Guaranteed Universal Life Insurance Rates for 57 Year Olds

Guaranteed Universal Life Insurance Rates for 57 Year Olds - woman on mountain top

This article will look specifically at sample guaranteed universal life insurance rates for 57 year olds.  Additionally, we will provide useful information geared towards people in their mid 50s shopping for life insurance. We’ll also look more closely at guaranteed universal life insurance.  If you would like more detailed information on this product, please consider reading our review of GUL here.

For Instant Term and Guaranteed Universal Life Insurance Quotes, Please Use The Quote Engine on This Page.

Is Term or Permanent Life Insurance better at age 57?

Sometimes, a 57 year old (or someone in their mid to late 50s) realizes his or her term life policy will soon terminate, but there is still a need for coverage.  Perhaps a 10-year, 15-year or 20-year term policy will provide sufficient protection at a reasonable cost.  Keeping life insurance in force through your working years could be the best option.

 If you want a 30-year term at the age of 57, then there are very few options.  One of our companies – Transamerica – offers a 30 year term for applicants up to age 59.  

A  $100,000 30-year term policy (at the Preferred Non-tobacco class) with Transamerica would run $75/month (female) and $92/month (male).  That’s fairly reasonable considering that the policy would last to age 87.   However, it could make more sense to get a term policy that doesn’t expire.  That’s another name for Guaranteed Universal Life (term that doesn’t expire).  A policy guaranteed to age 100 for the same amount and rate class would be $102/month and $121/month, respectively.

The increased premium could be worth it, knowing you would provide a guaranteed tax-free death benefit to your loved ones regardless of when you die. If you died at age 88 with a 30-year term policy, then the coverage would have lapsed by then.

So, lets get to the rates.  Keep in mind, the rates below are samples showing the lowest rates available.  However, rates fluctuate daily or weekly, so for the most up-to-date rates, please use our instant quote engine. Click on “Lifetime” in the dropdown box for guaranteed universal life insurance rates.

The Lowest Guaranteed Universal Life Insurance Rates for 57 Year Olds

Male

  • Preferred Non-tobacco (2nd best rate class) and Standard Non-tobacco (average to good health).
  • Age 100 Guarantee
  • Monthly Premium Mode
Male             Face Amount $50,000 $100,000 $250,000 $500,000
57 year old – Preferred Rate $74 $121 $296 $574
57 year old – Standard Rate  $89  $147 $348 $696

 

Female

  • Preferred Non-tobacco (2nd best rate class) AND Standard Non-tobacco (average to good health).
  • Age 100 Guarantee
  • Monthly Premium Mode
Female             Face Amount $50,000 $100,000 $250,000 $500,000
57 year old – Preferred Rate $65 $102 $245 $473
57 year old – Standard Rate $73  $122 $280 $547

 

What If You Don’t Qualify For Preferred Rates?

Most life insurance companies offer four rate classes for non-smokers. Usually, there are two rate classes for smokers. If you are in excellent health, it’s possible to qualify for the “Preferred Best” rate class.  Life insurance underwriters look at more than just health to determine the rate classification.  They will look at other areas, such as family health history, driving record, foreign travel, hazardous occupations, hazardous hobbies or avocations, etc.

Some carriers are lenient in certain areas, whereas others may be more stringent.  It’s possible to qualify for the Preferred Best rate with a few carriers (even if you’re taking one or two medications), where most carriers would offer their Preferred rate or lower.  Our job and expertise is making sure you receive the best possible rate, so if you have any questions about your rate classification, please let us know.

Smokers typically pay close to double for life insurance.  Again, we can help you determine the best carrier depending on the type of tobacco you use.

Guaranteed Universal Life – Why not call it Term for Life?

Well, a lot of people refer to GUL as “Term for Life”, “Term to age 100” or “Term that doesn’t expire”.  Guaranteed Universal Life is very similar to guaranteed level term insurance,, so the names are appropriate. They both have the following characteristics:

  • Guaranteed Level Premiums
  • Guaranteed Level Death Benefit
  • No Investment (cash value) component
  • No “moving parts” that can affect the policy
  • Guaranteed “no-lapse” protection

Although GUL looks very similar to a term policy it is “built on a UL chassis”.  For all practical purposes, it is really a term for life policy.  However, it’s important to note that it is possible to outlive a GUL, so the names “term for life” and “term that doesn’t expire” should be used with qualifications.  Most carriers (Banner Life is an exception) allow you to choose the guaranteed age, usually from age 90 to 120 or 121.  We recommend selecting a guarantee age of at least 100. If you think you could live past 100, then select a guarantee age of 110 or 120.

Of course, the lower the guaranteed age, the lower the premium.  The savings is marginal and we can provide you with rates for various guarantee ages so you can see the difference.

No-Lapse Universal Life

No-lapse Universal Life is a just another name for GUL used by a couple of carriers.  This name underscores the key difference between a standard (traditional UL) policy and GUL.  As long as premiums are paid, the policy is guaranteed never to lapse.  Some people associate universal life insurance with risk and cash value since most UL products are designed this way.  However, GUL could also be called No-Risk Universal Life as well No-lapse UL.

Not All Guaranteed Universal Life Products Are Equal

Yes, like term insurance, GUL is a fairly easy product to understand and compare.  However, not all guaranteed universal life policies are the same. Some GUL policies have better policy provisions and riders than others.  For example, some carriers offer a chronic illness benefit and a return of premium benefit at no extra cost. Most carriers offer some type of Accelerated Death Benefit as a policy provision, but the terms of this benefit vary.

Some companies offer compelling riders (at an additional cost).  We can help you look at the costs/benefits so you can make the best decision. Some of the standard riders are simply not worth the cost.

Long-term care insurance rider

This rider is only offered by a couple of carriers, but it is worth considering, especially for a 57 year old (or anyone in their 50s).  If you do not have a long-term care policy, this could be an alternative way to protect against that risk.  We can explain the costs and benefits of this rider and help you determine if it’s worth the extra cost.

Final Thoughts

We think its important to work with someone who is truly independent.  Independent agents, especially with smaller agencies, have the flexibility to offer all the top carriers.  It requires extra work to continually monitor the industry for new product lines offered by carriers, but we are committed to bringing the very best to our clients.

Finding an agent with a lot of experience is well worth the time.  Don’t settle for an inexperienced agent.  There is a lot of turnover at large agencies and call centers, so there’s no guarantee you will work with someone who can bring expert advice.  Additionally, it’s important to work with an agent who knows how (and is willing) to advocate for you if you receive an unfavorable underwriting offer.  This can translate into a savings of hundreds or thousands of dollars over the lifetime of your policy.

Please let us know if we can help you or answer any questions.

 

About Peachtree Insurance Advisors
About Peachtree Insurance Advisors

We work with individuals across the nation to secure the best life insurance rates.

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