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Life Insurance for 55-Year-Old Male

With life expectancy continuing to increase, term life insurance for 55-year-old men and women can be essential to protecting the financial future of families and dependents. Listed below are a few life insurance strategies to consider if you're over the age of 55.

Should You Purchase Life Insurance at This Stage in Your Life?

Research shows that men and women are working later in life, and many Americans are paying off mortgages into their later years. Additionally, birth rates are rising for women over the age of 35, meaning many parents can expect to support children well into their fifties. 

As a result of these cultural shifts, life insurance is more important for people in their 50s now than it was for previous generations.

Term or Permanent?

Term life policies offer coverage for a specific amount of time, usually between five and 30 years. If you die during your policy term and you have been paying your premiums, the named beneficiaries on your policy will receive a payout.

Permanent policies cover you from the date the policy is issued through the end of your life. They also accrue cash value over time, making it an investment vehicle that can be borrowed against or cashed out. Permanent policies are typically more expensive than term policies.

Traditional life insurance policies — whether they are term or permanent — are fully underwritten. This means that the insurance company is doing its due diligence to assess your risk as an applicant. This includes requiring the applicant to complete a detailed health questionnaire and undergo a medical exam. In addition to your age, your health will play a major factor in determining your premium — or if you can get coverage at all.

Simplified Issue Policies

Simplified term life policies do not require you to pass a medical exam, but you may have to answer a series of questions about your health, medical history and personal lifestyle choices. These plans can be a good option if you're interested in obtaining coverage quickly and don't want to be subjected to a medical exam. But your health is still a factor. Premiums are usually more expensive than traditional policies.

*Issuance of the policy may depend upon answers to health questions set forth in the application. These plans may have a graded death benefit for an initial period of time.

Guaranteed Issue Policies

If your current or past health issues have kept you from qualifying for a traditional or simplified issue policy, there is still the option of a guaranteed issue life insurance policy. With this type of policy, you do not have to pass a medical exam or answer any questions about your health or lifestyle. 

It is important to note, however, that guaranteed issue premiums can be substantially higher than those of traditional or simplified issue policies. Death benefits are usually much smaller — usually enough to cover final expenses ($20,000 or less).

*These plans may have a graded death benefit for an initial period of time.

Finding the Right Policy

A licensed insurance agent can better evaluate your options and match you with a life insurance policy that works for you. Speak with a licensed agent at 1-855-303-4640

Learn more by reading through our guide, What Questions are Asked on a Life Insurance Application?


*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

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