When it comes to budgeting for the future, life insurance is an important consideration that many people overlook. Term life insurance offers protection to individuals and their families in the form of a financial backup plan
Knowing how much life insurance is appropriate for one’s age group is essential – and in particular, 51-year-old individuals need to research the pricing and plan options available to them. In this article, we will go deep on the various factors that can affect the cost of term life insurance for 51-year-olds, as well as applicable financial strategies and tips.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $25 |
| 51 | Men | No | 20 Years | $50,000 | American Amicable | $36 |
| 51 | Men | No | 20 Years | $100,000 | American Amicable | $65 |
| 51 | Men | No | 20 Years | $250,000 | American Amicable | $152 |
The table above provides cost estimates for 20 year term life insurance policies for men aged 51, who are non-smokers. Mutual of Omaha provides a $25,000 policy for a monthly rate of $25
American Amicable provides both a $50,000 policy for a rate of $36, and a $100,000 policy for a rate of $65. For the highest coverage, $250,000, American Amicable asks a monthly rate of $152. For customers looking to save money, they can select a lower coverage policy
Customers looking for a long term policy with higher coverage can opt for a plan provided by American Amicable and pay more. The cost of life insurance policies depends on a multitude of factors such as age, gender, and smoking status.
30-Year Term Life Rates (Male; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Men | No | 30 Years | $25,000 | Americo | $36 |
| 51 | Men | No | 30 Years | $50,000 | American Amicable | $48 |
| 51 | Men | No | 30 Years | $100,000 | American Amicable | $89 |
| 51 | Men | No | 30 Years | $250,000 | American Amicable | $209 |
The table above provides a snapshot of the current rates for term life insurance policies for a 51-year-old male non-smoker. For example, a 30-year policy with $25,000 of coverage is offered by Americo for a monthly rate of $36
On the other hand, a policy providing $250,000 of coverage from American Amicable costs $209 per month. It is also interesting to note that American Amicable offers policies ranging from $50,000 to $100,000 which are not available from Americo.
20-Year Life Insurance Pricing (Male Tobacco; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Men | Yes | 20 Years | $25,000 | Americo | $43 |
| 51 | Men | Yes | 20 Years | $50,000 | Foresters | $73 |
| 51 | Men | Yes | 20 Years | $100,000 | Foresters | $141 |
| 51 | Men | Yes | 20 Years | $250,000 | Foresters | $344 |
This table illustrates the costs associated with different levels of coverage for standard 20-year term life insurance policies taken out by a 51-year-old man who smokes. The table shows that, for a 51-year-old man who smokes, the monthly rate for a 20-year policy with a coverage amount of $25,000 is $43, provided by Americo
For a coverage amount of $50,000, the monthly rate is $73, provided by Foresters. With $100,000 in coverage, the monthly rate is $141, also provided by Foresters. And with $250,000 in coverage, the monthly rate is $344, again provided by Foresters
These rates demonstrate the importance of shopping around for life insurance and carefully considering the coverage one might need, to find the best deal.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Men | Yes | 30 Years | $25,000 | Americo | $59 |
| 51 | Men | Yes | 30 Years | $50,000 | Americo | $111 |
| 51 | Men | Yes | 30 Years | $100,000 | Americo | $214 |
| 51 | Men | Yes | 30 Years | $250,000 | Americo | $524 |
The following table provides an overview of the rates for a 30-year term life insurance policy for male smokers aged 51. It shows the cost of coverage for $25,000, $50,000, $100,000, and $250,000 from company Americo
The monthly rate for $25,000 of life insurance at this age and gender is $59, while the rate for $50,000 of coverage is $111 and the rate for $100,000 of coverage is $214. The monthly rate for $250,000 of life insurance coverage is $524. The rates are all specific to 51-year-old male smokers and are valid for 30-year terms.
20-Year Term Premiums (Women; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $24 |
| 51 | Women | No | 20 Years | $50,000 | American Amicable | $26 |
| 51 | Women | No | 20 Years | $100,000 | American Amicable | $45 |
| 51 | Women | No | 20 Years | $250,000 | American Amicable | $103 |
The table above shows the monthly premiums for a 20-year term life insurance policy for a 51-year-old female, who is a non-smoker. At Mutual of Omaha, the monthly premium for a $25,000Term policy is $24
For the same term, American Amicable offers a monthly premium of $26 for a $50,000 coverage, $45 for $100,000 coverage, and $103 for a $250,000 coverage.
30-Year Term Policies (Women; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Women | No | 30 Years | $25,000 | Americo | $36 |
| 51 | Women | No | 30 Years | $50,000 | American Amicable | $31 |
| 51 | Women | No | 30 Years | $100,000 | American Amicable | $56 |
| 51 | Women | No | 30 Years | $250,000 | American Amicable | $128 |
The table above shows the price of 30-year term policies for women who are 51 years old and non-smokers. If a woman in this group wants to purchase life insurance, she can buy coverage up to $250,000
The americo policy offers coverage of $25,000 at a cost of $36 per month. The American Amicable policy offers higher levels of coverage, with $50,000 of coverage costing $31 per month, $100,000 of coverage costing $56 per month, and $250,000 of coverage costing $128 per month.
20-Year Term Monthly Premiums (Women Smokers; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $41 |
| 51 | Women | Yes | 20 Years | $50,000 | Prosperity Life | $62 |
| 51 | Women | Yes | 20 Years | $100,000 | Prosperity Life | $118 |
| 51 | Women | Yes | 20 Years | $250,000 | Prosperity Life | $283 |
This table shows the monthly premiums of women smokers over the age of 50 for 20-year term life insurance policies from a few different companies. For example, a $25,000 policy from Mutual of Omaha for a 50-year-old woman smoker costs $41 per month
Likewise, a $50,000 term life insurance policy from Prosperity Life for a 50-year-old woman smoker costs $62 per month, and a $100,000 term life insurance policy from Prosperity Life for a 50-year-old woman smokre costs $118 per month. Finally, a $250,000 term life insurance policy from Prosperity Life for a 50-year-old woman smoker costs $283 per month.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 51)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 51 | Women | Yes | 30 Years | $25,000 | Americo | $59 |
| 51 | Women | Yes | 30 Years | $50,000 | American Amicable | $83 |
| 51 | Women | Yes | 30 Years | $100,000 | American Amicable | $160 |
| 51 | Women | Yes | 30 Years | $250,000 | American Amicable | $381 |
The table above illustrates the cost of a 30-year term life insurance policy for a 51-year-old female smoker. It shows that the monthly rate for the policy is affected by the coverage amount
For example, for $25,000 of coverage, Americo's policy is $59 per month. For $50,000 of coverage, American Amicable's policy is $83 per month. With $100,000 in coverage, the cost increases to $160 per month and with $250,000 coverage the cost rises to $381 per month.
