Term Life Insurance Rates for 59-Year-Olds
- Updated: March 5, 2023
Term life insurance is a type of insurance policy designed to provide coverage to individuals over a specified period of time. For those age 59, term life insurance can be an attractive, and affordable, way of ensuring that their loved ones will be taken care of financially in case of unexpected tragedy
Understanding how much term life insurance costs for 59-year-olds is important for planning for durable financial security. In this article, we will discuss the cost of term life insurance for 59-year-olds, as well as the factors that affect the cost and how to save money on your policy.
Table of Contents
20-Year Term Life Insurance Cost (Men; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Men | No | 20 Years | $25,000 | Americo | $50 |
| 59 | Men | No | 20 Years | $50,000 | American Amicable | $62 |
| 59 | Men | No | 20 Years | $100,000 | American Amicable | $119 |
| 59 | Men | No | 20 Years | $250,000 | American Amicable | $273 |
The table above shows the cost of 20-year term life insurance for a 59-year-old male non-smoker. The coverage amounts range from $25,000 to $250,000 and the insurance companies included are Americo and American Amicable
For coverage of $25,000, Americo charges an approximately monthly rate of $50. For $50,000 coverage, American Amicable charges an approximately monthly rate of $62. The monthly rate climbs to $119 when the coverage amount increases to $100,000
For coverage of $250,000, American Amicable charges an approximately monthly rate of $273.
30-Year Term Life Rates (Male; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Men | No | 30 Years | $25,000 | Americo | $69 |
| 59 | Men | No | 30 Years | $50,000 | Americo | $130 |
| 59 | Men | No | 30 Years | $100,000 | Americo | $253 |
| 59 | Men | No | 30 Years | $250,000 | Americo | $621 |
The table above shows some example rates from Americo for 30-year term life insurance for a 59-year-old male non-smoker. The rates vary depending on the amount of coverage
For a coverage of $25,000, the monthly rate is $69; for $50,000 in coverage, the rate is $130; for $100,000 in coverage, the rate is $253; and for $250,000 in coverage, the rate is $621.
20-Year Life Insurance Pricing (Male Tobacco; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Men | Yes | 20 Years | $25,000 | Americo | $84 |
| 59 | Men | Yes | 20 Years | $50,000 | Foresters | $147 |
| 59 | Men | Yes | 20 Years | $100,000 | Foresters | $288 |
| 59 | Men | Yes | 20 Years | $250,000 | Foresters | $712 |
At age 59, a male smoker living in the United States has a range of life insurance options available, including term life insurance. The cost of term life insurance from a variety of companies at this age is shown in the table above
From Americo, term life insurance at age 59 costs $84 per month for a $25,000 policy, and from Foresters, $147 per month for a $50,000 policy, $288 per month for a $100,000 policy, and $712 per month for a $250,000 policy.
30-Year Term Rates (Male Smokers; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Men | Yes | 30 Years | $25,000 | Americo | $118 |
| 59 | Men | Yes | 30 Years | $50,000 | Americo | $229 |
| 59 | Men | Yes | 30 Years | $100,000 | Americo | $450 |
| 59 | Men | Yes | 30 Years | $250,000 | Americo | $1,112 |
The term life insurance rate table above provides a glimpse into the cost of 30-year term life insurance policies for male smokers, aged 59. According to the table, a 30-year term life policy with a coverage of $25,000 from Americo would cost $118 monthly
If the coverage amount is increased to $50,000, the monthly premium increases to $229. The monthly premium for a $100,000 coverage is $450, and for $250,000 coverage, it is $1,112.
20-Year Term Premiums (Women; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $48 |
| 59 | Women | No | 20 Years | $50,000 | American Amicable | $41 |
| 59 | Women | No | 20 Years | $100,000 | American Amicable | $76 |
| 59 | Women | No | 20 Years | $250,000 | American Amicable | $171 |
The table appears to illustrate term life insurance rates for a 59-year-old female who is a non-smoker. For example, Mutual of Omaha offers a 20-year term life insurance policy with $25,000 in coverage for a monthly rate of $48
American Amicable offers the same terms but with double the coverage, $50,000 worth, for a monthly rate of $41. Those figures increase for each level of coverage; for example, a $100,000 policy from American Amicable costs $76 per month and a $250,000 policy costs $171 per month. It appears from this table that the rate per thousand of coverage is lower if the policyholder chooses a policy with higher coverage
For example, American Amicable offers a $100,000 policy for $76 per month, which works out to $0.76 per thousand of coverage. A $250,000 policy from American Amicable costs $171 per month, which works out to $0.68 per thousand of coverage - a 10% decrease in cost per thousand.
30-Year Term Policies (Women; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Women | No | 30 Years | $25,000 | Americo | $69 |
| 59 | Women | No | 30 Years | $50,000 | Americo | $130 |
| 59 | Women | No | 30 Years | $100,000 | Americo | $253 |
| 59 | Women | No | 30 Years | $250,000 | Americo | $621 |
At age 59, an American female non-smoker can purchase a 30-year term policy from Americo. Depending on the amount of coverage they want, the monthly rate will vary
For $25,000 in coverage, the premium or monthly rate would be $69. For $50,000 in coverage, a premium of $130 would be charged. For $100,000 in coverage, the monthly rate would be $253, and for $250,000 in coverage, the monthly premium would be $621.
20-Year Term Monthly Premiums (Women Smokers; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $83 |
| 59 | Women | Yes | 20 Years | $50,000 | American Amicable | $102 |
| 59 | Women | Yes | 20 Years | $100,000 | American Amicable | $198 |
| 59 | Women | Yes | 20 Years | $250,000 | American Amicable | $461 |
A quick glance at the table above suggests that the cost of 20-year term life insurance is highly variable depending on the age of the prospective insured, as well as the coverage desired. For example, a 59-year-old woman smoker who wants coverage of $25,000 will pay $83 a month for a policy from Mutual of Omaha, while a 59-year-old woman smoker seeking $250,000 in coverage will pay $461 a month for a policy from American Amicable
In addition, it is important to note that premiums can vary based on the insurance company, even if age, gender, smoking status and coverage desired remain the same. For example, a 59-year-old woman smoker who wants $50,000 coverage pays $102 a month in premiums from American Amicable whereas Mutual of Omaha offers the same coverage to the same individual at a much lower rate of $68.
30-Year Term Insurance Quotes (Female Smokers; Age 59)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 59 | Women | Yes | 30 Years | $25,000 | Americo | $118 |
| 59 | Women | Yes | 30 Years | $50,000 | Americo | $229 |
| 59 | Women | Yes | 30 Years | $100,000 | Americo | $450 |
| 59 | Women | Yes | 30 Years | $250,000 | Americo | $1,112 |
The table above shows the cost of 30-year term life insurance quotes for a female smoker, aged 59. All policies are provided by Americo, and the premiums are listed in monthly rates
The same company provides the same coverage over the same period of time so that is not a factor in the cost differences. When the coverage amount increases from $25,000 to $50,000, the monthly rate increases from $118 to $229. This is an increase of approximately 94%
Increasing the coverage amount to $100,000 increases the monthly rate to $450, a rate increase of approximately 95%. The largest increase occurs when the coverage amount increases to $250,000, bringing the monthly rate to $1,112, an increase of approximately 146%.