Best Life Insurance Options for 50 Year Olds

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Many 50 year old people that are interested in buying life insurance carry the misconception that the rates for life insurance increase substantially as soon as you get to your 50s. The truth is that your life insurance rates will increase every year that passes but that is the same for anyone no matter what age they are.

Term Life Insurance for 50 year old maleIf you take a second to compare the rates of a 50-year-old person to a 55-year-old person’s life insurance premiums you’ll see that a few years really do not make all that much of a difference.

Does that mean though that you should wait to buy life insurance? Definitely not!

In fact, one of the most common mistakes people in their 50s make is putting their life insurance on hold for a few years to save money.

You should know that life insurance rates are based off of your current health condition and the older you get the more health issues are likely to arise, causing the cost of your health insurance to go up.

Also, one of the biggest reasons that people over 50 take out life insurance policies is to replace their income during their critical income earning years if something unexpected were to happen to them. If something were to happen to you what would your family do? You would not want to leave your family in a bad financial situation if something like that were to happen to you.

Cheap Term Life Insurance Quotes for 50 Year Olds

Before you begin searching for quotes though, have a look at this sample table of quotes we’ve prepared for you. Keep in mind, that these are just samples and since rates fluctuate they may not be current. Please use them as a guideline and then use our quote tool or an agent to find out how much your life insurance will actually cost.

Also, the rates below are for NON-SMOKERS. If you do smoke while seeking life insurance coverage, expect the rates to be double.

Term life insurance for a 50 year old male “Preferred” health class (no or minor health issues), monthly rates:

                          $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term        $13          $16          $31           $56           $100
15 year term        $16          $21          $41           $75           $145
20 year term        $19          $27          $51           $94           $182

Term life insurance for a 50 year old male “Standard” health class (controlled health issues), monthly rates:

                          $50,000   $100,000  $250,000  $500,000  $1,000,000
10 year term        $18          $22           $45           $84           $162
15 year term        $22          $29           $62           $118          $219
20 year term        $26          $38           $79           $151          $289

Term life insurance for a 50 year old female “Preferred” health class (no or minor health issues), monthly rates:

                          $50,000  $100,000   $250,000  $500,000  $1,000,000
10 year term        $11          $13           $25            $45            $81
15 year term        $14          $16           $31            $55            $101
20 year term        $16          $20           $39            $71            $132

Term life insurance for a 50 year old female “Standard” health class (controlled health issues), monthly rates:

                         $50,000  $100,000   $250,000  $500,000  $1,000,000
10 year term        $16          $17           $32            $58            $109
15 year term        $18          $22           $47            $88            $165
20 year term        $21          $28           $62            $114          $216

Secure the Lowest Rates Using These Tips

Usually cost is the biggest factor in whether or not people actually take out a life insurance policy so getting it cheap is important to most people. We have found that the best way to get a cheap life insurance policy is to work with an independent life insurance agency who has access to all the top rated life insurance companies.

We represent over 60 life insurance carriers and we don’t ever play favorites with any certain company. All we are after is getting you the lowest rates for life insurance possible.

If you don’t have any outstanding medical conditions, then you should start by using our free quote tool, which will give you a life insurance quote in under a minute.

If you have any sort of health problems though which may label you as a high-risk, we’ll need to speak to you first to assess your individual situation. Since each life insurance company assesses risk differently, we’ll need to contact each one individually.

This is what we do day in and day out though, so rest assured we will be able to get you the best rate.

There are several other ways that you can secure better rates for your life insurance coverage. As we mentioned, smoking is one of the worst things that you can do for your health and your life insurance premiums. If you’re a smoker, you’ll pay at least twice as much for insurance coverage versus what a non-smoker is going to pay for the same sized plan. Quitting smoking is going to save you thousands and thousands of dollars during the course of the life insurance plan.

Another way that you can save money is by improving your overall health. Before the insurance company accepts your application, they are going to require that you take a medical exam. The results of the exam are going to play a major role in how much you pay for your coverage. If you want to save money, you’ll need to get in better shape.

The two best ways to do that are be starting a regular exercise routine and cutting out any junk food. Both of these can help you lose weight, lower your blood pressure, and reduce your risk of being diagnosed with health complications later in life. If you want to save money, then you’ll need to hit the gym.

Choosing the Best Life Insurance Policy at Age 50

First ask yourself what has prompted you to start searching for life insurance. Is it so that you don’t burden your family members with financial debt after your passing? Is it to cover the cost of your funeral and other final expenses? Your answers to these questions will help you determine what type of plan will be suitable for you.

When it comes to term length you’ll need to decide on that as well. Many people take out life insurance policies until they retire, while some want their life insurance policies to extend until the day they pass.

Something many people in their 50s do is take out a term life insurance policy that covers them until they retire, but also purchase a burial insurance policy that will have the same rate for the rest of their life.

A good example of this is someone at 50 years old takes out a 15 year policy that gets them to the age of 65, the year the expect to retire. They will also have a burial insurance policy in place to cover those expenses when the term coverage runs out.  That burial policy will be very inexpensive since it was bought so early.

Two Additional Types of Life Insurance Policies 50 Year Olds Should Consider

By the time you reach your 50s, whole life insurance could be quite expensive. If all you need is your funeral and other final expenses to be covered, it can be quite cheap though. Many people take out a final expense policy for $10,000-$25,000 which requires no medical exam and lets them pay the same amount for the rest of their life.

Many people will find something like “Guaranteed Universal Life Insurance” to be a better option. It is more expensive than term coverage but it’s permanent coverage with level premiums for the rest of your life.  For instance, a 59 year old looking for a policy who has diabetes, may get a better rate with this type of policy. You can compare these rates on our website as well.

Bottom Line

We understand your need to keep cost down as much as possible. For that reason we recommend you to seek out the assistance of an independent life insurance agency (like us) who can compare all of your options.

You never know what life is going to throw at you tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family needs. If something tragic were to happen to you, and you didn’t have life insurance coverage, your family would be left with a massive amount of debt and other final expenses. It’s our mission to ensure that you’re getting the best rates available for your insurance coverage.

Our independent insurance agents have years and years of experience working with all types of clients and can bring all of the best insurance plans directly to you. If you tried to handle the search alone, you could spend weeks calling different companies. Let one of our agents save you both time and money on your life insurance search.

Since this is a lot of information to process all at once, if you have any questions then please contact us directly. We are here to help. Also don’t forget to use the free tool on our website to compare rates.

About Jeff Root

is the owner of He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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Daniel Sullivan

No exam 10 year term life insurance 150k / 250 k

December 1, 2016 at 9:08 pm
    Jeff Root

    Hi Daniel,

    We emailed you, but just complete the instant quote form on our site and look for Sagicor and ANICO – they’ll both not require an exam for $250k and under.

    December 18, 2016 at 2:35 pm
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