August 14, 2022
  • August 14, 2022

Best Cheap Life Insurance Providers for 58 Years (Men and Women)

By on January 10, 2022 0

At 58, you might not be officially senior yet, but it’s upon us and there are some important decisions to be made. You are probably dreaming of retiring if you haven’t already, and you might want to start traveling or discover new hobbies.

If you do not yet have life insurance, or are considering changing your policy, there are things you need to know, such as how your age and gender affect your policy, what insurance companies are on the lookout when it comes to a medical exam. exam and how much you will pay. It is also important to act now when looking for inexpensive 58 year life insurance providers, as some companies will not offer policies to people over the age of 60.

Now is the time to act

At 58, you have already achieved many milestones. You’ve celebrated your half-century anniversary, bought a home forever, either married a long time or made the decision to fly solo, and had a solid career in whatever field you choose. Whether or not you decide to retire or continue working, you should seriously consider finding the right insurance policy.

Also, by age 58, you have probably accumulated a lot of possessions, like a car, house, land, and other valuables that you would like to pass on to your loved ones. A life insurance policy can ensure that your family keeps it all when you are no longer around to care for them.

However, it is crucial to act now, as some companies will not offer life insurance policies to anyone over the age of 60. As you get closer to that mark, it’s best to choose a life insurance provider before you no longer qualify for coverage. It’s important to note that many companies offer policies up to age 80, but there are many that don’t.

What coverage do you need at 58?

This is obviously a personal matter, but there are ways to determine how much you need. Since life insurance is primarily used to help pay off debts like mortgages, loans, and medical bills, you need to figure out how much debt your family will have left.

Many people may not be debt free by age 58, but they have already paid off their student loans, car loans, and are probably on the verge of paying off their house. If this sounds like you, figure out how much debt you have and go from there.

You should also know how much is needed for funeral expenses in your area. Some states cost a lot more than others, so a quick search should give you an idea of ​​what your family will need.

Is there a way to lower my rates?

When shopping for affordable life insurance providers for people over 58, it’s important to note that there are certain factors that companies take into account when determining your rates. While there are some factors that you can’t change, like your age, there are some that you can work on.

Insurance companies aren’t as excited about paying for your policy as they are selling it to you, so your health will play a big role in determining how much you pay. Proving that you’ve quit smoking, exercising, and lost weight will help. You can also eat healthier and try to lower your blood pressure if you can.

Another thing you can do is avoid high risk hobbies such as skydiving and horseback riding. That doesn’t mean you have to let go of all your passions, but your insurance company won’t be happy to assure you if you think monster truck racing is fun. If you do this several times a year, that will help you too.

Choosing the Right Cheap Life Insurance Providers for 58 Years

There are many insurers out there, and all of them will probably assure you that they are the best. Rather than taking their word for it, it’s better to take some time to shop around.

Some companies require medicals, but others will let it slip for a higher rate. Then there are different policies depending on what you want. Rather than jumping on the first offer you receive, check out a variety of carriers to determine which one is right for you.

Some good places to start when you’re 58 to assess cheap life insurance providers include:

germinate

germinate

Sproutt may be new to the world of insurance, but it’s a good choice for anyone who doesn’t want a medical exam or wants an answer as soon as possible.

Some of the factors Sproutt will ask you before setting a rate include:

  1. Movement
  2. Sleep
  3. Emotional health
  4. Nutrition
  5. Balance

Here are the six types of life insurance policies that Sproutt offers.

Policy type

Prices for women aged 58 include:

  • $ 95.90 per month on average

Prices for 58-year-old men include:

  • $ 122.25 per month on average

These rates will vary depending on whether or not you smoke as well as the five factors mentioned above.

Select a quote

Select a quote

SelectQuote is not an insurance company. Instead, it helps you shop around for an insurance policy by getting quotes from a wide variety of carriers.

SelectQuote companies purchase quotes from:

  • America
  • Banner
  • National Lincoln
  • William penn
  • United of Omaha
  • Pacific life
  • Protective
  • Prudential
  • AIG
  • Companion
  • SBLI
  • World life
  • TruStage

To give

To give

Donation is another great option if you are in a rush or prefer not to have a medical exam. Best of all, you know almost immediately if Bestow is willing to offer you a policy.

It’s important to note that Bestow won’t insure anyone past the age of 60, so if you want a life insurance policy with them, you need to act as soon as possible. The good news is that your coverage won’t end when you turn 60. It lasts 10 years, so if you buy now your policy will last up to 68 years.

Before you apply with Bestow, you should know that they will not offer any coverage to anyone diagnosed with cancer in the past 10 years. If so, it’s best to ignore Bestow and consult with another insurance company.

The maximum coverage rate can reach $ 1.5 million.

Average contributions for 58-year-olds:

Term Blanket Cost
15 years $ 500,000 The cost of the policy ranges from $ 53.40 / month for a non-smoker female
15 years $ 500,000 Rates vary from $ 73.20 / month for a non-smoker Male

Progressive

Progressive

Progressive is one of the best-known companies and enjoys a strong rating to support its reputation. This is a great option if you want to consolidate your life, home and auto insurance into one bill. It provides life insurance coverage for anyone up to the age of 80, so you don’t have to feel rushed when signing up for Progressive.

With Progressive, you can get the following types of policies:

  • Term
  • Final expenditure
  • Together
  • Universal
  • Variable

Mutual Freedom

Mutual Freedom

Liberty Mutual is another well-known company, thanks in large part to some of its advertisements. Approval is usually quick, so you’ll know quickly if you need to move on.

Liberty offers the following policies:

  • Lifetime
  • Together
  • Fixed annuities / fixed income

Women age 58 will pay $ 70.52 for a $ 100,000 / 10 year policy. Men age 58 will pay $ 118.76 for a term policy of $ 100,000 / 10 years.

State farm

State farm

State Farm offers term life, whole life and universal life insurance. It can be much more expensive than other insurance companies.

For example, a 58 year old woman will pay $ 173.99 for a $ 500,000 policy for a 20 year policy. A 58-year-old men will pay $ 259.24 for the same.

Life Banner

Banner Life Insurance Company is owned by Legal & General America and is the seventh largest insurer in the world. She has been in business for over 70 years now and is very experienced in life insurance.

Banner Life Insurance offers two different types of policies:

Typical average premiums in some states for people aged 58

Since premiums vary depending on your gender, age, and what state you live in, it’s good to get a feel for the cost when you’re 58 and looking for insurance providers- affordable life.

People aged 58 can expect:

State 10 year term$ 500,000 coverage
California Average cost of life insurance is $ 79 / month females and $ 105 / month males
Texas The average cost of a life insurance policy is $ 77 / month females and $ 108 / month males
Florida Average monthly life insurance premium for a 58 years old is $ 79 a female and $ 107 one Male
New York Average premium for life insurance is $ 79 per month for females and $ 107 per month for males
Pennsylvania The average life insurance premium is $ 75 / month for women and $ 105 / month for men
Kentucky Average monthly life insurance rate is $ 76 per woman and $ 106 per man
Ohio The average rate for a life insurance policy is $ 74 per month for females and $ 105 per month for males

Not all insurance companies, and the rates you are offered may be different once the company offers you a policy. It’s a great place to start, however, and will give you a better idea of ​​what to do next when you decide to go shopping. If you still want to research other options, you can easily compare companies and find the one that best suits your needs and budget by clicking below.

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