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Best Life Insurance For A Male Aged 59

By James Tobin, CFP®

Last Updated on

 

Critical Takeaways

  • Choice of best carrier depends on your health and policy preferences
  • Rates Increase Significantly At Age 60
  • Independent agents are the best choice for applicants with existing health issues
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  • Male Female
    Yes No

Expert Review Of Life Insurance For A Male Aged 59

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

As age 60 approaches, you may be eyeing retirement and playing with grandkids or you may be in a different situation altogether.  Whatever your circumstances, we are here to help with your life insurance needs.

Most of our clients who are seeking life insurance at age 59 or 60 have owned policies in the past.

We understand it's not your first rodeo. 

Nonetheless, you may well have questions.  We have constructed this article to answer the most common questions facing a male aged 59 seeking life insurance.  Whether it's rates, health underwriting or the nest carriers, the quick navigation below will let you jump around and find the information you want.  

Best Life Insurance For A Male Aged 59
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  • Male Female
    Yes No

Is  Fifty nine a Good Age For A Man To Get Life Insurance?

While it is true is that, regardless of age, the right time to get life insurance is the time that you have people you want to protect, age  fifty nine happens to have certain advantages with life insurance. 

The reason age fifty nine can be advantageous is mostly centered around the fact that life insurance carriers tend to have sharper increases at  on decade changes. That is they recognise ages 40, 50, 60, 70 with more than a birthday cake.

Additionally, age fifty nine works well with 10 year term policies to carry you through to retirement and cover you while you maybe finishing up such financial obligations as a child's education or your mortgage.

Terms of 10, 15 and 20 years are available to cover a man aged 59.

Having stated some of the good, it is only fair to acknowledge that at life insurance at age 59 is going to be more expensive than your younger years. Moreover, if you have developed any nagging health issues, they will be reflected in the  health rating assigned by underwriting.

How Does A  Man Age 59 Decide On The Amount and term Of Coverage Needed?

By the time you are 59 years old, you have been inundated with commercials from insurance companies and financial planners. They all want to "advise" you . Other than advising you to park your retirement savings with them, one of the portant issues is "how much insurance you need".

I know all about this  fact finding and advice. I was trained that way by one of the major market players. 

 However, in the real world, people have a pretty good idea what they can afford and what is "wanted".

Having said that, if you would like to discuss "how much and for how long" we are happy to help. In fact, we have developed a simple formula called L.I.F.E. (loans,+income+future plans+education) that is meant to help with deciding your needs. If you'd like to talk about it, give us a holler.

How Much Does Life Insurance  For a Male Aged 59 cost?

Life insurance costs use multiple inputs, but the primary drivers are these: 

  • age 
  • amount of coverage
  •  length of term
  •  health rating

Different carriers will apply a  differing weight to these and other inputs, creating   rate variance. That said, these 4  factors will always carry the most eight.

Note About Life Insurance for male Smoker, age 59

As you probably know tobacco use is brutal when it comes to life insurance rates. However, if you intend to quit (and actually do it for 2 years ) you will get nonsmoker rates. Even if you take a policy at smoker rates now, you can have it re-underwritten in 2 years to reflect non smoker health status.

If you can pull it off, the savings are significant.

10 Year Term Life Insurance quotes For 59 Old Man

Amount

Preferred Plus

Preferred

Standard Plus

Standard

Preferred Tobacco

Standard Tobacco

$100,000

$29.05/mo.

33.99

43.23

51.16

104.98

130.67

$250000

59.26

68.80

91.58

104.99

230.77

291.33

$500000

110.46

129.13

173.81

195.20

431.77

551.90

$750000

164.87

193.49

258.14

290.22

644.92

825.11

$1000000

208.69

239.26

308.47

377.47

735.64

1094.82

15 Year Term  Life Insurance quotes For 59 Old Man

Amount

Preferred Plus

Preferred

Standard Plus

Standard

Preferred Smoker

Standard Smoker

$100,000

$37.88

47.26

60.59

67.40

131.47

166.34

$250000

76.45

94.52

108.37

136.48

298.38

390.91

$500000

143.00

173.87

229.06

260.96

546.96

750.25

$750000

212.16

258.23

341.01

388.86

817.87

1122.79

$1000000

285.69

330.80

435.18

508.02

1036.14

1428.69

20 Year term Life Insurance quotes For 59 Old Man

Amount

Preferred Plus

Preferred

Standard Plus

Standard

Preferred Smoker

Standard Smoker

$100,000

$50.93

61.94

75.25

91.27

166.14

216.57

$250000

105.04

119.81

164.04

191.72

378.62

470.14

$500000

199.06

227.38

317.03

369.64

721.18

896.03

$750000

296.25

338.49

472.97

551.88

1079.19

1341.46

$1000000

387.59

443.76

611.13

723.31

1345.32

1761.71

30 Year term Life Insurance quotes For 59 Old Man 

Unfortunately, a 30 year term is not available with an A rated carrier for a 59 year old man. The alternatives are to either take a shorter term or choose a permanent option like universal life. If you would like some help exploring you permanent options give us a call at (203) 424-1100.

are the rates on this site reliable For A 59 Year Old Man?

Yes. The rates are correct as of the writing of this article. However,  the difficulty as a shopper is knowing the health grade that you are likely to receive.

Most people are in better or worse shape than they think and it's worth noting that only 10% of applicants (to any carrier) wind up with the best class.

The strategy that we encourage is to price policies at Standard or Standard Plus and hope to be pleasantly surprised. Surprises to the upside are always more welcome than the other way around!

Alternatively, you can use the Custom Quote button on the top of the page and have your health analyzed by a field underwriter.

What Are The Best Life Insurance Companies For A 59 Year Old Man

Spoiler alert: There is no one "best" insurance company.

However, there may be a best insurance company for you.

Different carriers have differing appetites for certain health risks and different carriers offer different policy riders.

 This differing appetite for specific conditions is reflected in the health rating you recieve and ultimately in the price you pay in premium.

This is a fancy way of saying one carrier is less concerned with your health condition than another on is.

As an example, some carriers are not terribly concerned with sleep apnea, while others won't even offer a standard policy if you use a CPAP machine. 

Policy Preferences

policy preferences refers to riders or policy terms.

For instance if you wanted a 25 year pooliy with a child rider, that would limit who the "best companies" are for you.

The best way to find out the "best company" for you, is to speak with an independent agent.

How Does a man Age 59 obtain the best rates with existing health conditions

The only way to answer this question is:

USE AN INDEPENDENT AGENT

You may be sensing a theme here about independent agents providing the best chance to get a great offer. You'd be right!

While it makes sense to comparison shop when you are in great health, it is even more essential if you have a health condition.

Case Study

A  59  year old man  came to the Life Insurance Help Desk and thought he was paying too much for his 400K 15 term policy with one of the big mutual companies (headquartered in a state known for beer and cheese). 

It turns out that he had been given a substandard policy table rated for having elevated liver Function (ELF)  results.  After calling several carriers to confirm the U/W guidelines, we were able to apply with Prudential and received a preferred rating. This saved the client 89/mo.

What is the life insurance application process for a fifty nine year old male

With just a couple of exceptions, the life insurance application steps are the same  regardless of health and amount applied for. The front page of this site details the 8 step process 

  • Choose policy Type
  • Choose terms
  • Get pricing
  • submit application 
  • Take exam
  • await underwriting 
  • review offer
  • policy delivery

The exceptions that were referred to above,  are that  if you decide on a  no exam option there will be no exam (surprise!).

Also the underwriting time will likely be considerably quicker.

If you have a history of heart trouble or are applying for a large amount of coverage 2MM+ the medical exam  may require a EKG . The larger the policy application, the more scrutiny it will receive.

What is different about the Life Insurance help desk?

If you have made the decision that you need a new policy, you have to decide where and how to obtain it. While, it probably doesn't surprise you that we advocate for our own site, it may be useful to see what we feel makes us different (and better).

As you have already read , there are real advantages to using an independent agency and avoiding "captive agents" or "direct to consumer offers". The process is no faster, nor less expensive and it limits the competition that lowers rates.    

In fact, the statement about "consumer direct" not being less expensive is the law. Rates are set at the state level by the dept. of Ins. and are the same regardless if an agent is used or not.  

It is not only the captives that limit your choices, the big brokers who advertise on television that they will "shop for you", only use a limited number of carriers. The reason they limit the available carriers is so they do not dilute their business and can negotiate better sales commission terms.

That leaves independents like the Life Insurance Help Desk with access to 50+ carriers and decades of financial services experience. We believe that working with an experienced independent agency gives you the best opportunity to find the policy that fits your unique needs.  

Next Step

I hope this article answered any questions you have about obtaining term life insurance for a 59 year old male. The next step is to simply  get a quote and start the process. We will be with you every step of the way. 

Thank you for choosing the Life Insurance Help Desk to shop for Life Insurance male Aged 59.

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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