Life insurance rates increase as we age, but there are still affordable life insurance policies available in your 50s. This article will look specifically at guaranteed universal life insurance rates for 58 year olds. Additionally, we will address some issues and provide tips for those considering options for life insurance in their late 50s.
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Keep in mind, the sample rates in the tables below are accurate, but rates fluctuate daily. For the most accurate, up-to-date rates, please use our quote calculator on this page. The sample rates can be a time saver and can serve as a good launching point in your research. If you would like to read more in depth material about Guaranteed Universal Life insurance, please read our GUL review here, and our article on the pros and cons of this product.
Is Term or Permanent Life Insurance better at age 58?
At the age of 58, the decision to purchase a particular type of life insurance depends heavily on the reason for the coverage. Sometimes, an existing term policy is due to expire soon and there is the realization (or recommendation by a financial planner), that there is still a need for coverage. Perhaps a 10-year or 15-year term will suffice and provide the necessary protection through your working years.
Some people want life insurance for “final expense” needs or they feel a strong desire to ensure their loves ones receive life insurance proceeds regardless of when they die. There are final expense policy for smaller face amounts that have simplified underwriting. This can be a decent option, especially if you don’t want go through an exam where they take lab samples. Otherwise, a GUL or a combination of term and GUL can be a good strategy.
30 Year Term or Guaranteed Universal Life insurance for 58 year olds.
If you want a 30-year term at the age of 58, then there aren’t too many options. Transamerica is one of the very few companies that offers a 30 year term for applicants up to age 59.
A 30-year term policy for $100,000 (at the Preferred Non-tobacco class) would run $84/month (female) and $98/month (male) with Transamerica. Those are reasonable rates for a 58 year old and would provide coverage to age 88. However, it could make more sense to get a term policy to age 100 or 120. Term to age 100 is a popular name for Guaranteed Universal Life. A GUL policy that is guaranteed to age 100 (for the same amount / rate class) would be $108/month and $135/month, respectively.
You might feel better with a GUL, knowing it would provide a guaranteed tax-free death benefit to your loved ones regardless of when you die. If you purchased a 30-year term policy and died at age 88, then the coverage would have lapsed by then.
Lowest Guaranteed Universal Life Insurance Rates for 59 Year Olds
- 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|
|58 year old – Preferred Rates||$78||$133||$310||$603|
|58 year old – Standard Rates||$93||$155||$366||$732|
- 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|
|58 year old – Preferred Rates||$67||$108||$257||$497|
|58 year old – Standard Rates||$77||$128||$293||$575|
Other Names for Guaranteed Universal Life
Since GUL is similar to guaranteed level term insurance in many ways, people often refer to this product by the following names:
- Term to 100
- Term for Life
- Term that doesn’t expire
Like term insurance, GUL has guaranteed level premiums and a guaranteed death benefit. There are no “moving parts” like most types of permanent life insurance. Unlike the other types of Universal Life (Traditional Universal Life, Indexed Universal Life, and Variable Universal Life), GUL is not designed to build cash value.
CAUTION: The names “Term to age 100” and “Term for Life” can be a little misleading. Not all guaranteed universal life products provide lifetime coverage. Most companies allow you to select the guarantee age, which is usually between 90 and 121. If the selected guarantee age is 90 or 95, it’s possible to outlive your policy.
We recommend selecting a policy with a guarantee age of at least 100.
Another popular name for GUL is “no-lapse universal life”. A couple carriers use this name for their GUL policies and it serves to distinguish them from their other Universal Life plans. As long as the level premium is paid, the policy is guaranteed never to lapse.
Are ALL Guaranteed Universal Life Insurance Policies the Same?
Like term insurance, GUL is relatively easy product to understand and compare. However, not all guaranteed universal life policies are the identical. Yes, it is important to look at cost and financial ratings, but it’s also important to consider policy provisions and optional riders. Some GUL policies have better very strong policy provisions and riders compared to others.
Most newer life insurance policies, including term, have an Accelerated Death Benefit. This benefit is more important on permanent policies since there is much greater likelihood of using the benefit. Some carriers offer a Chronic Illness Benefit (which is a type of accelerated death benefit) and a Return of Premium Benefit as a built-in benefit (with no extra cost).
Some companies offer riders (at an additional cost) that are worth considering; oftentimes, riders are simply not worth the cost. We can help determine whether riders or policy provisions could make a difference for you.
Long-term care insurance is a Rider worth Considering
The long-term care insurance rider is only offered by a couple of carriers, but it could be a worthwhile rider, especially for folks in their 50s and 60s. Adding an LTCi rider could be an alternative way to protect against the risk of long term care. With premiums for long-term care insurance plans so high, this could be a way to provide some coverage at a much lower cost.
We always recommend working with an independent agent; whether it’s with us or someone else. Independent agents have the ability and flexibility to offer all the best companies on the market. Some larger agencies can’t afford to do this because it’s very difficult and expensive to train employees on too many carriers.
Experience is also an important factor. Working with an agent who has a lot of experience (we recommend a minimum of 10 years) can save you from possible headaches if there are any issues during the application process.
We are here to answer your questions, so please call us anytime.