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Life Insurance at age 55

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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Life insurance is one of the most important purchases that you can ever make for your loved ones. It’s one of the few ways that you can ensure that your loved ones will have the money that they need, regardless of what happens to you or your loved ones. The older that you get, the more that you’re going to pay every month for your life insurance coverage, but that doesn’t mean that you have to pay a fortune very month for your policy. There are several ways that you can secure the lowest rates and give your family the protection that they need.

Often people in their fifties have concerns that life insurance coverage will be too expensive. Well, many of these fifty-somethings would be surprised at how affordable life insurance can be. We will present some sample quotes later in this article and we have a free rate quoter for term life insurance right here on this page. Life insurance at 55 is not only surprisingly affordable; but also, the best way to make sure those who rely on you financially will always be able to count on the monetary support you provide.

While life insurance coverage can fit into even a tight family budget, do not wait to get yourself covered. Life insurance rates go up every year you wait and the money you save by buying now can pay off big over the years.

Frequently, clients are unfamiliar with life insurance and may have questions about the types of life insurance, like what is term versus permanent life insurance? Some want to know why they need life insurance at all or how much life insurance they should be considering. And of course, everyone wants to know how much the life insurance coverage they need will cost.

We will briefly address these four basic life insurance issues and follow that up with some sample quotes for you to check out. If you have any questions regarding your life insurance needs, feel free to give us a call at 1-800-712-8519 or leave us a message on our contact page.

What is Term Versus Permanent Life Insurance?

Term and permanent are the two main types of life insurance. This article is mainly concerned with term life insurance, but many are interested in the cash values and “living benefits” of permanent life insurance. We have many clients interested in a type of permanent life insurance called indexed universal life (IUL), so we have included some links to articles about IUL that relate to the topics we are discussing here.

The cash values and living benefits of permanent life insurance form one of the two main differences between term and permanent life insurance. The other being the length of the contract. Permanent life insurance does not expire as long as you pay your premiums. Term life insurance has a set “term” or length of time your coverage will last, often corresponding to the length of time an important financial obligation will exist.  You can find both term and permanent policies available without taking a paramed exam.

Life Insurance at age 55

What both term and permanent life insurance policies have is a death benefit. This is the basis of all life insurance. If you pass away while you have a policy in place, you beneficiaries will receive the death benefit of your policy.

Why Do I Need Life Insurance?

Well, there are basic needs when someone passes, various final expenses and burial costs. But beyond this, many clients use life insurance to address anyplace in their life that they are relied upon financially. This is usually going to begin with your family.

“The income they represent to their loved ones and how to replace it if they were to die unexpectedly is the biggest concern for many clients.”

Term life insurance is a great way to address this issue. You may be interested in a 10 or 15-year term policy that will cover your life until your children are on their own and you and your spouse are considering retirement.

The high cost of education is an expense many plan to shoulder for their children. Consequently, many include it in their life insurance calculations.

Life insurance at age 55.

4 key features of Indexed Universal Life for College Planning

A large debt like a mortgage is often covered by a life insurance policy. You don’t want your family to end up mired in debt if you were to pass.

Indexed Universal Life for Mortgage Protection?

One other common use of life insurance is for partners of small business. When a partner dies unexpectedly, the consequences for the business, the deceased’s family and the other partner(s) can be devistating for sure. A life insurance policy can greatly ease a difficult situation and possibly save a business.

Funding buy sell agreements with indexed universal life insurance

How Much Life Insurance Do I Need?

Before we get into how much life insurance you need, let’s talk about how much you need an independent life insurance agent. Purchasing life insurance at 55 is an important financial move and relying on the guidance of a qualified agent like the ones at Ogletree Financial Services is highly recommended.

How much life insurance you need can vary widely. It all depends on what you want your coverage to do for you, and more importantly, for your family. If you are only interested in covering funeral costs and other small debts and final expenses then a very small term policy is all you need, maybe $50,000 or even less.

Figuring out your children’s college education expenses will require some sit-down time with your independent agent. In-state or out-of-state? Tuition and books or a full ride? 2-year or 4-year? In 10 years or 15 years? Many variables to consider. This number could be $4,000 a year, $40,000 or more.

Your mortgage will probably be covered by a separate policy called decreasing term. The idea is that the face value (benefit paid to your family) decreases to always be equal to the unpaid balance of your debt as you pay off Life insurance at age 55.


Partners in a small business will generally buy policies covering the life, or lives, of the other partner(s). This is often set up with the surviving partners as the beneficiaries, using the proceeds to pay the deceased’s family for their loved one’s interest in the business.

Now we are down to the really big question: How much will my life insurance cost? If the figures that follow don’t convince you, then get in touch with Ogletree Financial Services and let us show you how the life insurance you need is a possibility on any budget.

How Much Will My Life Insurance Cost?

If you are and in fine health life insurance at 55 can be very affordable. The experts at Ogletree Financial Services can make sure. We represent over thirty top insurers and we can address your particular life insurance needs and select the ideal life insurance company for you and your loved ones.

We have set up four tables here with some sample monthly premiums for a non-smoking, 55-year-old male and female. The sample quotes shown here are for term life insurance. One table is 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.

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


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


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


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


Life Insurance at 55 Today!

That was a very brief introduction to some key life insurance concepts and a glimpse of how affordable the life insurance coverage you need might be. Get started today! Ogletree Financial Services is ready to guide you not only through the initial application process, but into the future as your life insurance needs change and mature.

We know that nobody wants to think about their own passing, but it’s important that you give your family the protection that they need, regardless of what happens to you. You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance coverage that they deserve. Contact us today and we would be happy to connect you with the best insurance plan to meet your 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!

Why do I need life insurance at 55?

Should you die, the death benefit can cover your family’s day-to-day expenses, payoff debt, if your a small business owner life insurance would ensure that your partners could continue the business, or you may just want to leave something to your family members.

How much is life insurance at age 55?

A sample monthly premium for a $500,000 20-year term policy at a standard non-tobacco health rating would be $168.59 for a female and $246.44 for a male. These are sample premiums, yours would be based on your underwriting review by the insurance company.

How much life insurance should I get at age 55?

How much life insurance you need can vary widely. It all depends on what you want your coverage to do for you, and more importantly, for your family. Would the death benefit be used for just funeral costs or would it need to include a mortgage payoff, college tuition, or other debt? Meeting with a qualified life insurance agent can help you determine the face amount you will need.

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