As you move closer to turning 60, you might start to wonder if you are simply getting too old for life insurance. The answer: absolutely not. Even at 59, it is still a good idea to look for a life insurance policy that matches your needs, expectations and budget.
What We'll Cover
Of course, at this age, your considerations will differ significantly from those of an adult in their early 20s or 30s. Understanding your options, what to look for and what you'll need to consider as you shop for the right policy are all crucial parts of making a sound decision for your finances and personal situation.
Let's start with your reasons for getting life insurance. Instead of supporting a young or growing family, you might want to ensure more money to your family at your passing. Life insurance also becomes a better investment than many other options, when college funds or mortgage debts no longer need to be paid off. And of course, as you begin to contemplate retirement, you might realize that your life insurance through your workplace will no longer apply to you.
That's when the research begins. First, let’s explore just what type of life insurance you should consider at this age. Then, we’ll examine six of the best cheap life insurance providers for 59-year-olds, both male and female.
5 Considerations for Life Insurance at Age 59
As you approach 60, the need for life insurance begins to increase - as does the research you'll have to do in order to find the right option. Without being careful, you might end up overpaying for an expensive option that doesn't actually align with your needs. These five considerations can help you make sure that you choose wisely.
- Whole life insurance begins to matter more than term life. At age 59, you can still get either term or whole life insurance. But the pendulum starts to swing towards the whole life option. Especially terms of 20+ years are no longer relevant, or get too expensive at this age.
- Premiums are largely dependent on a physical exam. The older you get, the more important your physical health will become to providers. That makes intuitive sense. Especially in the age of COVID-19, providers are hesitant to increase their risk. That, in turn, makes a physical exam a good choice for any 59-year-old that is at least in decent health.
- Every year counts when looking for the best cheap life insurance. Don't postpone your choice of life insurance until your next birthday. Premiums rise significantly with every age increase, as providers realize and try to account for increased risks. If you find a provider from the list below or elsewhere, it makes sense to sign up now rather than wait.
- Your memberships may affect your life insurance options. For example, AAA offers life insurance at reduced rates for members, as does AARP. Understanding exactly what your options are means starting with your existing memberships, and checking on whether they offer premiums that are affordable within your age range.
- Options vary drastically based on your needs and situation. As your age increases, so do the specializations you can find in potential policies. For example, some options may make more sense if you have a heart condition, while others are better if you're looking for accidental death benefits.
For the purposes of this guide, that last point is especially important. It means that researching your options is vital if you want to make sure that you find not only the cheapest, but also the best life insurance policy for 59-year-olds. We'll get you started with these six life insurance options for both males and females at 59 years old. Looking to find the best rate? Click here to compare prices from different providers today.
Top Life Insurance Provider Options for 59-year-olds
Founded in 1875, Prudential is a well known and trusted company that for many years has been one of the leader in the industry. Holding over $3 trillion of policies in force, is the third largest life insurance provider in the United States.
They have a wide range of life insurance products that you can choose from, including term, variable, guaranteed universal life insurance, among others. You can easily get an estimate through their online tool, or go for a Prudential financial professional that can help you do a deeper evaluation and/or comparison of your options.
Average costs for coverage for a $500k policy for 59-year-olds:
- Male: around $282 per month for a 20-year term life insurance policy
- Female: around $275 per month for a 20-year term life insurance policy
SelectQuote Life Insurance
Especially considering all the nuances we've explained above, SelectQuote is a great place to start because it finds life insurance options across the spectrum. Through its internal search engine, you can easily input your information and get quotes from AIG, Prudential, Pacific Life and others among the most popular providers available for your age range.
Policy options include both term and whole life, and the coverage amount ranges from $50,000 all the way to $5 million. SelectQuote finds you a policy through a simple calculator in which you input your age, height and weight, and answer some simple questions about your lifestyle and physical condition.
From there, you'll receive a custom quote from numerous providers, at which point you can pick the best coverage and premium to match your situation.
Guardian Life Insurance
We love Guardian because of its comprehensive options in this age bracket. You not only get both term life and whole life insurance options, but can also decide to extend your term life policy incrementally by five years at a time before it expires. You can also add an option to convert your term life insurance to whole life, which increases your premium by about $30 per month.
Coverage amounts range from $250,000 to $5 million. For 59-year-old applicants, Guardian limits term life options to 20 years, though the expendability and transferability both mitigate that relatively short term. This life insurance provider regularly ranks among the top life insurance options for customer service, as well, making it a great option for your protection. Example rates include:
- $291 per month for a $500,000 20-year term policy designed for a 59-year-old male in good health, who does not smoke.
- $200 per month for a $500,000 20-year term policy designed for a 59-year-old female in good health, who does not smoke.
Applicants interested in whole life will need to speak to an agent, and Guardian recommends a physical exam to make the policy more affordable.
Sproutt Life Insurance
Sproutt uses an interactive process to help applicants find the best cheap life insurance providers for 59-year-olds. Using a series of questions, it builds a quality of life (QL) score based on your movement, sleep, emotional health, nutrition, and balance. It then uses that QL score to help you find the best life insurance for your health and situation.
Sproutt's interactive assistant asks applicants about 20 questions regarding their personal situation, as well as their physical and financial health. From there, it provides a recommendation for a great local provider. But it also lets you customize your terms (such as the policy duration or total amount) before sending you directly to the provider to finish the application. Example rates include:
- $280 per month for a $500,000 20-year term policy designed for a 59-year-old male in good physical and financial health, who does not smoke, without a medical exam.
- $205 per month for a $500,000 20-year term policy designed for a 59-year-old male in good physical and financial health, who does not smoke, with a medical exam.
- $210 per month for a $500,000 20-year term policy designed for a 59-year-old female in good physical and financial health, who does not smoke, without a medical exam.
- $128 per month for a $500,000 20-year term policy designed for a 59-year-old female in good physical and financial health, who does not smoke, with a medical exam.
AIG Life Insurance
AIG offers all types of popular life insurance for applicants up to age 75, but we'll focus on one unique policy that sets it apart from the other options on this list: a final expense insurance that you can apply for easily and without necessary qualifications. No medical exam, health questions or complicated application needed.
Policies are available for anyone between 50 and 80, and range from $5,000 to $25,000. If the policyholder passes away within the first two years of signing the contract, only 110 percent of paid premiums will be paid out. Otherwise, beneficiaries will receive the full amount. Coverage is available within 48 hours of signing the policy.
Mutual of Omaha Life Insurance
No matter where you look, Mutual of Omaha tends to pop up for well-reviewed and reputable life insurance providers, especially for applicants approaching retirement age. At age 59, you can get both whole life policies (up to age 85) and term life policies (up to age 80).
We especially love this option because, in addition to regular life insurance, you can also get more specific coverage. For example, Mutual of Omaha offers cancer and stroke insurance options that allow you to keep your finances and medical bills in order even in the event of a massive health struggle. Quotes are custom, meaning that you'll need to talk to an agent to get an accurate quote.
USAA Life Insurance
If you are eligible for membership in USAA because of your service or that of a family member, it pays to look into their life insurance offers. Both term (up to age 70) and whole life (up to age 85) are available, with coverage ranging up to $10 million if needed.
Even if you're not a member, you are still eligible for USAA's life insurance opportunities, although your rates may be higher. USAA members should also look into the free add-ons to policies they can receive with this option. For instance, you might be able to receive payments for severe injury that cover medical expenses or time off work.
- $175 per month for a $500,000 20-year term policy designed for a 59-year-old male USAA member in good physical and financial health, who does not smoke.
- $147 per month for a $500,000 20-year term policy designed for a 59-year-old female USAA member in good physical and financial health, who does not smoke.
Bestow Life Insurance
The fact that 59-year-olds are starting to be on the older side of applying for life insurance doesn't mean it can't be easy. That's the promise Bestow provides, with quotes for its term insurance available in seconds and benefits up to $1.5 million.
When applying through Bestow, no medical exam is necessary. Terms range between 10 and 30 years, but the eligibility age does end at 60. So applying now is ideal. That process happens through the mobile app, with no sales pressure from an agent.
As you approach your 60s, thinking about life insurance once again becomes an important part of planning for the future. Ultimately, doing your research will be an important part of finding the best cheap life insurance providers for you, with the above providing a great starting point into the different alternatives.
Keep in mind that your rates might change depending on your location, too. Some examples for differences by state for a $500,000 20-year term life insurance designed for 59-year-olds include:
- Average price in California is $170/month
- In Texas the average premium is $160/month
- Florida has an average premium of $175/month
- In New York the average rate is $180/month
- Pennsylvania average premium is $160/month
- The average premium in Kentucky is $150/month
- Average monthly premium in Ohio is $155
Cheap Life Insurance Quotes by Age
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