Term Life Insurance Rates for 56-Year-Olds
- Updated: March 4, 2023
Writing about life insurance can be intimidating, but it doesn’t have to be. In this article, we’ll discuss term life insurance for 56-year-olds, including how it works and how to determine the right coverage for you
We can provide valuable insight into the considerations and costs of term life insurance to help you make an informed decision when it comes to providing financial protection for your loved ones. By the end of this article, you’ll have a better understanding of the cost of term life insurance for a 56-year-old, as well as what to look for when deciding on a policy.
Table of Contents
20-Year Term Life Insurance Cost (Men; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Men | No | 20 Years | $25,000 | Americo | $37 |
| 56 | Men | No | 20 Years | $50,000 | American Amicable | $49 |
| 56 | Men | No | 20 Years | $100,000 | American Amicable | $92 |
| 56 | Men | No | 20 Years | $250,000 | American Amicable | $210 |
From the table, you can see that a 56-year-old male can purchase a 20-year term life insurance policy from three different companies, depending on the coverage amount. From Americo, a no smoking 56-year-old can purchase a $25,000 policy for $37 a month, a $50,000 policy for $49 a month, a $100,000 policy for $92 a month, and a $250,000 policy for $210 a month
From American Amicable, a no smoking 56-year-old can purchase a $50,000 policy for $49 a month, a $100,000 policy for $92 a month, and a $250,000 policy for $210 a month.
30-Year Term Life Rates (Male; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Men | No | 30 Years | $25,000 | Americo | $51 |
| 56 | Men | No | 30 Years | $50,000 | Americo | $95 |
| 56 | Men | No | 30 Years | $100,000 | Americo | $182 |
| 56 | Men | No | 30 Years | $250,000 | Americo | $443 |
The table shown above provides a snapshot of 30-year term life insurance rates for a 56-year-old male, who is a non-smoker. The rates vary depending on the amount of coverage that is chosen
A $25,000 coverage plan at Americo will cost $51 per month, while opting for a $50,000 coverage plan at the same insurer would cost $95 per month. A $100,000 coverage plan is $182 per month, and a $250,000 coverage plan is $443 per month.
20-Year Life Insurance Pricing (Male Tobacco; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Men | Yes | 20 Years | $25,000 | Americo | $61 |
| 56 | Men | Yes | 20 Years | $50,000 | Foresters | $106 |
| 56 | Men | Yes | 20 Years | $100,000 | Foresters | $207 |
| 56 | Men | Yes | 20 Years | $250,000 | Foresters | $511 |
The table above shows the cost of term life insurance for a 56-year-old male smoker in 20-year increments. For example, if an Americo 20-year term life policy covering $25,000 is purchased, then the monthly cost is $61
Similarly, for a 20-year policy covering $50,000 from Foresters, the monthly cost is $106. As the coverage amount increases, so too does the amount of the monthly payments – Foresters charges $207 for a 20-year term life policy with a $100,000 coverage and $511 for a policy covering $250,000. These are all indicative rates and do not factor in variables such as medical history, lifestyle, or geographical locations.
30-Year Term Rates (Male Smokers; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Men | Yes | 30 Years | $25,000 | Americo | $87 |
| 56 | Men | Yes | 30 Years | $50,000 | Americo | $167 |
| 56 | Men | Yes | 30 Years | $100,000 | Americo | $326 |
| 56 | Men | Yes | 30 Years | $250,000 | Americo | $805 |
The table above provides some insight into the cost of term life insurance for male smokers at age 56. The coverage amounts listed are $25,000, $50,000, $100,000, and $250,000, respectively
The term length is 30 years, and the company listed is Americo. The corresponding monthly rates for each coverage amount are $87, $167, $326, and $805, respectively.
20-Year Term Premiums (Women; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $35 |
| 56 | Women | No | 20 Years | $50,000 | American Amicable | $33 |
| 56 | Women | No | 20 Years | $100,000 | American Amicable | $60 |
| 56 | Women | No | 20 Years | $250,000 | American Amicable | $135 |
At age 56, women who do not smoke can expect to pay $35 a month for $25,000 worth of term life insurance coverage from Mutual of Omaha. From American Amicable, the same woman would pay only $33 for $50,000 worth of coverage, or $60 for $100,000 worth of coverage
If a quarter of a million dollars in coverage is desired, the woman can expect to pay $135 a month from American Amicable.
30-Year Term Policies (Women; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Women | No | 30 Years | $25,000 | Americo | $51 |
| 56 | Women | No | 30 Years | $50,000 | Americo | $95 |
| 56 | Women | No | 30 Years | $100,000 | Americo | $182 |
| 56 | Women | No | 30 Years | $250,000 | Americo | $443 |
At age 56, the table shows that a woman could obtain a 30-year term policy from Americo with no smoking. Rates on a $25,000 policy would be $51 per month, with $50,000 costing $95 per month and $100,000 costing $182 per month
The largest coverage of $250,000 is available for $443 per month. These prices are based on rates provided by Americo and may vary according to the situation of the individual.
20-Year Term Monthly Premiums (Women Smokers; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $60 |
| 56 | Women | Yes | 20 Years | $50,000 | American Amicable | $84 |
| 56 | Women | Yes | 20 Years | $100,000 | American Amicable | $162 |
| 56 | Women | Yes | 20 Years | $250,000 | American Amicable | $379 |
This table shows the cost of a 20-year term life insurance policy for a 56-year-old female smoker. It includes the company offering the policy, the amount of coverage being purchased, and the premium amount that must be paid every month. For example, Mutual of Omaha offers a $25,000 20-year term life insurance policy for a 56-year-old female smoker for a premium of $60 per month
For a significantly larger amount of coverage, American Amicable provides a $100,000 20-year term life insurance policy for a 56-year-old female smoker for a premium of $162 per month, and $250,000 of coverage for a monthly premium of $379.
30-Year Term Insurance Quotes (Female Smokers; Age 56)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 56 | Women | Yes | 30 Years | $25,000 | Americo | $87 |
| 56 | Women | Yes | 30 Years | $50,000 | Americo | $167 |
| 56 | Women | Yes | 30 Years | $100,000 | Americo | $326 |
| 56 | Women | Yes | 30 Years | $250,000 | Americo | $805 |
The rates provided in this table show that, for a 56-year-old female smoker, term life insurance policies can vary greatly based on coverage amount and insurance provider. For example, if the policyholder is looking for a 30-year term with $25,000 in coverage, then the cost of the insurance policy through Americo is $87 per month
For double the coverage, $50,000 in coverage, the cost of the policy increases to $167 per month. A policyholder opting for $100,000 in coverage pays $326 per month and $805 per month for $250,000 in coverage. Ultimately, potential policyholders should compare rates from multiple providers to determine which policy best fits their needs and budget.
Rikin Shah
Burial Insurance
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