How to Buy Instant Term Life Insurance for 55 Year Olds
If you’re 55 and looking to purchase immediate life insurance coverage you may have more options available to you than you might have expected.
Actually, there are several insurers that now offer quick issue term life policies for people in their fifties.
In fact, some insurers may offer up to $500,000 or more of instant issue term insurance for 55 year olds.
However, before you choose a plan, you’ll want to consider a few things first:
Budget
If you can’t afford the policy, it makes no sense struggling to pay the premiums. Consider an amount of insurance you can afford to buy.
Amount of Coverage
Make sure you consider your debt, savings, income, monthly expenses, and future financial goals when determining how much life insurance to buy.
We recommend you use a life insurance needs calculator to assist you in deciding how much insurance protection you really need.
Duration of Coverage
How long do you need your insurance to last? That will depend on your goals – what do you want your life insurance to accomplish and how long will that take?
For example, some people have children and want coverage until the youngest is supporting him or herself.
So, if your youngest child is 8, you may want term life coverage to last for at least 15 years, until your youngest is 23 and out of the house.
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Instant Term Life Insurance Plans
What is Instant Term Life Coverage?
It’s a type of temporary life insurance that begins providing you with insurance as soon as you are approved and have paid the first month’s premium.
Term life is temporary life insurance lasting for a specific period of time.
Most term life plans offer coverage with a term of 10, 15, 20, 25 or 30 years in duration.
The longer your policy term, the higher your annual cost of life insurance.
How to Get Instant Term Life Protection
The process is simple compared to standard life insurance policies which require you to meet with an agent, get a physical, what for the labs results, have your policy underwritten, and find out if you are approved for coverage – which usually takes up to 4-6 weeks.
However, buying instant term life insurance is a whole other process – much easier.
You visit a life insurance website, fill out a quote request form, see your prices offered, apply for your life insurance policy, and find out if you are approved for coverage – all in as little as 30 minutes or less with some insurers.
Others will notify you the same day to let you know if you are accepted for coverage.
Features of Instant Term Life Policies
What Companies Offer Instant Term Life for 55 Year Olds?
There are several life insurance carriers offering quick issue term life policies for people in their fifties, including Haven Life, Fidelity Life and Globe Life, among others.
Keep in mind, you may purchase a policy from more than one life insurance company.
Term Life Insurance Quotes
Top Pick – Haven Life
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.
Highly Recommended – Fidelity Life Insurance No Exam
Buy up to $499,000 of term life insurance online without having to take any physical examination, blood or urine tests. Fidelity Life is rated "A-" Excellent by A.M. Best for financial strength. Established in 1896. 30 day money-back guarantee.
Highly Recommended – Globe Life Insurance
Get FREE Information on how $1* Can Buy Up To $100,000 Globe Life Insurance for Adults or Children
Disclosure: Compensated Affiliate