This article will look specifically at guaranteed universal life insurance rates for 54 year olds. If you are 54 years old or soon to be, then it will help to see these sample rates and consider some important points about purchasing life insurance.
For Instant Rates for Term and Guaranteed Universal Life, Please Use the Quote Calculator on this Page.
Rates increase as we age, so it’s best not to put off buying coverage especially if you are close to a rate change. Since most companies base rates on your Nearest Birthday, not your actual age, you should be aware of this when using the quote calculator. Carriers will “back-date” to lock in your current age, but then you need to pay the additional premium.
There is also a chance that your health could take a turn for the worse. Life insurance rates can increase substantially because of certain health conditions. Take your time getting quotes and evaluating your options, but don’t put it off too long. If you have questions or would like a customized quote based on your health situation, we are here to help.
What’s the Purpose of Buying Life Insurance in your mid-50s?
It’s important to determine the “why” before looking for the “what”. In other words, the reason for purchasing life insurance will oftentimes dictate the type of policy you need. We compare Guaranteed Universal Life, aka Term for Life, to term life and other types of permanent insurance here.
Sometimes it makes sense to purchase a term policy that will take you through your earning years. At age 54, a 10 or 15-year term might suffice. If your main purpose is to protect your family against major financial loss, then a term policy would provide the necessary protection. If your goal is to keep some life insurance in force for the rest of your life, than a “final expense” policy or a guaranteed universal life policy could be the best solution.
Oftentimes, people don’t have one simple goal or purpose in buying life insurance. It is not uncommon for people have a combination of needs and desires. Providing a tax-free death benefit to a spouse or children might be a strong desire, not necessarily a need. We will be glad to discuss your situation with you and help educate you regarding your best options for coverage.
We will look more closely at guaranteed universal life insurance below the rates. The rates in the tables below are for non-smokers. Smokers usually pay close to double the rates. Tobacco users that occasionally smoke cigars or pipes can qualify for non-tobacco rates with a few carriers. Likewise, people who chew tobacco can sometimes qualify for non-tobacco rates.
Lowest Cost Guaranteed Universal Life Insurance Rates for 54 Year Olds
Male
- Preferred Non-tobacco (Second best rate class) and Standard Non-tobacco (average to good health).
- Guaranteed age: 100.
- Monthly rates rounded to nearest dollar.
| Male Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 54 year old – Preferred Rates | $65 | $103 | $251 | $482 |
| 54 year old – Standard Rates | $79 | $125 | $300 | $597 |
Female
- Preferred Non-tobacco (Second best rate class) AND Standard Non-tobacco (average to good health).
- Guaranteed age: 100.
- Monthly rates rounded to nearest dollar.
| Female Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 54 year old – Preferred Rates | $57 | $86 | $210 | $399 |
| 54 year old – Standard Rates | $64 | $107 | $245 | $470 |
A small percentage of applicants qualify for the Preferred Best rate (which is one rate class higher than Preferred). With some carriers, only 5% qualify; with other carriers, it’s closer to 15%. This depends on a carrier’s underwriting guidelines.
Term for Life / Term to Age 100 / Term Life That Doesn’t Expire
In the last few years we have heard more and more people refer to guaranteed universal life by Term for Life or Term to 100. People are attracted to this product because it is very similar to term insurance, but it doesn’t expire. You might want permanent insurance, but don’t want or need to mix your investments with your life insurance. In many ways, GUL is a very simple product design, similar to level term insurance. There are no moving parts, the death benefits and premiums are guaranteed to stay level.
One Word Of Caution: Guaranteed Universal Life insurance won’t necessarily last your entire life IF you choose a younger guarantee age.
Term for Life and Term to 100 can be a little misleading since most carriers allow you to choose a guarantee age from age 90 to 121. We recommend selecting a “dial-in” guarantee age of 100 to 120/121 to ensure you don’t outlive your policy.
A couple of carriers refer to GUL as No-Lapse Universal life insurance. This name serves to distinguish GUL from other types of universal life insurance. No Lapse Universal Life also helps allay the fear that some people have about universal life insurance. Many UL products were sold in the 1980s with unrealistic interest rate projections. So, in recent years there have been numeruous news articles about people who have been forced to lapse their policies due to the increased premium. This won’t happen with GUL.
Life Insurance with Living Benefits – A Relatively New Development
Most financial advisors would agree that a good time to purchase long-term care insurance is in your early to mid 50s. So, at age 54, this could be a product you are also considering. We offer stand-alone long term care insurance with the leading carriers such as Mutual of Omaha, John Hancock, and Mass Mutual. However, there are now many “Combo” products that include life insurance with long-term care insurance. We offer these combo products, but this isn’t the place to delve into details.
Some GUL products now offer a long-term care insurance rider. These riders are worth checking out. It can be a much lower-cost way to provide some protection against the staggeringly high costs of care in a nursing home or assisted living facility. We can answer any questions you might have about this type of coverage.
Accelerated Death Benefits / Riders / Policy Provisions
Some guaranteed universal life companies offer benefits such as an accelerated death benefit. A couple of good benefits are the Chronic Illness Benefit and the Return of Premium Benefit. Carriers sometimes offer these benefits as built-in policy provisions at no additional cost. Other companies offer these benefits as Riders (for additional premium). We can help you determine whether or not these benefits would be important for you.
A Final Word of Advice
We strongly encourage you to work with an independent agent. Whether you select us or another agent, make sure they are truly independent. We work with over 60 companies and make sure our clients see the best options, regardless of product type.
Another important factor is an agent’s experience. We think you deserve to work with someone who has at least 10 years of experience working as an agent. It takes a long time to become an expert in this field and really know how to advise and advocate on behalf of clients.
We will be glad to help, so please feel free to call us anytime.
