At 58, you have generally reached a certain level of success and security in life, but that doesn't mean you don't need to consider life insurance. Knowing how much term life insurance can cost at this age is an important consideration when budgeting for the future
In this article, we'll discuss the factors that go into calculating term life insurance for a 58-year-old and provide helpful tips that can make the process easier.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Men | No | 20 Years | $25,000 | Americo | $45 |
| 58 | Men | No | 20 Years | $50,000 | American Amicable | $58 |
| 58 | Men | No | 20 Years | $100,000 | American Amicable | $109 |
| 58 | Men | No | 20 Years | $250,000 | American Amicable | $250 |
Based on the table above, the cost of a 20-year term life insurance policy at age 58 for men who do not smoke will vary depending on the coverage amount. For example, Americo offers term life insurance of $25,000 for a monthly rate of $45, while American Amicable offers a $50,000 coverage plan for a monthly rate of $58 and a $100,000 coverage plan for a monthly rate of $109
For $250,000 of coverage, American Amicable offers a monthly rate of $250. These prices reflect the current market rates for term life insurance policies and are based on a variety of factors such as age, gender, and smoking status.
30-Year Term Life Rates (Male; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Men | No | 30 Years | $25,000 | Americo | $62 |
| 58 | Men | No | 30 Years | $50,000 | Americo | $117 |
| 58 | Men | No | 30 Years | $100,000 | Americo | $226 |
| 58 | Men | No | 30 Years | $250,000 | Americo | $555 |
At age 58, a male seeking a 30-year term life policy will pay the following monthly rates for insurance coverage from Americo: • $25,000 - $62 • $50,000 - $117 • $100,000 - $226 • $250,000 - $555 The rates in this table are based on a non-smoking applicant. Additionally, applicants should note that the rates provided are just an example and may vary depending on the exact details of each policy.
20-Year Life Insurance Pricing (Male Tobacco; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Men | Yes | 20 Years | $25,000 | Americo | $76 |
| 58 | Men | Yes | 20 Years | $50,000 | Foresters | $133 |
| 58 | Men | Yes | 20 Years | $100,000 | Foresters | $260 |
| 58 | Men | Yes | 20 Years | $250,000 | Foresters | $643 |
The above table provides four pricing examples for a 20-year term life insurance policy for a 58 year old male who is a smoker. The first example shows that Americo offers a $25,000 policy for a monthly rate of $76
The second example shows that Foresters offers a $50,000 policy for a monthly rate of $133. The third example shows that Foresters offers a $100,000 policy for a monthly rate of $260, and the fourth example shows that Foresters offers a $250,000 policy for a monthly rate of $643. As is evident from the table, the monthly rate increases as the amount of coverage increases.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Men | Yes | 30 Years | $25,000 | Americo | $107 |
| 58 | Men | Yes | 30 Years | $50,000 | Americo | $206 |
| 58 | Men | Yes | 30 Years | $100,000 | Americo | $404 |
| 58 | Men | Yes | 30 Years | $250,000 | Americo | $998 |
This table provides a snapshot of term life insurance rates for men aged 58 who are smokers. It shows that the insurance company Americo is offering 30-year term rates
The table reveals that the range of coverage available is $25,000, $50,000, $100,000, and $250,000, with corresponding monthly rates of $107, $206, $404, and $998, respectively. These rates may differ from other insurance companies and rates available for both smokers and non-smokers. Factors such as age, gender, and type of coverage may all affect the cost of life insurance, and this table provides a single example.
20-Year Term Premiums (Women; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $43 |
| 58 | Women | No | 20 Years | $50,000 | American Amicable | $38 |
| 58 | Women | No | 20 Years | $100,000 | American Amicable | $70 |
| 58 | Women | No | 20 Years | $250,000 | American Amicable | $157 |
For a 58-year-old woman looking for 20-year term life insurance, the monthly premiums can vary greatly depending upon the coverage. Mutual of Omaha offers a rate of $43 for $25,000 of coverage, while American Amicable can provide $50,000 for $38 per month
The rate increases to $70 per month for $100,000 of coverage and $157 per month for $250,000 of coverage. Knowing the coverage amount and company can make a difference in the monthly premium you pay.
30-Year Term Policies (Women; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Women | No | 30 Years | $25,000 | Americo | $62 |
| 58 | Women | No | 30 Years | $50,000 | Americo | $117 |
| 58 | Women | No | 30 Years | $100,000 | Americo | $226 |
| 58 | Women | No | 30 Years | $250,000 | Americo | $555 |
The above table displays the cost of a 30-year term policy for a female aged 58, who is a non-smoker and has a coverage of $25,000, $50,000, $100,000, and $250,000, provided by Amerco. The company charges $62, $117, $226, and $555 per month for the coverage amounts, respectively
These premiums may vary depending on the individual's health status, besides other factors such as credit score, lifestyle and occupation. Age is the most important factor that influences the price of term life insurance. These premium prices for the individual aged 58 might be higher or lower for a different aged individual
For instance, the premium cost of a 40-year-old female, who is a non-smoker and has the same coverage of $25,000, provided by Amerco might cost the policyholder $49 per month. Similarly, the same coverage of $100,000 might cost the policyholder $195 per month instead of the $226 per month for the individual aged 58.
20-Year Term Monthly Premiums (Women Smokers; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $74 |
| 58 | Women | Yes | 20 Years | $50,000 | American Amicable | $95 |
| 58 | Women | Yes | 20 Years | $100,000 | American Amicable | $184 |
| 58 | Women | Yes | 20 Years | $250,000 | American Amicable | $429 |
This table indicates that for a 58-year-old female smoker, purchasing a 20-year term life insurance policy will cost various amounts depending on the amount of coverage desired. For instance, Mutual of Omaha offers a $25,000 policy for $74 per month, while American Amicable offers a $250,000 policy for $429 per month.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 58)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 58 | Women | Yes | 30 Years | $25,000 | Americo | $107 |
| 58 | Women | Yes | 30 Years | $50,000 | Americo | $206 |
| 58 | Women | Yes | 30 Years | $100,000 | Americo | $404 |
| 58 | Women | Yes | 30 Years | $250,000 | Americo | $998 |
This table shows the monthly rate of a 30-year term life insurance policy for a 58 year old female smoker at different coverage levels, provided by Americo. At a coverage level of $25,000, the rate is $107 per month
For a coverage amount of $50,000, the rate increases to $206 per month. For $100,000 coverage, the rate jumps up to $404 per month and for a coverage amount of $250,000, the monthly rate is $998. The correlation between the coverage levels and the monthly rate is relatively linear in terms of the rate of increase
As coverage levels increase, the monthly rate also increases.
