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Best Term Life Insurance For Males Aged 53

By James Tobin, CFP®

 

Critical Takeaways

  • Choice of best carrier depends on your health
  • Rates Increase Significantly At Age 53
  • Independent agents are the best choice for applicants with existing health issues
Best Life Insurance For Males Age 53
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Expert Review Of Life Insurance For  Males Age 53

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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. 

Are you a 53-year-old without life insurance coverage or know someone else who is 53 and lacks coverage? You might be confused about whether it’s still worth getting a policy at your age. Whether you’re searching the market for a policy either for yourself or your spouse, it’s important to get an affordable policy.

Have any questions on how to obtain life insurance at affordable rates at 53? We’ve got you covered. In this article, we’ve provided detailed and comprehensive answers to several questions that were asked by our clients who were also in your situation once.

But if there’s anything that we’ve missed, don’t hesitate to reach out to us via phone or email and we’ll answer all your questions. We’ll tell you everything you need to know about policy options, companies, and premium rates. When you have more data on your hands, it’ll be easier to find a life insurance policy that is right for you.

Don’t fall for the hype that’s rampant on radio or TV advertisements. Here at Life Insurance Help Desk, we’ll provide you with accurate data that’ll let you purchase the right life insurance policy for all your needs.

Is 53 The Best Time For Men To Attain Life Insurance?

If you’re 53 and wondering whether it’s a good age to purchase life insurance, keep reading this article.

Why do people purchase life insurance policies? It helps your loved ones pay off their expenses and funeral costs in the event of your premature demise.

Most insurance agencies will tell you that you can purchase life insurance at any age. However, that’s purely out of their own self-interest and desire to earn more commissions. It’s important for such statements to be backed by legitimate reasons as well.

But we’ll tell you this – 53 is not too late to get yourself a life insurance policy. Why do we say that? Because life insurance carriers tend to hike their premiums drastically after the age of 55, especially if you’re a man. Health issues start affecting your life more prominently by around this age, which results in higher premiums.

Therefore, if you’re looking to purchase a life insurance plan and ensure your family’s financial protection, the right time to do so would be now. Once you get past 55, you’ll have to pay a lot more in premiums, thus exceeding your budget. Make the best of the situation now and get yourself an affordable life insurance policy while you still can.

How Much Coverage Amount and Terms Should A 53-Year-Old Man Consider?

There are many ways to determine the level of coverage that you’re going to require. Here at Life Insurance Help Desk, we’ve got a nifty little tool that can calculate how much insurance coverage you’re going to need.

It uses the following factors to determine the coverage you need – your pending and current financial obligations, and your income.

We also use a formula called LIFE, which takes loans, income, future plans, and education into consideration while calculating your coverage requirements.

All of us have to live according to our budgets and cannot go over them without giving in to debt. It doesn’t matter how much your agent recommends – it simply won’t matter if the premiums are too high for your budget. We believe that customers are the best judges of determining the coverage they need and encourage them to tell us how much they can afford in premiums, so that we can offer them policies based on this factor.

What’s The Cost For A 53-Year-Old Male To Get Life Insurance?

The premiums charged for life insurance policies for 53-year-olds are determined by these 4 primary  factors:

  • Health rating
  • Coverage amount
  • Term coverage
  • Age

While different companies may issue different insurance premium quotes, it’s going to be these 4 factors that’ll determine your premium payments and coverage to a great extent.

For instance, male smokers tend to pay higher premiums compared to male non-smokers of the same age. Tobacco usage is known to cause health issues, which is why life insurance quotes for smokers reflect the increased risk that companies are taking on by issuing you a policy. Applicants can save significantly by controlling their smoking habits.

If it’s been 2 years since the last time you smoked, you’ll qualify for the preferred health rating and be eligible for lower premiums.

The sample pricing below (standard/prferred) is will  be the pricing for several common conditions for 53 year old men. These conditions include:

*The preferred and Standard classes sampled below are for non-smokers. 

Preferred Term Liife Insurance Rates For 53 Year Old Man

Term

50K

100K

250K

500K

1MM

10 Years

$18.31/mo.

22.40

40.54

74.63

130.12

15 Years 

19.96

28.70

52.76

98.00

187.44

20 Years

25.19

35.88

65.69

123.54

240.18

30 Years

39.65

66.68

127.77

249.08

482.12

standard Term Life Insurance Rates For 53 Year Old Man

Term

50K

100K

250K

500K

1MM

10 Years

$23.71/mo.

32.56

63.60

118.00

225.74

15 Years 

29.58

40.22

79.60

151.05

291.52

20 Years

37.30

50.67

105.63

204.08

395.99

30 Years

55.85

81.22

178.93

350.66

679.38

As you can see below, the inceased premium for tobacco use is significant. 

Standard Tobacco Life Insurance Rates For 53 Year Old Man

Term

50K

100K

250K

500K

1MM

10 Years

$62.30/mo.

83.21

191.19

348.29

669.07

15 Years 

74.20

112.64

243.47

480.92

908.60

20 Years

91.20

13851

304.92

561.14

1110.47

30 Years

129.15

250.71

615.36

N/A

N/A

How Reliable Are Our Quotes For A 53-Year-Old Male?

The reliability of our quotes depends on the accuracy of the data you provide. The quotes are generated based on the type of health rating you enter, which can only be ascertained by approaching a life insurance underwriter. Unless you take the help of a knowledgeable insurance agent, it’s incredibly hard to access this information.

We generally tend to assume a Standard Plus or Standard rating for all our clients and hope that they get a better rating. We often find instances of people who selected a preferred rating policy, only to find out that they cannot qualify for anything above a Standard rating.

What Companies Should A 53-Year-Old Man Attain Life Insurance From?

The best way is to start by evaluating different policies and health ratings that you may be able to qualify for. Start out by seeking companies with strong financial ratings – ideally, companies that possess A-ratings or better. 

Life Insurance Company

A.M. Best

Fitch

S&P

Comdex

A+

A+

AA-

94

A+

AA-

A+

90

A+

n/a

AA-

92

A+

A+ 

AA-

94

A+

AA-

AA-

94

A+

A+

AA-

92

Foresters

A

n/a

n/a

n/a

A

n/a

A-

76

For example, if you’re looking for policies with a child rider but which don’t examine the child’s health, you can go for a policy from Principal Financial. If you’re an obese or overweight person, consider getting a policy from Protective Life or Prudential Financial.

Which life insurance companies offer some of the best options right now?

Forresters – It’s a Canadian-based insurance company that also underwrites insurance policies for applicants from the US. They have a same-day approval policy for life insurance applications, provided everything is in order.

Savings Bank Life Insurance – If you want no-exam insurance policies, you cannot do better than SBLI.

Prudential Financial – Go for policies from this company if you want lenient terms in your insurance policy.

Protective Life – There are numerous options to opt from when selecting a polices from this company, including annuity-style payout policies that protect heirs from carelessly squandering the benefits. You can also continue with the same policy at the same premiums, albeit with a reduced coverage amount, after the term period ends.

If you’re not sure which company to go for, contact us today and we’ll recommend what to do after evaluating your condition.

How Can A 53-Year-Old Man With Existing Health Conditions Get The Best Rates?

People with pre-existing health conditions may not be able to afford some policies. An independent agent is the best way to find affordable coverage options in such cases.

Underwriting criteria differs significantly from carrier to carrier. Not knowing the criteria may result in you paying higher premiums needlessly.

If you’re after the best insurance deals and suffer from a health condition, consider approaching multiple carriers. Independent agents like Life Insurance Help Desk enjoy inside access to 50+ carriers, thus allowing us to recommend a policy that’s both affordable and suitable for your requirements.

Approaching a carrier directly will only get you quotes regarding their offerings. There’s no option to contrast and compare your options unless you use an independent agent.

What Is The Process For A 53-Year-Old Male To Attain Life Insurance?

The life insurance application process is a pretty straightforward affair, consisting of 8 different steps. Here’s a brief description of what the process looks like:

  • Select your policy type
  • Choose your policy terms
  • Look at pricing
  • Submit the application
  • Undergo a medical examination
  • Wait for the underwriters to get back to you
  • Evaluate the offer
  • Purchase the policy and get the documents delivered

We’ve provided more information regarding this 8-step process on our homepage. Do remember that some policies don’t require any medical examinations. But if your coverage amount exceeds $1MM or you have a history of repeat heart issues, you might have to undergo an EKG test before your policy is approved.

What Makes Life Insurance Help Desk Different From Other Companies?

That’s a fair question. Why go for our services when there are so many others on the market?

The difference between us and other independent insurance agencies is our unparalleled experience in the industry, which allows us to drastically simplify the insurance application process. There are many carriers who have captive agents, meaning they only sell policies offered by a single insurance company.

However, going for the services of such agents means that you’ll not be able to compare policies or shop around for better prices. Even if there are cheaper alternatives, a captive agent will only sell you their employer’s insurance policies.

There aren’t any savings here either. Insurance rates are set by each state’s Department of Insurance, which doesn’t change irrespective of who sold the policy. Going direct only means that you won’t be able to compare your policies with the offerings of other companies.

You might have run across advertisements from life insurance brokers. While they do offer better services compared to direct companies, their carrier choices are still restricted so as to maximize their commissions.

Life Insurance Help Desk is headed by a Certified Financial Adviser who has spent the last two decades in the industry, helping people with their insurance needs. Our team is prepared to go the extra mile to help you get a good insurance deal. Be it a policy change, a new quote, or a change of address, our team has you covered on all counts.

Next Step

So, what does it take for a 53-year-old male to get affordable life insurance? It takes you acting right now! You see what it takes to score a reasonably-priced life insurance policy. If you’re in the market for a new life insurance policy – be it your first or a supplemental policy – check out Life Insurance Help Desk to help you secure the right policy for your family’s needs and your peace of mind.

Don’t wait another day, and don’t wait until you turn 54 or 55. The time to get financial protection for your family is right now!

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

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