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Best Life Insurance For women Age 54

By James Tobin, CFP®

 

Critical Takeaways

  • Choice of best carrier depends on your health
  • Rates Increase Significantly At Age 55
  • Independent agents are the best choice for applicants with existing health issues
Best Life Insurance For  Women Age 54
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Expert Review Of Life Insurance For Woman Age 54

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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. 

If you are a female aged 54 and looking to obtain life insurance, you may have a few questions as to rates, best companies and the application process. This article tries to answer all the commonly  questions that a 54 years young woman will have about life insurance.  If you have additional questions just reach out to us.

As you read this article , please bear in mind that the answers to questions like "what is the best company?" are tied with your health status and your policy preferences.   

Life Insurance Policies Are Still Affordable For 54-Year-Old Women 

A 54-year-old female looking for life insurance may wonder what the application process is like, what the rates would be for a person her age and what companies offer the best deals. If you’re a 54-year-old woman in need of life insurance, you don’t have to wonder anymore. It is possible to get a great deal on a life insurance policy from a reputable company. 

Bear in mind that the best company for your life insurance needs is going to be dependent on two things: policy preference and your current state of health. 

Should You Bother Trying To Get A Life Insurance Policy At 54 Years Old?

It doesn’t matter how old you are; life insurance is financial protection for your family. If you were to die today, would they be able to pay for your funeral and pay off debt you have without tapping into their own savings, taking out personal loans, running up their own debt, etc.? Since no one knows what today will bring, it’s imperative to have that financial safety net for your family.

While it’s best to buy a life insurance policy when you’re younger, it’s not always feasible to do so. Still, 54 is a middle-age number, and it’s a beautiful age for women to score themselves a life insurance policy.

Why?

The price for a 30-year term life insurance increases significantly for a 55-year-old female. Plus, women tend to suffer many health problems in their 50s, which means this is the time to get a life insurance policy that’s easy on your budget.

With age rates only go in one direction: up. Hence, if you are age 54, then that is the  best age to get an affordable life insurance policy, whether you need it for 10, 15 or more years.

How Can You Choose The Right Policy For You?

As a 54-year-old woman, you may be wondering just how much money and coverage term you need. There are several ways in which to come up with the best amount of coverage and terms, but Life Insurance Help Desk realizes that the majority of its clients have a clear understanding of what is needed and their budget.

Only you know if a policy is right for you and your budget, regardless of what a computer lays out.

However, if you need help finding out how much policy and coverage term you need, we’ll be glad to help you with the L.I.F.E tool (Loans + Income + Future Plans + Education. 

What’s The Price Of A 54-Year-Old Female Life Insurance Policy?

How much could a 54-year-old woman expect to pay for a life insurance policy? This is dependent on three key things:

  • Health rating given by the underwriters
  • Desired coverage amount
  • Coverage term

You can find the best rates for a 54-year-old woman whether the term wanted is for 10, 15, 20 or 30 years.

Smokers and Policy Rates

For women who smoke and need life insurance, you can expect to pay more for tobacco use. However, if you quit smoking, you’ll get better rates after two years. 

10 Year Term Life Insurance Rates For Women Age 54

Amount

Preferred Plus

Preferred

Standard Plus

Standard

Preferred Smoker

Standard Smoker

$100,000

$17.41/mo.

19.43

23.28

26.34

51.89

64.93

$250000

28.55

34.33

44.11

50.43

108.16

146.23

$500000

49.71

61.14

81.78

91.66

189.62

236.77

$750000

72.74

90.07

119.45

134.92

280.05

349.77

$1000000

93.70

112.09

153.24

170.99

367.64

464.53

15 Year  Term Life Insurance Rates For Women Age 54

Amount

Preferred Plus

Preferred

Standard Plus

Standard

Preferred Smoker

Standard Smoker

$100,000

$19.92

23.28

29.66

31.68

63.23

86.52

$250000

33.25

41.66

57.70

60.20

141.91

157.06

$500000

59.01

75.04

108.96

112.69

263.58

353.81

$750000

86.85

110.23

160.21

166.46

399.00

528.12

$1000000

110.06

142.79

194.89

215.91

512.12

680.74

20 Year  Term Life Insurance rates For Women Age 54

Amount

Preferred Plus

Preferred

Standard Plus

Standard

Preferred Smoker

Standard Smoker

$100,000

$24.68

27.59

37.98

40.76

83.76

110.25

$250000

45.32

52.63

66.31

73.97

180.81

223.82

$500000

83.77

97.32

126.15

152.30

337.11

429.00

$750000

123.31

144.99

186.02

225.87

514.58

640.64

$1000000

158.79

186.81

242.98

293.49

643.27

842.19

30 Year Rates - Term Life Insurance For Women Age 54

Amount

Preferred Plus

Preferred

Standard Plus

Standard

Preferred Smoker

Standard Smoker

$100,000

$45.68

52.94

65.89

71.14

n/a

n/a

$250000

92.62

97.37

131.97

156.50

n/a

n/a

$500000

167.33

183.57

257.48

293.19

n/a

n/a

$750000

248.66

273.02

383.00

436.74

n/a

n/a

$1000000

329.99

359.65

488.65

568.95

n/a

n/a

How reliable are the quotes For women  54 Years of age?

Life Insurance Help Desk’s quote tool is very reliable. The problem, however, stems from consumers’ lack of knowledge regarding their health class that an insurance company will rate them.

There is no precise way in which to make this determination yourself. It’s why you need to use an independent agent that has 50+ life insurance carriers to choose from when you need a policy. The reality is that people’s thought of their physical health is often more or less than they realize. For a more accurate life insurance quote, it’s best to go with a standard or standard plus for a policy.

Check out Life Insurance Help Desk’s custom quote tab to help you get started. 

What Life Insurance Companies Should A 54-Year-Old Woman Be Considering For Her Policy

Remember, your policy choice and health will play a role in which companies are best for your life insurance needs. However, three top contenders for any 54-year-old female include:

  • Banner Life – If you need a super-low priced life insurance policy, this is the one to go with. However, it doesn’t offer great conversion opportunities if you want to go with a universal life policy later on. This could be important if your health begins declining while the term policy is in place.
  • Protective Life – This is a favorite with Life Insurance Help Desk, as it offers very competitive rates and unique policy terms. It also provides an annuity-style payout option that can reduce your cost and you can continue the policy when it nears expiration with a coverage decrease (not a rate increase).
  • Prudential – When it comes to health problems, this company is compassionate in its underwriting. Plus, it will quickly underwrite policies, which is great for those who need it. 

What If You Have Existing Health Problems?

If there is one constant you need to remember, you must have an independent agent on your side to help you find the best possible policy. This is especially true if you have health conditions that could increase your policy rate or lead to denial of coverage.

What makes an independent agency so great is its access to the best life insurance carriers and understand the underwriting guidelines. So, a woman who suffers from an anxiety disorder would do better to have a policy with Prudential than either Transamerica or SBLI.

Consumers are not privy to this information, but independent agencies are.

On top of that, using an independent agent costs you nothing!

What Could You Expect In The Application Process?

You’ll be glad to know that women 54 years of age do not have to go anything special to attain life insurance. No matter your age or health problems (or lack thereof), you need to do the following:

  • Pick a type of policy
  • Pick your terms
  • Attain pricing
  • Turn in an application
  • Undergo a medical exam
  • Wait on the underwriting
  • Look over the offer
  • Have the policy delivered

It’s an eight-step process that can quickly be done through Life Insurance Help Desk. Now, it’s important to note that not all companies will require you to go through a medical exam, which means it’s only a seven-step process. 

What Makes Life Insurance Help Desk So Worthwhile?

If you want life insurance but not sure where to turn for it, Life Insurance Help Desk will help facilitate a smooth process from beginning to end. We know you have an array of options, but each option is different. Thus, you need to weigh the pros and cons very carefully.

As an independent agency, Life Insurance Help Desk can review its more than 50 carriers to find the best life insurance company for a policy for you. For people with existing health issues or need a certain type of policy, such as a child rider or Living Benefits, an independent agency will help you find the right company.

If you choose to work directly with a captive agent (a person from a single carrier), you don’t get an array of choices to pick from. In fact, you’re locked into what that company offers. The best thing you can do when dealing with them is not to deal with them in the first place.

With an independent agency, you have your choice of carriers to submit your application, and you save yourself both time and money.

The Department of Insurance sets the rates for life insurance, and term policies are priced roughly the same… no matter who the seller is. If you go direct with your life insurance quote, you miss out on an experienced agent finding you the best deal.

Chances are you’ve heard radio ads or seen TV ads about life insurance from big brokers. These companies have access to a minute number of carriers that keep the applications with carriers in order to negotiate better commission terms. Life Insurance Help Desk could do the same if we were more prominent, but since we’re not, we shop all carriers we have access to.

We are as transparent as they come in the life insurance business. We feel being transparent is the best way things can be done. We offer the best service we can because we want to be here now and in the future. Big broker employees will come and go, but we’re in it for the long term. 

What Do You Need To Next? 

If you’re a 54-year-old woman looking for a great life insurance policy to cover your funeral costs, other debt and want to ensure an education for your children, you need to use a company that looks through its list of reputable carriers. At Life Insurance Help Desk, we can help you find a policy that fits your needs and budget.

Check out Life Insurance Help Desk today to learn what kind of policy is right for you!

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

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