Life Insurance · January 7, 2022 0

A simplified explanation of cheap life insurance for 56 years (males and females)

A simplified explanation of cheap life insurance for 56 years (males and females)

A simplified explanation of cheap life insurance for 56 years (males and females) : People with increasing families who rely on their wages for financial assistance need life insurance. You still have financial commitments once your children have grown up, even if it becomes less of a burden as you become older. Furthermore, there will be ultimate bills, such as medical and burial fees, after you pass away. As a result, regardless of age, getting life insurance is critical. Looking for the finest inexpensive life insurance carriers for individuals 56 years old is extremely crucial so that you can discover the greatest plan and coverage.

What to Look for in a 56-Year-Old Life Insurance Provider

Choosing an appropriate life insurance policy requires striking a balance between what you pay now and what you leave for your loved ones when you pass away. While the monthly premium is important, there are other factors to consider when selecting the affordable life insurance coverage at 56.

Type of Policy :

When it comes to life insurance, you have two options: term life and whole life insurance.

Term life insurance is a type of policy that provides coverage for a certain amount of time, commonly 5, 10, 15, 20, 30, or 40 years. You pay a premium to ensure that your dependents are provided for during this time if you die. If you do not convert or renew your insurance before the period expires, you will stop paying and the contract will be cancelled.

Whole life insurance is a type of investment in which you are covered from the moment you sign up until you die. Unlike term life insurance, whole life insurance builds up cash value over time, allowing you to cash it in or borrow against it when it matures.

Pricing :

Prices for life insurance policies vary based on policy type, insurer, and your specific circumstances. When looking for insurance, compare costs and look for companies that consider factors like your health, travel history, and other behaviors. Choosing a more comprehensive coverage guarantees that you receive more personalized premiums, which are often discounted.

Affordability :

The coverage provides financial protection for your loved ones after your death, so choosing inexpensive life insurance carriers for individuals 56 years old is vital. However, this does not imply that you should make significant changes to your existing financial circumstances in order to protect the future of your beneficiaries. As a result, look for a policy that suits your budget and allows you to pay your monthly payments even when times are bad.

Policy Conversion Option :

Because of their age, most people in their 50s will consider acquiring a term life insurance policy. If you are in good health, though, you will most likely live past the policy’s term. When your term life policy reaches the end of its term, you must convert it to a permanent policy.

Some life insurance companies do not offer the opportunity to convert a term life insurance policy to a permanent life insurance policy. By selecting a life insurance policy that allows you to convert quickly, you may avoid having to explore the market for a suitable life insurance provider once you turn 56.

Option to Convert Policy :

Most people in their 50s will consider purchasing a term life insurance policy because of their age. However, you will likely live beyond the term of your policy if you are in good health. Once you hit the final year of your term life policy, converting it into a permanent policy is essential.

Some life insurance providers lack the option to convert a term life policy into a permanent life policy. Choosing a life insurance policy with an opportunity to convert swiftly enables you to avoid going back to the market searching for a suitable life insurance provider after you are 56 years old.

Advantages of Living :

Finding a life insurance policy that provides certain benefits while you are still alive is important because it allows you to utilize the premiums you pay to fund medical costs, cancer treatment, and other expenses. Although removing cash from your coverage reduces the rewards to your beneficiaries, it saves you and your loved ones money if you become ill or handicapped.

A simplified explanation of cheap life insurance for 56 years (males and females)

Top 7 Low-Cost Life Insurance Companies For 56-Year-Olds :

Mutual of Omaha :

Founded in 1909, Mutual of Omaha is a highly-rated, Fortune 300 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. As a mutual company, Mutual of Omaha is owned by its policyholders and committed to providing outstanding service to its customers. For more information about Mutual of Omaha, visit Mission: Our mission we help our customers protect what they care about and achieve their financial goals. Vision: For every customer a financial future imagined, planned, and secured. Values: 1. We exist for our customers 2. We act with integrity 3. We are innovative 4. We are accountable for results 5. Together we achieve greatness. Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., FINRA ( SIPC ( Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. Home Office Address: 3300 Mutual of Omaha Plaza, Omaha, NE 68175. The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experiences. Any links to third-party websites and resources are provided solely as a convenience to you and not as an endorsement of the content. We make no representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party. Insurance products and services are offered by Mutual of Omaha Insurance Company or one of its affiliates. Mutual of Omaha Insurance Company is licensed nationwide. Each underwriting company is responsible for its own contractual and financial obligations.

Protective Life :

Founded in 1907, Protective Life Corporation (Protective) is on a mission to help more people achieve protection and security in their lives. Across its life insurance, annuity solutions and asset protection divisions, the Company helps more than 12 million people protect what matters most. Protective’s more than 3,600 employees put people first and deliver on the Company’s promises to customers, partners, colleagues and communities — because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective, a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), has grown to over $127B in assets as of Dec. 31, 2020. Protective is headquartered in Birmingham, Ala., and supported by its robust virtual workforce and core sites in Cincinnati and St. Louis. For more information about Protective, please visit


  • Competitive rates
  • Online applications
  • Rate readjustment after a year
  • Higher life insurance coverage

Fidelity :

At Fidelity, our goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. We do this by focusing on a diverse set of customers: – from 23 million people investing their life savings, to 20,000 businesses managing their employee benefits to 10,000 advisors needing innovative technology to invest their clients’ money. We offer investment management, retirement planning, portfolio guidance, brokerage, and many other financial products. Privately held for nearly 70 years, we’ve always believed by providing investors with access to the information and expertise, we can help them achieve better results. That’s been our approach- innovative yet personal, compassionate yet responsible, grounded by a tireless work ethic—it is the heart of the Fidelity way. For our Terms and Conditions, please visit

Customers can choose from a range of coverage options, including term life, whole life, and permanent life insurance when purchasing.

For example, for a 56-year-old male, you can pay around $160 per month for a $250,000 cover for 20 years, while a 56-year-old female pays $111.

Sproutt :

The life insurance revolution has arrived. Meet Sproutt, the life insurance company dedicated to discovering and rewarding the “hidden” healthy behaviors in everyone. Forget everything you may believe about traditional life insurance companies and prepare to unearth the possibilities that come with being rewarded with the best possible life insurance that reflects your lifestyle. Every element of your life is important – from how you sleep, eat, and move; using AI technology, our Quality of Life Index (QLI) will assess these behaviors and allow us to seamlessly offer you personalized policies. Together, we love your life and honor all the qualities that make it unique. In 15 minutes, discover the seamless way to get great rates and celebrate you!

Sproutt is a fast-growing life insurance platform, leveraging Insurtech to provide Sproutt Instant approval life insurance. It is considered an insurance generator with multiple life insurance policies, including term life, permanent life, and no-exam life insurance. For 56 years old, Sproutt enables you to get an idea of possible cheap life insurance providers’ monthly premiums that you are likely to pay for life insurance. For life insurance policies, Sproutt lets you access up to a $1,500,000 policy for a term of 10, 15, 20, or 30 years.

SelectQuote :

We help you keep your promises by shopping many highly rated insurance companies to find you the right coverage at the right price. Call (800) 691-5006. At SelectQuote, We Shop, You Save is our commitment to helping people like you keep their promises since 1985. SelectQuote shops many highly rated insurance companies to find you the best rates and have helped millions of families with their life, auto, home and Medicare insurance needs.

SelectQuote is an online insurance sales company offering quote comparisons between top life insurance companies. With coverage of as low as $5,000 to a maximum of $5,000,000, SelectQuote lets 56-year-olds evaluate different insurers and buy a policy that best suits them.

Bestow :

Bestow is the leading digital platform for life insurance. As both a direct-to-consumer destination and an infrastructure provider, Bestow powers instant life insurance solutions for businesses of all sizes, across any channel. In a world full of unknowns, Bestow is on a mission to make life insurance accessible to millions of underserved families by creating the best possible products and experiences that serve future generations.

For a 56-year-old male buying a $250,000 policy for a 20-year term, you can pay a $120 monthly premium while a 56-year-old female pays about $106 per month.

Northwestern Mutual :

Northwestern Mutual is here for what’s most important—helping families and businesses achieve financial security for over 160 years. Through a distinctive big-picture approach, including both insurance and investments, we’re helping people navigate life and guide them to their goals today, and in the days to come. We combine the expertise of our financial professionals with a personalized digital experience and leading-edge technology to best serve our clients.

With $265.0 billion in assets, $28.1 billion in revenues, and more than $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.5 million people who rely on us for life, disability income and long-term care insurance, annuities, brokerage and advisory services, trust services, and discretionary portfolio management solutions. The company holds more than $125 billion of client assets as a part of its wealth management company and investment services.

We are strong supporters of our financial workforce nationwide as well as our home office professionals in Milwaukee, WI. We’re continuing to grow, and we believe diversity makes us stronger as we help shape the future of financial security.

Help us get to know you by applying for open positions here:

Financial representatives and interns are independent contractors and not employees of Northwestern Mutual.

Average Life Insurance Premiums by State for 56-yr-olds

for A 20-year Term With $500,000 Coverage

California: $122 for males and $92 for females
Texas: $162 for males and $113 for females
Florida: $171 for males and $117 for females
New York: $165 for males and $119 for females
Pennsylvania: $156 for males and $112 for females
Kentucky: $161 for males and $121 for females
Ohio: $151 for males and $109 for females

Bottom Line for Cheap Life Insurance Providers for People 56 Years Old

If you are 56 years old, buying life insurance eliminates the need to worry about financial dependencies, final expenses, and debts after your demise. Above are some top cheap life insurance providers for people 56 years old including an extensive range of policies, solutions for those who need to buy coverage without a medical exam, and competitive rates. However, the best way to find the best rate is to compare prices from different providers by clicking here.