We’re glad you found us here. If you are 53 years old or soon to be, then you will find this article informative. You will see sample guaranteed universal life insurance rates and other pointers that will be helpful in your research.
Use Our Quote Engine on this Page to See Instant Quotes for Term and Guaranteed Universal Life Insurance
The sample rates below can serve as a springboard in your quest for information. Rates fluctuate often, so to see the most current rates, use our quote calculator. If you are interested in learning more about guaranteed universal life and how it compares to other types of life insurance, read the review we wrote here.
People in their early 50s are often surprised to learn that level term insurance is affordable for 10, 15, and 20 level term periods. However, 25 and 30 year term policies can be quite a bit more expensive. Guaranteed Universal Life insurance is certainly more expensive than a 30-year term, however, the death benefit is guaranteed to be paid.
A lot of folks like the idea of having at least a small small portion of their life insurance as permanent. Some people simply do not want a cash value policy that has an investment component. That’s where guaranteed universal life can be a good fit. So, let’s get to the rates…
Lowest Cost Guaranteed Universal Life Insurance Rates for 53 Year Olds
Male
- Preferred Non-tobacco (2nd best rate class) and Standard Non-tobacco (average to good health).
- Guaranteed to 100.
- Monthly rates rounded to nearest dollar.
| Male Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 53 year old – Preferred Rate | $62 | $94 | $238 | $459 |
| 53 year old – Standard Rate | $76 | $119 | $287 | $565 |
Female
- Preferred Non-tobacco (2nd best rate class) AND Standard Non-tobacco (average to good health).
- Guaranteed to 100.
- Monthly rates rounded to nearest dollar.
| Female Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 53 year old – Preferred Rate | $55 | $83 | $193 | $381 |
| 53 year old – Standard Rate | $62 | $101 | $235 | $448 |
Are you a 53 year old or 54 year old according to the life insurance companies?
Most life insurance companies base their rates on your nearest birthday. So, if you turned 53 on Jan 1, then according to the insurance company, your premium will be calculated as a 54 year old after July 1. Very few carriers use your actual age when calculating premium. However, there is a practice called “backdating to save age”. This allows you to lock in rates at a younger age.
Taking the example above, if you were to apply for a policy in September, you could backdate the policy 2 months (plus the required days) to lock-in the lower rates. Most companies allow you to backdate up to six months. This is important as you get older. There isn’t much of a difference in rates between a 28 year old and 29 year old. However, the difference in premium for ages 53 and 54 can be significant.
Save Age …. Save Premium
Check out the rates for 54 olds if you are closer to age 54. Likewise, if you are approaching the mid-way mark between birthdays (or if you’re approaching your next birthday soon), it could behoove you to move quickly and check out your options. It could make sense to backdate a policy for 3 months, which you require you to pay an extra three months premium. If your premium would increase by $50/year without backdating, then it would make a lot of sense. Would you rather pay an extra $300 (as an example) to backdate or an extra $50 per year for the next 30 plus years?
Guaranteed Universal Life, aka Term for Life or Term to Age 100
Guaranteed Universal Life is known by many other names. People ask about term insurance that doesn’t expire, term for life, or term to 100. All these names refer to GUL. We are cautious when referring to GUL as Term for Life since GUL policies can expire as early as age 90. Some companies will allow you to choose your guarantee age – anywhere from 65 to 121. However, we encourage people to choose a guarantee age of 100 or longer. That way, it truly is “Term to Age 100”.
Of course, the shorter the term period, the lower the premium. However, there is the risk of outliving a GUL that is only guaranteed to age 90 or 95. The rates shown above have a dial-in guarantee age of 100. We can easily provide comparison quotes for any dial-in age or for several options. Just ask us for quotes.
Select the Best Guaranteed Universal Life Policy
Term insurance is fairly easy to compare. You simply look at the financial strength, any important riders, and of course – the rates! For many people, the rates are what is most important. We understand that. Helping you find the lowest-cost, best value policy is our goal. We look at some important considerations to consider in addition to rates.
- Financial Ratings. We provide ratings and the Comdex scores in our carrier reviews. You can also find a companies financial ratings when you see results from our quote calculator.
- Riders. Similar to term insurance, GUL policies offer riders such as Waiver of Premium, Accidental Death Benefit, and Child(ren) Life Insurance riders. The actual benefits and costs for these riders can vary widely among carriers. Some carriers offer riders such as Return of Premium, Accelerated Death Benefit, and a Chronic Illness Benefit, whereas other carriers offer these as provisions at no additional cost.
- Policy Provisions. This is a very important and often overlooked consideration. Some carriers offer a Return of Premium benefit and/or a Chronic Illness Benefit that can be quite valuable.
What to look for in an Agent when shopping for life insurance.
We encourage people to look for an agent who is independent, experienced and reputable.
- An independent agent has access to all the best carriers. It may appear that the largest online agencies offer the most choice, but there are several top companies they can’t offer. Some of the best companies highly value agent/customer relationships and will not allow their products to be sold through the online mega agencies.
- There is no substitute for experience in our business. It takes a long time (like it does in many fields) to really know what you’re doing…and do it well. We recommend working with someone who has at least 10 years experience. An experienced agent should know how to advocate on your behalf and won’t settle for an unfavorable offer from an underwriter. This could mean the difference of hundreds of dollars each year in premium. Ask about your agent’s experience.
- Finally, we think reputation is important. Look for an agent who has real reviews from people you can look up – not just “Jim W. from Buffalo, NY. ” Reading through reviews or testimonials can help you discern whether on not an agent has a good reputation.
We would like the opportunity to earn your business, so please call us anytime with questions.
