Best Life Insurance Rates for 54 Year Olds

Have you ever gone into a clothing store and wandered around aimlessly? If you’re shopping just to shop, you may pick up anything that catches your eye. 

In terms of clothing, this can end up being something that fits in perfectly with your wardrobe, or something that gathers dust in the back of your closet. 

That’s the problem with impulse buys: you never know what you’re going to get. 

While this may be okay in regards to clothing shopping, there are certain things you never want to impulse shop for, life insurance included. 

Think about it: if you pick a policy carelessly, you could end up paying way too much or not having enough coverage for your family and loved ones. This is why we recommend using an experienced life insurance agent to help you find the best policy for your needs. 

How do you know that the life insurance agent you’re getting is the best? Read on to find out!

Instant Quote To Find A Premium Range

Technology is probably one of the greatest things ot happen to the life insurance industry. 

One almost any life insurance website, you can find an Instant Quote tool, which allows you to receive an estimated quote based on your age and smoking status in seconds. Now, this won’t be accurate, as there is no medically underwritten exam included with these quote tools, rather, they provide you with the average premiums you can expect to pay based on the policy size you choose. 

Here is what that would look like for an individual nearing his or her mid-fifties: 

Life Insurance rates for a 54 year old Male Preferred Non-Smoker (with exam):

Face Amount 10 year 15 year 20 year

$250k $42 $58 $71

$500k $77 $108 $135

$750k $115 $160 $201

$1 million $138 $207 $258

Life Insurance rates for a 54 year old Male Standard Non-Smoker (with exam):

Face Amount 10 year 15 year 20 year

$250k $68 $88 $114

$500k $124 $168 $220

$750k $187 $252 $329

$1 million $233 $310 $423

Life Insurance rates for a 54 year old Female Preferred Non-Smoker (with exam)

Face Amount 10 year 15 year 20 year

$250k $32 $39 $52

$500k $58 $73 $96

$750k $85 $107 $142

$1 million $104 $136 $183

Life Insurance rates for a 54 year old Female Standard Non-Smoker (with exam)

Face Amount 10 year 15 year 20 year

$250k $48 $62 $80

$500k $90 $116 $154

$750k $128 $170 $229

$1 million $166                    $214 $290

We always recommend filling out a few of these from different sites before you visit an agent. This way, you have a ballpark range of what you can expect to pay for your premiums. 

If you agent tries to sell you a bigger policy or comes because with a premium that is way higher, then you know he or she isn’t doing proper research. 

Make Sure You Have Options

Something that we’d like to point out is that a good life insurance agent will provide you with a range of realistic options for your premium price. 

Life insurance is extremely customizeable, so there is not just one option that will work for each person, rather you may be able to find a variety of options to suit your needs. After listening to your needs and helping your calculate how large your policy should be, your agent should be able to find a few coverage options that will work for your situation. 

Your agent should take the time to carefully present these options to you, explaining why each one was chosen and how they will fit your needs. 

This is also why it helps to fill out an Instant Quote form; it is beneficial to know a general range of what you can expect from your life insurance policy. 

Read Reviews

Once again, technology is your best friend when determining an agent that will work for you. 

You should check out your state’s insurance licensing website to ensure that the agent you choose has proper credentials. Additionally, you should visit websites like Yelp and read reviews. Look for key phrases such as “patient,” “caring,” “took the time” and “understood.” 

You want to also be sure you are working with an independent life insurance agent, as these individuals will work for you and will find a policy in your best interest rather than selling one just for a commission. 

If your agent matches you with a company you know nothing about, you should be sure to read the reviews of the insurer, as well as to research the company’s ratings via AM Best and Standard and Poor, the industry’s leading benchmarkers for insurance company performance.  

Ask The Right Questions

Every part of the life insurance process should be explained to you, especially how your agent calculated your policy size and what type of policy was chosen for you. 

Agents are excellent tools and can make insurance shopping less stressful; however, it is your responsibility to be aware of what they are telling you and to ask questions if you don’t understand something about the process. 

Some examples of questions you should be asking your agent:

• How did you calculate my policy size?
• What is this company’s rating? 
• What do I do if my health changes?
• Will the policy’s death benefit adjust for inflation?
• As I grow older, will I have difficulty renewing this policy?

You should be wary of anyone who tries to sell you whole life insurance or guaranteed life insurance right off the bat, as these are rarely recommended for the average individual looking for coverage. Additionally, if you feel as though your agent did not answer your questions to your satisfaction, remember that you do not have to buy a policy from him or her!

Ultimately, your life insurance experience should make you feel at ease. 

Your agent should take the time to get to know you personally and to listen and understand your needs before matching you with a policy. You shouldn’t feel rushed or confused, and you should take the time to make sure that your policy is tailored perfectly to the needs of your loved ones. 

Give us a call today to see how can help you get started on your search for the best life insurance policy.