The cost and value of life insurance can be complex and overwhelming, and with so many options available to protect your family it can be difficult to determine which policy is right for you. One form of life insurance designed to provide coverage for a specified amount of time is known as term life insurance
As you enter into different stages of life, the amount of coverage and cost associated with term life insurance can vary immensely. In this article, we will explore the cost of term life insurance for 54-year-olds and help you understand if it is the right type of protection for you and your family.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $31 |
| 54 | Men | No | 20 Years | $50,000 | American Amicable | $42 |
| 54 | Men | No | 20 Years | $100,000 | American Amicable | $77 |
| 54 | Men | No | 20 Years | $250,000 | American Amicable | $183 |
This table shows the estimated cost of 20-year term life insurance for men aged 54. The premiums vary between companies and depending on the level of coverage
For example, Mutual of Omaha offers $25,000 in coverage for $31 per month, while American Amicable offers $100,000 in coverage for $77 per month. It should be noted that smokers can expect to pay higher premiums. Overall, men aged 54 in good health can expect term life insurance costs to range from $31 to $183 per month
The cost for insurance policies will vary by company, depending on a variety of factors, including the age of the insured, the duration of the policy, and the amount of coverage.
30-Year Term Life Rates (Male; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Men | No | 30 Years | $25,000 | Americo | $43 |
| 54 | Men | No | 30 Years | $50,000 | Prosperity Life | $64 |
| 54 | Men | No | 30 Years | $100,000 | Prosperity Life | $121 |
| 54 | Men | No | 30 Years | $250,000 | Prosperity Life | $293 |
The table shows that for a 54-year-old male non-smoker, term life insurance can vary greatly in monthly cost depending on the coverage amount. For example, for a 30-year term, the cost for $25,000 in coverage from Americo is $43 per month, while the cost for $100,000 in coverage from Prosperity Life is $121 per month, and the cost for $250,000 in coverage is $293 per month.
20-Year Life Insurance Pricing (Male Tobacco; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Men | Yes | 20 Years | $25,000 | Americo | $52 |
| 54 | Men | Yes | 20 Years | $50,000 | Foresters | $86 |
| 54 | Men | Yes | 20 Years | $100,000 | Foresters | $167 |
| 54 | Men | Yes | 20 Years | $250,000 | Foresters | $410 |
This table shows the pricing of 20-year term life insurance for a 54-year-old male tobacco user. The table shows a comparison between three life insurance companies—Americo, Foresters, and Foresters again
Americo is the only insurer offering a $25,000 coverage, while Foresters offers coverage of $50,000, $100,000, and $250,000 respectively. A 54-year-old male tobacco user may pay as low as $52 a month for $25,000 in 20-year term life insurance with Americo. For a $50,000 coverage, one may pay $86 per month with Foresters
For a higher coverage of $100,000, one may pay $167 per month with the same company. The highest coverage offered by Foresters is $250,000, for which one may pay a monthly premium of $410.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Men | Yes | 30 Years | $25,000 | Americo | $74 |
| 54 | Men | Yes | 30 Years | $50,000 | Americo | $139 |
| 54 | Men | Yes | 30 Years | $100,000 | Americo | $271 |
| 54 | Men | Yes | 30 Years | $250,000 | Americo | $667 |
This table displays the 30-year term life insurance rates for a 54 year old male smoker. The coverage amounts are $25,000, $50,000, $100,000, and $250,000 and the rates are provided by Americo
For a coverage of $25,000, the monthly rate is $74, for $50,000 the monthly rate is $139, for $100,000 the monthly rate is $271, and for $250,000 the monthly rate is $667.
20-Year Term Premiums (Women; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $30 |
| 54 | Women | No | 20 Years | $50,000 | American Amicable | $30 |
| 54 | Women | No | 20 Years | $100,000 | American Amicable | $54 |
| 54 | Women | No | 20 Years | $250,000 | American Amicable | $123 |
The table above shows term life insurance premiums for a 54-year-old female who does not smoke. By looking at the table, we can see that the monthly rate is determined by both the term length and the amount of coverage
For example, if this female chooses a 20-year term with Mutual of Omaha, the monthly premium is $30 for $25,000 in coverage. However, if she were to choose the same term with American Amicable, the monthly premium would be $54 for $100,000 in coverage and $123 for $250,000 in coverage.
30-Year Term Policies (Women; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Women | No | 30 Years | $25,000 | Americo | $43 |
| 54 | Women | No | 30 Years | $50,000 | American Amicable | $46 |
| 54 | Women | No | 30 Years | $100,000 | American Amicable | $85 |
| 54 | Women | No | 30 Years | $250,000 | American Amicable | $198 |
The data in the table shows that women age 54 can get a term life insurance policy for 30 years. The cost of the policy is based on the coverage amount, with monthly rates of $43, $46, $85, and $198 for $25,000, $50,000, $100,000, and $250,000 coverage amounts respectively
The rate of increase in the monthly rate cost is relatively small when moving from $50,000 to $100,000 coverage amounts or $100,000 to $250,000. However, the rate of increase is significant when moving from $25,000 to $50,000 coverage amounts, with an increase of 39% from $43 to $46 monthly premiums. Thus, for individuals at this age and gender, it may make more financial sense to purchase a higher coverage amount up front if they intend to buy a term life insurance policy that extends over 30 years.
20-Year Term Monthly Premiums (Women Smokers; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $50 |
| 54 | Women | Yes | 20 Years | $50,000 | Prosperity Life | $73 |
| 54 | Women | Yes | 20 Years | $100,000 | Prosperity Life | $140 |
| 54 | Women | Yes | 20 Years | $250,000 | Prosperity Life | $338 |
This table illustrates the cost of monthly premiums for women smokers aged 54 who are seeking a 20-year term life insurance policy. The policy amount is listed in the Coverage column and the insurance company offering the policy is stated in the Company column
For coverage of $25,000, Mutual of Omaha offers a premium of $50 each month. Prosperity Life has a rate of $73 for a $50,000 coverage and $140 for $100,000 coverage. For a higher coverage of $250,000, Prosperity Life charges a premium of $338 per month.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 54)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 54 | Women | Yes | 30 Years | $25,000 | Americo | $74 |
| 54 | Women | Yes | 30 Years | $50,000 | Prosperity Life | $106 |
| 54 | Women | Yes | 30 Years | $100,000 | Prosperity Life | $204 |
| 54 | Women | Yes | 30 Years | $250,000 | Prosperity Life | $499 |
The table above shows examples of 30-year term life insurance quotes for a 54-year-old woman smoker. With the insurer Americo, the monthly rate for a $25,000 policy is $74
With Prosperity Life, the monthly rate for a $50,000 policy is $106, and for a $100,000 policy it is $204. The largest example, a $250,000 policy with Prosperity Life, has a monthly rate of $499.
