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Life insurance at 58

Life insurance at 58

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 at 58 can be a bit confusing at times. Even the basics are not certain for many people. Chances are you are here because you are concerned about your family’s financial well-being if you were to pass unexpectedly. Keep reading and we will flesh out some of the basics

— Including how much you can expect to spend

— How much life insurance do you need?

— Do I have to take a physical exam for life insurance?

Towards the bottom we have some charts set up with sample quotes for a 58-year-old man and women. The rates for many who buy life insurance at 58 can be very affordable.

First, we will very briefly lay out some of the basics for you. Four common questions those new to life insurance ask are:

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?

Like I said, just some basics. Enough to get you ready to talk to an independent agent and obtain the life insurance coverage you and your family need. If you have questions we don’t answer here, feel free to get in touch with us at Ogletree Financial Services. Call us at 1-800-712-8519 or leave a message via our contact » page. We are always ready to help.

What is term versus permanent life insurance?
Life insurance at 58

Term and permanent are the two main types of life insurance and they have two primary differences. First off, what term and permanent life insurance have in common is the death benefit. This is the basis of all life insurance. If you pass away while you have a policy in place, your beneficiaries will receive the death benefit of your policy.

The names “term” and “permanent” explain the first primary difference between these two types of life insurance. Term life insurance » lasts for a certain period of time, the “term.” Others want their beneficiaries to receive the death benefit of their policy no matter when they die. That’s where permanent life insurance comes in.

Term policies are for situations when life insurance coverage is only needed until a certain point in a client’s life – until they retire or until their children have graduated college and are on their own.

Many life insurance needs can be met with simpler, and even more importantly, cheaper, term coverage. Maybe you are thinking about getting in more inexpensively with a term policy then looking at some permanent coverage down the road.

This is common, and there is a product called convertible term that is especially designed for this purpose. Talk to your independent agent about the details to see if this type of policy might be right for you.

Primary difference number two are the cash accounts associated with permanent policies, but not with term policies. Permanent policies like whole life, variable life, or indexed universal life (IUL) » build cash accounts that earn tax-sheltered interest. These cash accounts open up what are known as “living benefits »” that allow clients access to their compounding cash values for any important personal expense.

Permanent life insurance is more expensive than term insurance, with more involved contracts. Nevertheless, the powerful role these policies can play in your financial portfolio make them very attractive to many clients we deal with. Especially high earners who have maxed out other traditional retirement vehicles.

This article primarily addresses term life insurance and the sample quotes shown are for simpler, less expensive term coverage. But if you are interested, we have included some links to articles about IUL policies and some of the coverage needs discussed here.

Why do I need life insurance?

The article A Guide to Who Needs Life Insurance on NerdWallet states that “63% of Americans consider life insurance a necessity, according to the nonprofit industry group Life Happens. But 30% say they don’t have enough coverage, 19% have only group life insurance (the coverage that’s available through work and often doesn’t provide enough money to meet a family’s needs), and 43% have none at all, according to Life Happens and industry group LIMRA.”

So it seems that we know we need life insurance but we are not so good at getting the proper coverage for our families in place. We need life insurance wherever we have important financial obligations in our lives. Our loved ones are at the top of this list.

Life insurance at 58

Income replacement is a primary concern for most seeking life insurance. The salary you bring home is probably the engine that drives your family’s standard of living. If you were to pass unexpectedly, proper life insurance coverage will make sure your loved ones will always be covered financially.

If you still have children at home, college education expense may be an important consideration in your life insurance calculations. You want to make sure your children experience this often important bridge to success as an adult.

4 key features of Indexed Universal Life for College Planning »

Life insurance at 58

Are you a partner in small business? Life insurance policies are often purchased by small business owners to address dsthe unforeseen passing of one of the partners. These policies often address the settling of the deceased’s partner’s interest in the business with their family and could save business and the family from financial burden.

Funding buy sell agreements with indexed universal life insurance »

If you plan to buy a home or have a large debt, life insurance coverage can address the hardship these obligations could place on your family in the event of your death.

Indexed Universal Life for Mortgage Protection? »

Life insurance at 58

How much life insurance do I need?

Deciding how much life insurance coverage you need requires much more time and effort than this article can provide. Your independent agent will you be your guide here. But we can make some rough estimates here to get you started.

To meet income replacement needs, you can leave a nest egg for your family that will earn interest to provide a cash flow to your loved ones that would replace the salary you represent. To decide on what amount your family would need to keep then in the quality of life they now enjoy, you’ll have to consider your households needs and earning potential in the event of your unexpected passing.

Let’s say you decide on $25,000 a year. So you want a nest egg that will earn this much in interest each year. We choose a conservative interest rate of 4% and do some math — $25,000 ÷ 0.04 = $625,000.

Additionally, this life insurance strategy leaves the nest egg intact to support other important family needs such as education and medical expense. Other family needs regarding your life insurance coverage, such as a mortgage, may be covered by a separate policy.

Small business partners usually purchase separate policies on each other. If one partner dies unexpectedly, the other partner’s policy would pay a benefit to the surviving partner (or partners, if more than two are involved).

There are a lot of different reasons you may need life insurance. Regardless of the reason, it’s important you get the coverage you and your family members or business partners need.

Life insurance at 58
How much will my life insurance cost?

Okay, you now have a general idea of why you need life insurance, and maybe even how much. Check out the following tables and get a feel for how the life insurance coverage you need can fit into your family budget.

We have four tables set up here with some sample monthly premiums for a non-smoking, 58-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 health category.

Your health category will depend on an array of factors: age, sex, health, occupation and others. If you are in excellent health and don’t work as a sky diving instructor you could be looking at the best rates insurance companies offer – “preferred plus” or some other similar label. You may fall in a category between the preferred and standard rates we show here.

Every insurance company has different ways of looking at health complications or risk factors. Some companies are going to take stricter stances on people with more risk, while others are going to be more tolerate of the risk and still offer cheap life insurance. This is important to keep in mind when you’re looking at the quotes below. If you were to get quotes form two separate companies for the exact same plan, the quotes could be hundreds of dollars apart.

If you have a health condition that you are concerned about, check our page on “impaired risk »” and learn how life insurance addresses these issues. Some clients receive a below standard rating, or table rating, that requires higher premiums.

Whatever your health category, you can count on Ogletree Financial Services to get you the life insurance coverage you need at the lowest premium available.

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.

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


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


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


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


Life insurance at 58

Alright, that was just some of the basics, but still longer than I had planned! There is a lot to understand and we can help. Are you ready to take care of this today? Ogletree Financial Services is ready.

Luckily for you, we are here to help. You don’t need to know all of the complexities and details of life insurance coverage, we can walk you through the process. You don’t need to be an insurance expert to get the perfect plan for you. As independent insurance brokers, we can ask you a few basic questions about your life insurance needs and we can bring a whole set of quotes directly to you.

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 life insurance do I need at age 58?

The most basic strategy to figure how much life insurance someone needs is to simply multiply their yearly salary by ten, or 15, or some other factor. Contact a qualified independent life insurance agent to determine your needs – Ogletree Financial Services.

How much does life insurance cost at age 58?

A sample monthly premium for a $500,000 20-year term life insurance policy at standard non-tobacco rates would be $228.71 for a female and $330.34 for a male. These are sample premiums, yours would depend on your personal underwriting with the insurance company.

Why would I need life insurance at age 58?

If you have others that are dependent upon the income you provide, then your death would leave them unprepared. In addition to the daily costs of living, there could be a mortgage payment, college tuition, or other debt they would still need to pay. A life insurance policy could help maintain your family’s lifestyle.

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