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How much does life insurance cost for a 57 year old?

cost of life insurance

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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Purchasing life insurance at 57 can be an important factor in your family’s finances. Making sure that your loved ones will continue to live at the standard you work hard for them to enjoy is probably priority number one. Retirement may be close at hand. Do you have children who will be attending college? Pretty much anyone with financial responsibility needs life insurance.

Affordability is a common concern for those purchasing life insurance at 57. You probably don’t have to worry, especially if you are in good health. The policies many 57-year-olds seek have surprisingly reasonable premiums.

But don’t wait, get started today right here! The premiums for life insurance at 57 are largely based on your age and your health. Health problems are a common reality as we get older and the only way to avoid your birthday every year is why you are seeking life insurance in the first place.

Don’t let health issues keep you from seeking the life insurance coverage your family needs. Ogletree Financial Services expertly negotiates affordable premiums for clients with “impaired risk,” comparing over thirty top insurers to provide you with the lowest premium available for the coverage you need.

Let’s look concisely at a few common questions about life insurance:


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

This is just a start. You’ll need the advice of a qualified independent agent to address your life insurance needs properly. We’ll also show you some sample quotes for a 57-year-old man and woman. Hopefully, in just a few minutes you will have a basic understanding of life insurance and how it can fit into your life and your budget.

What is term versus permanent life insurance?
Term and permanent are the two main types of life insurance. What they have in common is the basic premise of life insurance, the death benefit. When you pass away with a life insurance policy in place, the death benefit is paid. Beyond that, there are a few important differences.

Term life insurance is less expensive than permanent life insurance, with more simple and straightforward contracts. Length of contract is another difference. Permanent life insurance does not expire as long as you pay your premiums. Term life insurance is temporary, expiring at the end of the “term” of your contract.

Permanent life insurance policies have a cash accumulation element not contained in term policies. Your premium for a permanent policy, such as indexed universal life (IUL), goes partially toward the death benefit and partially toward a cash account that earns tax-sheltered interest.

The cash accounts of permanent policies can transform your life insurance into a valuable branch of your financial portfolio, providing not only a death benefit, but many “living benefits” not open to term policies.


Why do i need life insurance Why do I need life insurance?
Life insurance in meant to avoid financial hardship in the unfortunate event of your unexpected death. You may have other important financial obligations in your life, but we are pretty much talking about your income and your family. You work hard so your loved ones can live a comfortable life. Life insurance can make sure that they can rely on the financial support you provide, even if you are gone. Today we have critical illness riders that you can add to your term life insurance.

Beyond income replacement, college education expenses are an important consideration for may contemplating life insurance coverage. If you have children yet to attend college and providing for this important bridge to adulthood for them is important to you, life insurance can help make sure this happens.

4 key features of Indexed Universal Life for College Planning

If you have plans to buy a home, you may insure your mortgage with a life policy. Life insurance can make sure that large debts you carry now will not burden your family when you are gone.

Indexed Universal Life for Mortgage Protection?


how much does life insurance cost Partners in a small business often buy life insurance coverage on each other. This kind of coverage can avoid financial complications regarding a partner’s interest in the business if they were to die unexpectedly. This can ease a difficult situation for the surviving partners, the business, and the deceased’s family.

Funding buy sell agreements with indexed universal life insurance

How much life insurance do I need?
Okay, I’ll say it once more, as soon as you decide to make the move to purchase a life insurance policy, you need to be talking to an independent life insurance agent. Decisions this important to your family deserve expert attention to detail and broad knowledge of the life insurance marketplace. Ogletree Financial Services is always ready to help.

Within the scope of this article, we can get you close, in the ballpark since it’s mid-July and the major league baseball season is beginning to heat up. We mainly want you to begin to get an idea of how the life insurance coverage you need can easily fit into your budget.  In many cases you will not need a medical exam.

Some recommend a simple strategy, multiply your yearly salary by 8, 10, or 15. Without serious consideration of all your life insurance needs, this is something of a guess. But, the idea of leaving a “nest egg” to your loved ones is common.

Often, we want this nest egg to earn in yearly interest an amount you have decided that your family would require if you were to pass unexpectedly. This depends on many variables concerning your family’s financial options after such a tragedy.

If for example, you have decided your family would need $30,000 a year in such a situation, you would divide this figure by an interest rate you are confident the nest egg you leave your loved ones would earn, let’s say 4%.

$30,000 ÷ 0.04 = $750,000


Cost of life insurance Your needs may be half this much, or double. Each person has a unique set of life circumstances that must be considered. A married woman with no children making $60,000 a year has much different life insurance needs than a similar woman with three children.

How much will my life insurance cost?
We have some numbers for you to look at to give you an idea of the premiums you can expect for life insurance at 57. The coverage can be remarkably affordable!

We’ve set up four tables with some sample monthly premiums for a non-smoking, 57-year-old male and female. These sample quotes are for term life insurance, with a table for a preferred plus risk rating and one for a standard risk rating.

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

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

10 - Year$28.28$51.38$92.90$169.89
15 - Year$33.99$61.76$114.09$213.14
20 - Year$41.85$82.74$154.32$300.50
25 - Year$71.66$145.16$270.29$501.72

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

Life insurance at 57
Policy Face Value

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

Life insurance at 57
                              Policy Face Value
10-year$20.41$37.11 $66.95$121.82

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

Life insurance at 57
                              POLICY FACE VALUE


Life insurance at 57

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Frequently Asked Questions

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

A sample premium for a 57-year old male in the standard non-tobacco health class rating is $154.35 per month.

How much is term life insurance for a 57-year old?

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

At what age should you get life insurance?

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

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