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Term Life Insurance Rates for 55-Year-Olds

Making the right decision regarding life insurance is important, especially if you are 55-years-old or older. It’s important to make sure you are covered in the event of an unexpected illness or death through the purchase of the right life insurance plan

Term life insurance is one of the more popular choices for individuals of all ages, however, understanding how much the cost of term life insurance is for those 55-years and older requires some research and decision making. This article will explore the options available for term life insurance for 55-year-olds, including understanding the cost and selecting the right policy for your needs.

Table of Contents

20-Year Term Life Insurance Cost (Men; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55MenNo20 Years$25,000Americo$34
55MenNo20 Years$50,000American Amicable$45
55MenNo20 Years$100,000American Amicable$84
55MenNo20 Years$250,000American Amicable$199

For men aged 55, the cost of obtaining a 20-year term life insurance policy can vary dramatically depending on the coverage amount. Americo offers a policy of $25,000 with a monthly rate of $34, while American Amicable provides coverage of up to $250,000 with a monthly rate of $199

Between these two companies, the cost per $1,000 of coverage increases from $1.36 up to $1.96, reflecting the higher cost of more extensive coverage. Additionally, American Amicable provides life insurance policies of $50,000, $100,000 and $250,000 respectively with monthly rates of $45, $84 and $199. This reveals that for those aged 55, the cost of their life insurance policy climbs steadily with their coverage amount, offering them the option to obtain coverage most suited to their needs.

30-Year Term Life Rates (Male; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55MenNo30 Years$25,000Americo$46
55MenNo30 Years$50,000Prosperity Life$68
55MenNo30 Years$100,000Prosperity Life$129
55MenNo30 Years$250,000Prosperity Life$311

This table provides a snapshot of 30-year term life insurance rates for male non-smokers age 55. Americo offers a $25,000 policy for a monthly rate of $46

Prosperity Life offers three policies at $50,000, $100,000, and $250,000. Monthly rates for these policies respectively are $68, $129 and $311. As rates vary by age and amount of coverage, this information should only be considered a general overview of term life insurance rates.

20-Year Life Insurance Pricing (Male Tobacco; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55MenYes20 Years$25,000Americo$55
55MenYes20 Years$50,000Foresters$91
55MenYes20 Years$100,000Foresters$177
55MenYes20 Years$250,000Foresters$434

When it comes to term life insurance at age 55, the pricing structure can vary significantly depending on the level of coverage desired. This table provides a snapshot of 20-year life insurance rates for male smokers at age 55

For individuals seeking a basic coverage level of $25,000, Americo charges a monthly rate of $55. The rates increase significantly with higher coverage amounts. Foresters charges $91 per month for $50,000 in coverage, $177 per month for $100,000 in coverage and $434 per month for $250,000 in coverage.

30-Year Term Rates (Male Smokers; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55MenYes30 Years$25,000Americo$79
55MenYes30 Years$50,000Americo$151
55MenYes30 Years$100,000Americo$294
55MenYes30 Years$250,000Americo$722

The table above provides details on term life insurance rates for a 55-year-old male smoker for 30-year terms. Rates were provided by Americo, a life insurance company

For example, if the individual was looking for a $25,000 coverage for a 30-year term, the monthly rate would be $79. The rate then increases with the amount of coverage. For a $50,000 coverage, the monthly rate would cost $151, for a $100,000 coverage the monthly rate would be $294, and for a $250,000 coverage the monthly rate would be $722.

20-Year Term Premiums (Women; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55WomenNo20 Years$25,000Mutual of Omaha$32
55WomenNo20 Years$50,000American Amicable$32
55WomenNo20 Years$100,000American Amicable$57
55WomenNo20 Years$250,000American Amicable$130

From the table above, it can be seen that the premiums for 20-year term life insurance for women aged 55 who are non-smokers vary significantly according to the coverage amount. For example, Mutual of Omaha offers a monthly rate of $32 for a $25,000 coverage amount and American Amicable charges a premium of $130 for a coverage amount of $250,000

Similarly, a coverage amount of $50,000 has a premium of $32 with American Amicable, while the same coverage amount translates to a premium of $57 when the amount is increased to $100,000.

30-Year Term Policies (Women; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55WomenNo30 Years$25,000Americo$46
55WomenNo30 Years$50,000Prosperity Life$52
55WomenNo30 Years$100,000Prosperity Life$96
55WomenNo30 Years$250,000Prosperity Life$229

This table indicates the cost of 30-year term life insurance for 55 year old women who are non-smokers. The table compares coverage amounts from two different insurance companies, Americo and Prosperity Life

At a $25,000 coverage level, Americo offers the lowest monthly rate at $46. The company also provides a choice of$50,000 and $100,000 policies, though the rates are slightly lower than Prosperity at $52 and $96 respectively. The higher coverage levels are offered exclusively by Prosperity Life. For $250,000, Prosperity charges $229 a month – fewer than twice the cost of their $100,000 coverage

For added value, Prosperity’s $250,000 policy also offers the same additional benefits as their other policies, such as living survivorship, shared benefit, and death benefit.

20-Year Term Monthly Premiums (Women Smokers; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55WomenYes20 Years$25,000Mutual of Omaha$54
55WomenYes20 Years$50,000Prosperity Life$77
55WomenYes20 Years$100,000Prosperity Life$147
55WomenYes20 Years$250,000Prosperity Life$356

The table above provides some insight into what term life insurance may cost for a 55-year-old woman smoker. For example, at Mutual of Omaha, a 20-year term life policy with a coverage amount of $25,000 would cost $54 a month

At Prosperity Life, a 20-year term life policy with a coverage amount of $50,000 would cost $77 a month, whereas a policy with a coverage amount of $100,000 would cost $147 a month and a policy with a coverage amount of $250,000 would cost $356 a month.

30-Year Term Insurance Quotes (Female Smokers; Age 55)

AgeGenderSmokerTermCoverageCompanyMonthly Rate
55WomenYes30 Years$25,000Americo$79
55WomenYes30 Years$50,000Prosperity Life$111
55WomenYes30 Years$100,000Prosperity Life$215
55WomenYes30 Years$250,000Prosperity Life$527

This table provides a snapshot of the cost of 30-year term life insurance for a 55-year-old female smoker. The first provider, Americo, offers a 30-year term policy of $25,000 for a monthly rate of $79

The second, Prosperity Life, offers policies of $50,000, $100,000, and $250,000 for monthly rates of $111, $215, and $527, respectively. These rates may vary significantly depending on age, gender, state of residence, health history, and any other criteria used by insurance companies to determine rates.

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* Based on website quote requests, through 2/28/23.
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