Life Insurance At 59

Do you think 59 is too old to consider life insurance coverage?

Do you think life insurance at 59 will be too expensive?

Well, you have not waited too long and as you will see, life insurance at 59 can indeed be very affordable.

We have insured clients of all ages who knew that they needed life insurance coverage but were unsure about the details. At Ogletree Financial Services, we can help you make the right choices about your life insurance coverage.

This article will cover some of the basics, quickly answering a few common questions:Life insurance at 59

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?

If you have other questions this article does not touch on, feel free to reach out to us and get the answers you need. Learn exactly what you need to know. Leave a message on our contact page  or give us a call at 1-800-712-8519.

What is Term versus Permanent Life Insurance?
Term life insurance is less expensive and your coverage is pretty straightforward. You have life insurance for 5 to 30 years0. Term policies usually address life insurance needs that will pass – until you retire or until your children are on their own.

Life insurance at 59Many clients who purchase life insurance at 59 are interested in shorter term policies that have very reasonable premiums. Others want the advantage of permanent coverage that will not expire. And life-long coverage is not the only benefit of permanent life insurance that attracts many clients.

Permanent life insurance policies all have an interest-earning cash account component not available with term policies. The interest you earn is tax-sheltered, whether it is a guaranteed rate on a whole-life policy, a flexible rate that varies with changes in the market with a variable life policy (this opens the possibility of both large gains and disappointing losses in your cash account), or a rate that will only track market trends without chance of loss with an indexed universal life (IUL) policy.

The cash accounts associated with permanent life insurance transforms your life insurance policy into a powerful financial tool, in the form of living benefits . Policy loans against your cash account, allowing easy access to your funds for any personal expense, is just one example of how these policies can work for you.

You’ll need to discuss your unique circumstances with an independent agent who can recommend the proper plan of action. 99% of the cases, we suggest term plans, but that’s not always the case. 

Why do I Need Life Insurance?
Anywhere someone is relying on you financially is where life insurance is needed. Often this means the income you provide. For many who are interested in life insurance at 59, this is a primary concern.

If you were to pass unexpectedly, where would this leave your spouse? Would they be able to continue in the standard of living you both enjoy now? What about your retirement plans?

You may still have children you support at home or in college. Would they have to drop out of school in this unfortunate situation?

Income replacement and college education expense are two primary financial obligations that manyLife insurance at 59 who purchase life insurance want to address. There is no doubt that your monetary support is vital to whatever point in life’s arc your household occupies now.

4 key features of Indexed Universal Life for College Planning

Your approaching retirement is another consideration. Have you already saved enough for your retirement? If not, then what would happen to those plans for your spouse if you were to pass unexpectedly? A life insurance policy can guarantee that even if you are gone, the financial support you provide and retirement plans you are building together will proceed as planned.

4 Minutes to a Better Retirement using Indexed Universal Life Insurance

Another financial commitment life insurance can insure is a large debt, a mortgage, for example. If you are planning to buy a home it can be used to make sure your loved ones do not have to bear this burden if you die.

Indexed Universal Life for Mortgage Protection?

Life insurance at 59One other financial responsibility life insurance can address is a small business partnership. Proper life insurance coverage can avoid the financial stress this unfortunate situation can impose on a small business.

Funding buy sell agreements with indexed universal life insurance”🔗

Your independent agent should be asking your questions about all of these areas and more. You want to make sure to thoroughly examine your unique life insurance needs. Ogletree Financial Services can lead can lead your investigation.

How much Life Insurance do I Need?
One crucial step is figuring out how big of a plan to buy. This is an important step to take to secure your family’s financial security.

How much you will be spending on a child’s education, your personal level of debt, your yearly income and other factors will be considered together with your independent agent.  You need to go through the underwriting process to get a concrete number. What we can do here is get some approximate figures so you can look at the sample quote tables at the end of this article.

The face value of your plan can be viewed as a nest egg your family can rely on to continue to live the life you work hard to provide, even if you are gone. Since your income is a large part of how you are relied on financially, some suggest multiplying your yearly salary by 15 or 20. It’s a place to start.

What we will do is imagine that you and your independent agent have determined a supplemental income of $25,000 would be required for your loved ones to continue their lives in the comfort you now provide. To determine the nest egg necessary to provide this income we divide by an interest rate we feel confident this nest egg will earn. We’ll use a conservative 4%.

The math is: $25,000 ÷ 0.04 = $625,000. Notice that this strategy preserves the nest egg for your family to use for any other important expenses.Life insurance at 59

How Much Will My Life Insurance Cost?
You will probably be surprised that life insurance at 59 is often not too much of a strain on your budget, especially if you are in excellent health and qualify for a preferred or preferred-plus health category.

Your health category (or risk rating, risk category, etc.; a variety of terms are used to represent how life insurance companies classify customers based on the work of underwriters who assess each clients risk) will depend on an array of factors: age, sex, health, occupation and many others. If you are in excellent health and don’t work in a coal mine, there is a strong chance you’ll get the best possible quotes for coverage.

You may have a health problem that you are concerned about. Check our page on “impaired risk” and find out how life insurance addresses these issues. Occasionally, clients receive a below standard rating, or table rating, that requires higher premiums.

Life insurance at 59Regardless of where the insurance carrier rates you, we can find a company with cheaper premiums. 

Reading your combing through these quotes, remember they are only generic quote. They will not reflect the actual quotes you might receive (unless you’re identical to the random person we used for these rates).

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

$100,000$250,000$500,000$1,000,000
10-year$33.04$62.84$112.32$207.95
15-year$39.53$75.82$141.34$263.19
20-year$50.32$104.79$192.38$375.76
25-year$89.60$186.07$344.22$635.60

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

$100,000$250,000$500,000$1,000,000
10-year$51.15$113.66$213.57$387.00
15-year$63.23$140.13$269.36$500.41
20-year$84.52$186.97$365.40$711.38
25-year$117.69$269.63$517.91$1,018.85

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

$100,000$250,000$500,000$1,000,000
10-year$23.79$44.03$77.76$141.70
15-year$28.89$56.79$103.25$187.19
20-year$35.38$73.87$139.40$261.88
25-year$65.54$133.66$258.12$493.40

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

$100,000$250,000$500,000$1,000,000
10-year$36.57$74.74$133.69$251.20
15-year$46.72$98.22$188.04$345.10
20-year$59.67$132.47$253.79$463.66
25-year$96.86$217.13$404.60$750.22

Life Insurance at 59

Hopefully, those quotes above will fit in your budget. If you’re wondering what kind of plan will be best for your family at this stage of life, or you need help adding up your needs, go ahead and contact us. We can help you at any point.

For some people at 59, they automatically assume life insurance is a waste of money, but we can prove you otherwise. Still have questions? Ready for life insurance coverage you can afford?

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!
About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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