income replacement, we see many clients include college education expense in their life insurance calculations. 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.

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.


How much life insurance do I need A type of policy 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.


Insurance at 53 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. With over 30 carriers at our disposal we’re positive our agents can put you in the best plan possible.

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.

Below we’ve set up a table for male and females age 53. As you can see the cover the gamut of what most people this age will look for. There is a table for a preferred plus risk rating and one for a standard risk rating.

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


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


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


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


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!

Frequently Asked Questions

How much is term life insurance for a 53-year old?

The premium will depend on your health, age, build, and other factors. An independent life insurance agent can provide you with quotes from several different carriers.

At what age should you get life insurance?

The younger the better, ideally age 35 or under. It is possible to get life insurance at almost any age, health permitting. An independent life insurance agent can provide you with quotes.

What is the cost of a $500,000 term life insurance policy?

A sample premium for a 20-year term policy on a 53-year old female in the standard non-tobacco health class is $142.21 per month.

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