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Life insurance at 54

Life insurance at 53

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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How much life insurance do I need Life insurance at 54 is the best way to protect your family’s financial security. You have worked hard to give your loved ones a standard of living you expect your children to live until they are on their own and your spouse until you both retire in comfort.

Some people think life insurance at 54 will be too expensive or are not sure why they even need life insurance or how much they should buy. Contrary to popular belief, life insurance at 54 can be very affordable, especially if you are in good health.

We will look at these four basic questions that many clients new to life insurance ask:

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?

This article is meant to serve as an introduction to some life insurance basics. Enough to get you ready to talk to an independent agent and get you started toward the peace of mind that your loved ones’ financial future is secure.

What is term versus permanent life insurance?
These are the two main types of life insurance. They have one thing in common and two big differences. What they have in common is the death benefit. This is the core purpose of all life insurance. When you die with a life insurance policy in force, your beneficiaries receive the face value of your policy.

Big difference number one has to do with how long your policy stays in effect. Permanent life insurance is permanent. As long as you pay your premiums your policy never expires. Term life insurance on the other hand, does expire. It is temporary, with a “term” that may be 10, 15, 20, or 25 years or more and may include critical illness insurance.


Term v. Permanent Insurance Big difference number two is the cash account associated with permanent life insurance, but not term. A cash account that earns tax-sheltered interest with very generous access to your money. If you are interested, check out our article What are living benefits on a life insurance policy? to learn a little more about the advantages of permanent life insurance.

The quotes in this article are for term insurance, but look for a few links to articles about indexed universal life (IUL) and some of the topics we are addressing here. IUL is a type of permanent insurance that is a great option for some clients.

Why do I need life insurance?
If anyone will undergo financial hardship if you die, then you probably need life insurance. Generally, we are talking about your family, your spouse and children. Even if you don’t have kids or they are on their own, life insurance can be very important.


No matter who or how many constitute your family unit, your income is probably a big part of what makes your household operate. If your family suddenly lost you and your income, how would they get along?

Supporting your children’s college education may be part of your family plan. You want to make sure these plans are realized, no matter what happens to you.

4 key features of Indexed Universal Life for College Planning

If you are a partner in a small business, you may be interested in life insurance. Often these policies are bought by each partner on the other and the benefit is usually used to pay the deceased’s family for their loved one’s interest in the business.

Funding buy sell agreements with indexed universal life insurance

A mortgage or other large debt will sometimes be covered with a life insurance policy. Commonly, a decreasing term policy is purchased. The face value (benefit amount paid to your beneficiaries) declines as you pay off the debt.

Indexed Universal Life for Mortgage Protection?

Okay, that’s a little bit about why, now something about how much …

How much life insurance do I need?
Okay, maybe I didn’t mention it before, but the guidance of a qualified independent agent is pretty much mandatory when purchasing life insurance. A financial decision this important deserves professional support.

Choosing the right insurance company for you and your family, deciding on the face value and type of policy to purchase, and navigating an often complicated application process is what we do at Ogletree Financial Services.

How to go about replacing your income is a large part of the calculations to determine how much life insurance you need to purchase. We do not have the time and space in this article for a full rundown of this process. But what we will do is show you a little bit of simple math so you can begin to get a ballpark idea of the amount of life insurance coverage you might be looking at.

You will have to decide how much yearly income your family would require to continue their standard of living if you were to pass unexpectedly. Is it your full salary? How much will your spouse be able to work?

Let’s say you decide on $20,000 a year. To determine the “nest egg” required to earn in interest (we’ll choose a conservative 4% rate) the target yearly income, the math is $20,000 ÷ 0.04 = $500,000. Note that the nest egg remains and can be applied to other important family needs.

Mortgages and other large debts may be insured separately with what is known as decreasing term insurance. The face value, or benefit of these policies declines as you pay off the debt the policy covers.

How much to leave for your children’s college education involves a myriad of considerations. Public or private school? 4-year or 2-year? Tuition and books or a full ride? In-state or out-of-state?

Life insurance coverage for small business owners often involves each partner buying a policy that pays them in the event that the other partner dies unexpectedly. Usually, this benefit is then used to pay the deceased’s family for deceased’s interest in the business.

Now some quotes to give you a feel for how easily life insurance coverage can fit into your budget.


How much will my life insurance cost?
If you are 54 and in fine health your life insurance coverage should be affordable. We will show you rates for non smoker and full medical exam policies.The experts at Ogletree Financial Services can help you make sure. We deal with over thirty top insurers and we can pair your unique risk with the best life insurance carrier for you and your loved ones.

We have four tables set up here with some sample monthly premiums for a non-smoking, 54-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.

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


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

10-year$34.65$75.38 $139.10$251.20

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


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


Life insurance At 54

The time to act is now! Ogletree Financial Services is ready to be your guide through the application process and continue to maintain and assess your coverage as your family’s life insurance needs change over the years.

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 54-year old?

The premiums will depend on your age, health, build, and other factors. You can obtain quotes from several different carriers from an independent life insurance agent.

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 54-year old female in the standard non-tobacco health class is $154.83.

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