If you are 55 years old (or close to it), we hope you continue reading this article. You will see sample rates and find informative material that will help you in your research.
See Instant Rates for Term and Guaranteed Universal Life by Using the Quote Calculator on this Page.
The sample rates in the tables below are a quick way to gauge rates. The rates show two rate classes only (for both male and female) – Preferred Non-tobacco and Standard Non-tobacco. If you are in excellent health, there is a decent chance you will qualify for the “Preferred Best” rate. In that case, the rates will be lower than the Preferred rates.
Most carriers offer three or four non-tobacco underwriting classifications: Preferred Best, Preferred, Standard Plus and Standard. If you have any chronic health conditions or take multiple medications, it would be best to give us a call. We can help you determine the correct rate class. Of course, this can vary with carriers. One company might say you’re a Preferred risk; another carrier might say Standard. This is where our experience and expertise can help.
Life Insurance in Your Mid 50s
Typically, your late 40s and 50 are your peak earning years. For most people, this is an important time to keep some level of life insurance in force. Sometimes, people realize their term policy expires in their mid 50s and don’t feel good about that. Perhaps they don’t have adequate savings. It can make sense to keep coverage in place until age 65 or 70. A 10-year or 15-year term policy might suffice. Of course, some folks like the idea of having life insurance for their entire life. They want to know their will money specifically designated to cover final expenses and cover any remaining debts.
There is a good chance you are reading this article because you don’t want your life insurance to expire. Of course, it’s not always an either/or situation. Some folks carry the bulk of their insurance during their earning years and then step down to a smaller amount of coverage after that. We call it “laddering” and wrote an article about laddering term and/or guaranteed universal life insurance here. In fact, we were interviewed by Bankrate as experts on this subject.
It’s not always about crunching the numbers.
Purchasing life insurance at age 55 isn’t necessarily a result of financial planning or number crunching. Many of our clients simply want some life insurance that doesn’t expire because they don’t know what the future holds. They are somewhat conservative and want to make sure their loved ones are cared for financially regardless of when they die. We don’t know what type of unforeseen health or financial setbacks could happen.
Let’s take a look at the rates. Keep in mind these rates are for non-tobacco users only. To see tobacco rate, use our instant rate calculator on this page. In the dropdown box, select Lifetime to see rates for guaranteed universal life insurance.
Affordable Guaranteed Universal Life Insurance Rates for 55 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 |
| 55 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 |
| 55 year old – Preferred Rates | $57 | $86 | $210 | $399 |
| 55 year old – Standard Rates | $64 | $107 | $245 | $470 |
Other Names for GUL: Term for Life, Term to age 100, Term Insurance that doesn’t Expire, No-Lapse Universal Life Insurance.
We often hear people ask about a particular type of life insurance…and the terms below are commonly used. We’ll take a brief look at each one and show how it highlights a characteristic of Guaranteed Universal Life insurance
- Term for Life Term life insurance is simple to understand and there are no moving parts. GUL has a simple design with no “moving parts” just like term insurance. It’s a policy meant to stay in force for your entire life.
- Term to 100 GUL companies (except for Banner Life) allow you to select the “dial-in” guaranteed age. One of the more popular guarantee ages is 100. This guarantee can range form 90 to 120 or 121. We recommend a guarantee age of at least 100, so you don’t outlive your policy. The name “term to 100” has stuck since it parallels the other term products such as 15, 20, and 30 year term.
- Term Insurance that never Expires This name highlights the fact that GUL is very similar to term insurance, but it doesn’t expire before you do! Of course, a guaranteed age beyond of 100 is recommended.
- No Lapse Universal Life Insurance A couple of companies use this name for their GUL products. Since GUL is, in fact, a type of universal life insurance policy, it underscores the key characteristic. As long as the premium is paid, the policy will not lapse. The death benefit and level premium are fully guaranteed not to change.
Guaranteed Universal Life Insurance – A Rider That People in their Mid 50s Should Consider
A good time to consider long term care insurance is in your 50s. The cost is lower and yet it’s not too early to purchase. However, with the rising costs of long term care insurance, many people choose not to purchase a policy or they purchase a policy with limited benefits. A couple of carriers now offer long-term care insurance as a rider (optional benefit) on GUL and other permanent life insurance policies.
The LTCi benefit is different from the “combo” policies that provide both life insurance and long term care insurance. We offer all types of long-term care insurance, including the stand-alone and combo products. However, the GUL plans that now offer an LTCi rider are compelling because the cost is comparatively low. Yes, the product isn’t as robust, but it does provide decent coverage (and peace of mind).
How to Select the Best Guaranteed Universal Life Policy.
Although we have stressed the similarity that GUL holds to term insurance, it is not quite as easy to compare. The reason for this is due to the proliferation and variation of policy provisions and riders. Some carriers offer a Chronic Illness Benefit and/or a Return or Premium Benefit at no extra cost. Other carriers offer these benefits as riders (for additional premium).
The reality is that some riders are not necessary and do not provide good value. We will be glad to explain the riders in more detail and help you decide if any of them make sense for you.
It’s fairly easy to see the financial ratings of each carrier. We cover this and other product highlights in our 5 Best GUL Companies post.
Of course, selecting a policy often comes down to price. We understand that’s often the bottom line. Our quote engine will help you compare rates for GUL. If you want to see different age guarantees, let us know and we will gladly provide customized quotes.
Final Words of Advice
We always recommend working with an experienced, independent agent. You should ask how many years they have been advising people about life insurance. Also, make sure they are truly independent and represent all the best companies.
Please call us if we can be of further help.
