Whole Life Insurance Rates For a 58 Year Old
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In exploring the landscape of insurance and financial planning, one significant aspect comes as life insurance. Especially, understanding life insurance rates for specific age groups becomes crucial. In this article, we will dwell on life insurance rates for 58-year-olds. Determining the most affordable and comprehensive scheme at this age can ensure suitable protection for your family, and help prepare for future considerations like estate planning and securing retirement income streams. Delve through our article to get insights about life insurance rates specifically tailored for 58-year-olds and smart tips related to this pertinent topic.
Should a 58 year old get life insurance?
While it is a personal decision, many individuals in their late 50s consider getting life insurance to provide financial protection for their loved ones. Here are a few factors to consider when deciding if life insurance is right for a 58-year-old:
- Dependents: If you have dependents who rely on your financial support or have outstanding debts, life insurance could help provide for them in case of your passing.
- Funeral expenses: Life insurance can help cover the cost of funeral and burial expenses, which can be a significant financial burden on loved ones.
- Income replacement: If you are still working and your death would cause a loss of income for your family, life insurance can help replace that lost income.
- Health: Premiums for life insurance tend to increase as you get older, so it is important to consider your current health and whether it may affect the cost or availability of coverage.
- Retirement savings: If you have substantial retirement savings and your dependents are financially independent, life insurance coverage may not be as necessary.
Ultimately, it is recommended to speak with a financial advisor or insurance professional who can assess your specific situation and provide personalized advice based on your needs and goals.
How much life insurance should a 58 year old get?
Determining the appropriate amount of life insurance to get depends on several factors, including your individual circumstances and financial goals. While there is no one-size-fits-all answer, here are some guidelines to consider:
- Outstanding debts: Calculate the total amount of your outstanding debts, including mortgages, loans, and credit card balances.
- Income replacement: Determine how much income your family would need to maintain their current standard of living if you were to pass away. A common rule of thumb is to consider a coverage amount that is 5 to 10 times your annual income.
- Final expenses: Account for funeral and burial expenses, which can range from $7,000 to $15,000 or more.
- Education expenses: If you have children or dependents who plan to pursue higher education, factor in the anticipated costs of tuition, fees, and living expenses.
Keep in mind that these are general guidelines, and it is essential to evaluate your own specific needs and adjust accordingly. Consulting with a financial advisor or insurance professional can help you determine the optimal amount of coverage for your situation.
Should you get whole life insurance or term life insurance?
Deciding between whole life insurance and term life insurance also depends on your financial goals and circumstances. Here’s a breakdown of each option:
- Whole life insurance: Offers lifelong coverage and includes a cash value component that builds over time. The premiums are more expensive compared to term life insurance.
- Term life insurance: Provides coverage for a specific term, usually 10, 20, or 30 years. It is generally more affordable, and premiums remain level throughout the chosen term.
As a 58-year-old individual, term life insurance may be a more suitable option since it offers coverage for a specific period, aligning with your remaining years until retirement. Your specific needs, budget, and long-term financial goals should be taken into account when choosing the type of life insurance policy.
Male Whole Life Insurance Rates
These two tables present the rates for whole life insurance for male non-smokers and male smokers. The rates are shown for different coverage amounts ranging from $5,000 to $25,000.
In the first table, the rates for male non-smokers are presented. Each row represents a different insurance company, and each column represents a different coverage amount. The rates are displayed in dollars and cents.
In the second table, the rates for male smokers are presented. Similarly, each row represents a different insurance company, and each column represents a different coverage amount. The rates are again displayed in dollars and cents.
Comparing the rates for male non-smokers and male smokers, we can see that the rates for smokers are generally higher than those for non-smokers. This is expected because smoking is a risk factor that increases the likelihood of health issues and premature death.
Additionally, we can observe that the rates vary among different insurance companies. Some companies offer lower rates than others for both non-smokers and smokers. It is important to compare these rates when choosing a whole life insurance policy.
Overall, these tables provide a clear comparison of the rates for whole life insurance for male non-smokers and male smokers among different insurance companies and coverage amounts.
Whole Life Insurance Rates for 58 year-old men
| $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|---|
| Company | Aetna | Aetna | Aetna | Aetna | Aetna |
| American Amicable | $24 | $46 | $68 | $89 | $111 |
| CVS Health | $25 | $48 | $70 | $93 | $115 |
| Foresters | $23 | $43 | $64 | $84 | $104 |
| Liberty Bankers | $24 | $43 | $63 | $82 | $102 |
| Sons of Norway | Coverage N/A | Coverage N/A | Coverage N/A | Coverage N/A | $81 |
| Mutual of Omaha | $21 | $40 | $58 | $77 | $95 |
| Prosperity | $23 | $42 | $61 | $81 | $100 |
| Royal Neighbors | Coverage N/A | $46 | $68 | $90 | $112 |
| Transamerica | $22 | $40 | $58 | $77 | $95 |
| AIG | $34 | $66 | $98 | $130 | $162 |
| Gerber Life | $31 | $62 | $93 | $123 | $154 |
| Great Western | $36 | $70 | $104 | $137 | $171 |
Whole Life Insurance Rates for 58 year-old men (Smokers)
| $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|---|
| Aetna | $31 | $59 | $87 | $115 | $144 |
| American Amicable | $30 | $57 | $84 | $111 | $137 |
| CVS Health | $32 | $61 | $91 | $120 | $149 |
| Foresters | $33 | $63 | $93 | $122 | $152 |
| Liberty Bankers | $32 | $60 | $89 | $117 | $145 |
| Sons of Norway | Coverage N/A | Coverage N/A | Coverage N/A | Coverage N/A | $101 |
| Mutual of Omaha | $28 | $54 | $79 | $105 | $130 |
| Prosperity | $32 | $60 | $89 | $117 | $146 |
| Royal Neighbors | Coverage N/A | $61 | $91 | $121 | $150 |
| Transamerica | $30 | $58 | $85 | $112 | $140 |
| AIG | $34 | $66 | $98 | $130 | $162 |
| Gerber Life | $31 | $62 | $93 | $123 | $154 |
| Great Western | $36 | $70 | $104 | $137 | $171 |
Female Whole Life Insurance Rates
These tables provide the rates for whole life insurance for male non-smokers and male smokers. The rates are offered by different insurance companies for coverage amounts of $5,000, $10,000, $15,000, $20,000, and $25,000.
From the tables, we can observe the following:
1. Rate Variation: The rates for both non-smokers and smokers show significant variation across different insurance companies. For example, the rates for $5,000 coverage for non-smokers range from $17.02 to $32.49, and for smokers, the range is from $22.75 to $26.81. This implies that it is essential for individuals to compare rates from different insurance companies before making a decision.
2. Smoker Rates: The rates for smokers are generally higher than those for non-smokers across all coverage amounts and insurance companies. This is expected as smokers are considered to have a higher risk of health issues and mortality.
3. Coverage N/A: Some insurance companies have a “Coverage N/A” entry for certain coverage amounts. This suggests that those specific coverage amounts may not be available for the given demographics (either non-smokers or smokers) or for certain age groups.
4. Consistent Rates: Certain insurance companies, such as AIG and Gerber Life, offer the same rates for both non-smokers and smokers. However, other companies may have different rates based on smoking status.
5. Rate Determinants: The rates provided in the tables are influenced by various factors such as age, health condition, location, and lifestyle choices. It is important to note that these tables only provide rates for male policyholders and do not consider these additional factors that may affect the final premium.
Overall, these tables provide a helpful comparison of rates for whole life insurance for male non-smokers and smokers. However, it is crucial for individuals to consult with insurance agents or companies directly to get personalized quotes based on their specific needs and circumstances.
Whole Life Insurance Rates for 58 year-old Women
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $20 | $36 | $53 | $70 | $86 |
| American Amicable | $20 | $37 | $54 | $71 | $88 |
| CVS Health | $20 | $38 | $55 | $72 | $89 |
| Foresters | $19 | $35 | $51 | $67 | $84 |
| Liberty Bankers | $19 | $34 | $49 | $64 | $79 |
| Sons of Norway | Coverage N/A | Coverage N/A | Coverage N/A | Coverage N/A | $73 |
| Mutual of Omaha | $17 | $30 | $44 | $58 | $72 |
| Prosperity | $18 | $33 | $48 | $63 | $78 |
| Royal Neighbors | Coverage N/A | $36 | $53 | $69 | $86 |
| Transamerica | $17 | $30 | $44 | $57 | $71 |
| AIG | $26 | $51 | $76 | $100 | $125 |
| Gerber Life | $24 | $48 | $72 | $96 | $120 |
| Great Western | $32 | $62 | $91 | $121 | $150 |
Whole Life Insurance Rates for 58 year-old Women (Smokers)
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $25 | $46 | $68 | $90 | $112 |
| American Amicable | $23 | $43 | $64 | $84 | $104 |
| CVS Health | $26 | $48 | $71 | $93 | $116 |
| Foresters | $26 | $50 | $74 | $97 | $121 |
| Liberty Bankers | $25 | $45 | $66 | $86 | $107 |
| Sons of Norway | Coverage N/A | Coverage N/A | Coverage N/A | Coverage N/A | $91 |
| Mutual of Omaha | $22 | $42 | $61 | $81 | $100 |
| Prosperity | $24 | $46 | $67 | $88 | $110 |
| Royal Neighbors | Coverage N/A | $50 | $74 | $98 | $122 |
| Transamerica | $24 | $45 | $65 | $86 | $107 |
| AIG | $26 | $51 | $76 | $100 | $125 |
| Gerber Life | $24 | $48 | $72 | $96 | $120 |
| Great Western | $32 | $62 | $91 | $121 | $150 |