This article will look specifically at sample guaranteed universal life insurance rates for 56 year olds. Addit
ionally, we will address some issues that are important for people in their mid 50s to consider. We’re glad you found us and hope you find this article informative.
For Instant Term Life and Guaranteed Universal Life Insurance Quotes, Use the Quote Engine on this Page.
Keep in mind, the sample rates shown below are accurate, but rates fluctuate frequently. For the most accurate, up-to-date rates, please use our quote engine. The sample rates can serve as a launching point in your research. Also, if you want to read more about Guaranteed Universal Life insurance, please read our GUL review and our article on the pros and cons of this product.
Examining Reasons for Purchasing Life Insurance
A 56 year old can have various reasons for purchasing life insurance. Sometimes, stepping up life insurance coverage at this stage of life is due to an increased dependence on your income. Your mid 50s can be a time when lots of pressures hit. Sometimes, parents in their 70s and 80s are experiencing poor health and need support from their adult children. Other times, kids are in college or post-graduate school, bringing financial pressure.
Another reason for life insurance can be due to increased wealth. Increased wealth and assets can trigger a need for increased protection. Again, there are numerous reasons why life insurance might be needed. Once the “why” is established, then the “what” (type of life insurance) can be addressed.
Plenty of folks simply want some additional life insurance because a term policy is expiring. Perhaps a 10-year or 15-year term will suffice to provide coverage for your remaining working years. Other people want some type of permanent coverage. Two policies to consider for permanent life insurance are guaranteed universal life and “final expense” insurance. Final expense policies are typically smaller and designed to cover funeral costs.
Many final expense policies are simplified issue products where limited medical underwriting is needed. Guaranteed Universal Life insurance can used to cover final expenses, but also can be used to provide needed finances to loved ones. In most cases, GUL will be a lower-cost option and provide better value.
Now, let’s look at the rates. Please keep in mind the rates are for non-tobacco users, so use our instant rate calculator on this page to see tobacco rates.
Lowest Guaranteed Universal Life Insurance Rates for 56 Year Olds
Male
- Preferred Non-tobacco (Second 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 |
| 56 year old – Preferred Rates | $71 | $115 | $280 | $545 |
| 56 year old – Standard Rates | $86 | $139 | $331 | $661 |
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 |
| 56 year old – Preferred Rates | $62 | $96 | $233 | $450 |
| 56 year old – Standard Rates | $69 | $116 | $267 | $519 |
Guaranteed Universal Life is Known by Several Other Names
Guaranteed Universal Life insurance came on the life insurance scene in the early 2000s, so it has a relatively brief history. However, in that short time, many carriers have helped consumers better understand how this product differs from other types of permanent insurance by using the following names or phrases:
- Term to age 100
- Term for Life
- Term that doesn’t expire
- No-Lapse Universal Life Insurance
Because guaranteed universal life insurance is very much like an extended term policy, the names above underscore this fact. Just like level term insurance, the premiums and death benefits are guaranteed. Unlike most types of permanent life insurance, there are no “moving parts”. Also, GUL is not designed to build cash value, just provide permanent life insurance.
A note of Caution: It is possible to outlive a guaranteed universal life policy in some cases, so the names, “term for life” or “term to 100” can be a little misleading. Most GUL companies allow you to select the guarantee age from 90 to 120/121. To protect against the possibility of outliving your policy, it’s best to select a guarantee age from 100 to 121.
The name “No-lapse” universal life insurance is used by a couple of carriers. This name serves to distinguish GUL from other universal life products offered. Since many policyholders of Universal Life policies had problems with their policies (mainly ones that were bought in the 1980s and 90s), the “no-lapse universal life” name highlights the fact that these policies are fully guaranteed and won’t lapse as long as the guaranteed level premium is paid. Additionally, policies are not dependent on interest rates, so there are no surprises.
It’s not always Either/Or, but sometimes Both
When looking at options for coverage, it’s important to realize that it’s not always a matter of deciding between term and permanent insurance. The most important thing is to carry sufficient life insurance to replace your income and protect your loved ones. As a result, we have many clients who have the majority of their life insurance in term and a smaller percentage in permanent.
Purchasing two or more term policies is also an option. For example, rather than a 56 year old purchasing one 20 year term policy, it could make more sense to purchase one 10 year term and one 20 year term. This strategy is called “laddering” and we wrote an article about laddering term and guaranteed universal life insurance here.
How to Select the Best Guaranteed Universal Life Policy
Just like term insurance, GUL is fairly easy to compare. You don’t need 20-page illustrations showing projected scenarios based on interest rates and non-guaranteed values. Selecting a policy with low rates is very important. We understand that; helping you find the lowest-cost, best value policy is our primary goal. Below are some important factors to consider in addition to rates.
- Company Financial Ratings. Our quote calculator shows the financial ratings of each carrier. It is important to select a carrier with strong financial ratings and a positive outlook. Although the premium and death benefit are fully guaranteed, nobody wants to deal with a company that is struggling financially.
- Policy Riders. Like term insurance, GUL policies offer standard riders (optional benefits at an additional cost) such as Waiver of Premium, Accidental Death Benefit, and Child(ren) Insurance. The actual benefits and costs for these riders differ among carriers. Most noteworthy, one rider that is worth considering, especially for people in their mid 50s, is a long-term care insurance rider.
- Policy Provisions. Some carriers offer a Return of Premium benefit and/or a Chronic Illness Benefit that can be quite valuable. Also, it’s important to note that most carriers offer the aforementioned benefits at additional cost, but a few offer these as built-in policy provision.
Final Thoughts
We strongly encourage people to look for an agent who is independent and experienced.
An independent agent works with multiple carriers. Large independent agencies typically can’t represent all the top carriers. We continually keep our finger on the pulse of the industry and if a top rated carrier offers a high value life policy and low rates, we will let you know.
Experience is also key. It takes many years of experience to properly advise clients and advocate on their behalf. Look for an agent who has a minimum of 10 years experience.
Finally, we would appreciate the opportunity to earn your business, so please call us anytime.
