Affordable Life Insurance for 53 Year Olds [Instant Quotes]
Posted in Life Insurance in Your 50s last updated on June 6, 2020At Abrams Insurance Solutions we can help you find the most affordable life insurance for 53 year olds.
Use the INSTANT QUOTES form on this page to immediately view rates for your exact age. Rest assured these are the lowest rates available from the leading life insurance companies and there is no obligation. Continue reading below to view sample life insurance rates for a 53-year-old. You will also learn how we help you save money on life insurance.
Use the link below to jump to a particular section of this page:
- Finding low-cost life insurance
- Term life rates
- Life insurance & smoking
- Permanent life insurance
- No exam policies
- Affordable options
- How Abrams can help
As hit your fifties, the cost of both term and permanent life insurance becomes increasingly more expensive.
If you are a man or woman who has just turned age 53, it becomes vital that you shop carefully to find low cost life insurance. Life insurance only gets more expensive when you celebrate reaching age 54 and age 55.
And, as people become older they also tend to incur more health issues. A decline in your health can also make life insurance become more expensive.
Don’t despair! Here at Abrams Insurance Solutions, we can help you regardless of your situation to help you find the most affordable life insurance for 53 year olds.
How 53 Year Olds Can Find Low Cost Life Insurance
Buying life insurance is a process.
The first step is to determine how much life insurance you need. This can vary significantly from person to person. And, the reasons why you need life insurance can be very different from individual to individual.
To help you determine how much life insurance you need, we invite you to use our handy and easy to use LIFE INSURANCE NEEDS CALCULATOR on the bottom of this page.
The second most important step in finding affordable life insurance for 53 year olds is to ALWAYS USE AN INDEPENDENT AGENT.
Independent agents have access to dozens of life insurers. Plus we know which insurance companies are more lenient when it comes to pre-existing health conditions.
A captive agent only represents a single company. They frequently have several products that their company offers to give you options, but they’re all from the same company with the same underwriting guidelines. If you want to shop the market to get a comparable number of options to an independent agent, you’ll need to call dozens of captive agents.
Finally, try to avoid applying directly to a particular life insurance company. It’s difficult to be sure in these scenarios whether you’re getting the lowest possible rates. They may also penalize you for a health condition where other insurers will give you a better rating.
You other choice is to call us direct at 858-703-6178. We would be happy to discuss your situation in detail and provide you with a quote.
If you need life insurance fast, we can start the application over the phone. We will then wait for an offer of coverage from the insurer you select.
When it comes to finding affordable life insurance for 53 year olds, and if the rating (cost) is different than what we applied for – we may switch life insurance companies. Our objective is always to get you the right coverage for your situation. The right coverage at the lowest premium.
Bottom Line: At Abrams Insurance Solutions, we will ONLY provide you with the life insurance protection you need. And, we will provide with life insurance at the lowest possible price.
Term Life Insurance Quotes for 53 Year Olds
Here are some recent quotes for what you would pay monthly for a policy and for different health ratings.
Term Life Insurance Quotes for Non-Smoking 53 Year Old Man
Male – 20 Year Term Policy – $250,000 – 53 Years Old – Monthly Rate
Preferred Plus– $59.00
Preferred – $72.00
Regular Plus – $95.00
Regular – $116.00
Term Life Insurance Quotes for Non-Smoking 53 Year Old Woman
Female – 20 Year Term Policy – $250,000 – 53 Year Old – Monthly Rate
Preferred Plus– $46.00
Preferred – $52.00
Regular Plus – $67.00
Regular – $82.00
Life Insurance for 53 Year Olds Who Smoke
If you smoke at age 53, expect to pay more for any life insurance product that you wish to purchase.
Using the same rate comparison from above, a 53 year old male who smokes and wants to buy a $250,000 – 20 year term policy and gets the a Preferred Plus health rating can expect to $231 per month. As opposed to the $59 per month for a non-smoke with the same policy.
A 53 year old Female smoker applying for the same policy can expect to pay around $158.00 per month for the same health classification. As opposed to $46 per month.
As you can see, there is an enormous jump in the premiums which smokers pay versus what non-smokers pay.
The good news is that is you successfully quit smoking for a year, you can ask the life insurance company to re-evaluate you. If your blood test is negative for cotinine, which is the lab test marker for nicotine, you may easily qualify for non-smoking rates which can save you a bundle on the cost of your premiums.
You should also know that even if you are just an occasional user of nicotine products such as if you only smoke a few cigarettes, cigars, chew, or occasionally use e-cigarettes or marijuana, most life insurers will still lump you in the smoking health category.
But, this does not apply to all life insurers as there are some insurers that will give NON-SMOKING rate to infrequent users of these products.
If you are an infrequent user of nicotine products or only smoke the odd marijuana joint, it is vital that use the services of an independent agent. Call us at (888) 905-0333. We will help you navigate the life insurance world and secure a low cost policy.
Permanent Life Insurance Rates for 53 Year Old Men and Women
If you find that a 20 or 30 year term life insurance policy will not be sufficient, there is another INEXPENSIVE option available.
There is a permanent life insurance policy that can provide you with coverage well into your late 80’s and beyond.
The alternative is Guaranteed Universal Life insurance which goes by the acronym as a GUL policy.
This type of policy has become increasingly popular for people in their 50’s and older who do not wish to buy other very permanent life insurance options such as Whole life for example.
Guaranteed Universal life insurance provides a set premium rate to a particular age such as age 90, 95, 100 and up to age 121.
The reason why a GUL policy can be very attractive is because it provides a variety of options which allow you to customize your policy to suit your particular needs.
You can select a policy which provides a cash value accumulation feature or one that does not. Choosing one which does not include a cash value will keep your premiums very low. You do not have to pay more for a cash value portion and will avoid costly management fees.
The length of premium payments is another option that allows you to customize your premium payments.
GUL policies are much more affordable than other types of permanent life insurance. They are a fraction of the cost when comparing what you might pay for a non-guaranteed Universal life insurance policy for example.
Another attractive feature is that you can transfer the cash surrender value of an existing permanent life insurance policy to a GUL policy through a Section 1035 Exchange.
They are an excellent choice if you have a large estate and need cash liquidity to cover estate taxes, including both federal and state estate taxes. These policies are also great if you intend to leave your surviving family members with a financial legacy.
Call us here at Abrams Insurance Solutions at 858-703-6178 to learn more about the features of a Guaranteed Universal Life Insurance Policy.
No Exam Life Insurance Options for 53 Year Olds
Although no-exam life insurance is being heavily advertised, we would only recommend this policy for individuals in rare circumstances.
The major benefit of no exam life insurance is that it is extremely easy to obtain. All you generally have to do is answer a few health questions. You can find approval in 48 hours or less.
However, these policies can cost more than what you pay for the same term life insurance amount with a medical exam.
If you are in reasonably good health, we strongly recommend that you consider a term policy with a medical exam first. Following this process can save you a lot of money.
Here, at Abrams Insurance Solutions, we can find you no-exam policies up to $500,000 in coverage. And, we can provide no-exam policies for both Term and Permanent life insurance.
If you need more coverage you can layer or buy more than 1 policy to satisfy all your life insurance needs.
Call us here at Abrams Insurance Solutions at 858-703-6178 if you need no-exam life insurance for 53 year olds.
Affordable Life Insurance for 53 Year Olds
If you aren’t sure about the types of life insurance options, or which is the more affordable life insurance for 53 year olds, we are happy to provide a brief life insurance primer to help you decide.
There are 2 types of life insurance to choose from including:
- Term Life Insurance
- Permanent Life Insurance
Low Cost Term Life Insurance for 53 Year Olds
Term life insurance is the simplest form of life insurance you can buy. It is also the cheapest form of life insurance available.
The reason is because it provides death benefits only. And, you buy the insurance in chunks of time which also known as a “term.” You can buy term insurance as:
- 1 Year Renewable
- 5 Year term
- 10 Year Term
- 15 Year Term
- 20 Year Term
- 25 Year Term
- 30 Year Term
- Age-Specific (i.e. to age 65, to age 67)
- Customize your term for specific needs such as a 17 year term (these are only available from a very few companies, but they can be found)
You must choose the length of term wisely because if it is not long enough, then you would have to reapply which the insurer will base on your current age and health status.
Many term policies are available with a conversion option which allows you to convert the term policy to a permanent policy. This can be convenient if your health declines dramatically and they may decline you for a policy. You can convert a term policy without having to answer medical questions or undergo a medical exam.
However, you must convert the policy before the conversion option expires. So keep that in mind.
Other Permanent Life Insurance Options for 53 Year Olds
Permanent life insurance differs quite significantly from term life insurance. Let us help you find affordable permanent life insurance for 53 year olds.
First it offers death benefits in the same manner as a term policy. The first major difference is that a permanent policy is for your entire lifetime.
The second major difference is that in addition to death benefits, permanent life insurance provides a cash value accumulation or investment feature. One example you can use is Indexed Universal Life insurance. Here, a portion of your premium is added to the cash value accumulation portion.
The money is invested by the insurance company either arbitrarily or in the manner you direct them. There is no stock market risk and you can take tax-free distributions from your policy.
Permanent life insurance comes in a variety of types and many hybrid variations as they vary from company to company. However, they basically come in several different types including:
• Whole Life
• Universal Life
• Guaranteed Universal Life
Permanent policies can be an excellent choice for those who have maximized their 401(k) and IRA and need other tax shelter investment options. They are also ideal those who are high income earners or need estate protection and cash liquidity to pay both federal and state estate taxes.
Why use Abrams Insurance Solutions for Your Life Insurance
The main reason why we suggest you use Abrams Insurance Solutions is because
YOU SAVE MONEY. Call us now if you are looking for affordable life insurance for 53 year olds.
The agents here are Independent Agents who have access to dozens of life insurance companies so we comparison shop on your behalf.
We save you TIME and ensure you get the best price on your coverage. We are different from captive life insurance agents which only represent a single company. A captive agent can only provide a quote from one and you may not even receive approval through that insurer.
Need more reasons…. see 10 Ways We Save You Time and Money When Shopping for Life Insurance
Bottom Line:
We work for you and not the insurance companies. Our goal is to use our knowledge of life insurance underwriting and our extraordinary selection of companies to get you approved for coverage at the lowest rate available.
Start now by checking rates in the INSTANT QUOTES form on this page.
Need affordable life insurance for 53 year olds right now? Call Abrams Insurance Solutions today at 858-703-6178
