Best Life Insurance Options for 50 Year Olds

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. Yes, life insurance in your 50s is going to be more expensive than it was when you were 30, but it’s not astronomical.

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 this mean you should wait a couple of years to buy a policy? 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.

Also, one of the biggest reasons that people over 50 take out life insurance policies is help your family if they were to ever suffer loss. Do you know if you can afford a life insurance in your 50s? Which company should you choose? This article is going to answer those questions and more.

Affordable Term Life Insurance 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. Take these numbers with a grain of salt. Your rates could be drastically different depending on your health.

These rates are for non-smokers only. If you do smoke while seeking life insurance coverage, we can help you find the cheapest policy.

Here are some quotes for a 50 year old male who is put in the “Preferred” class: 

$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

These are quotes for the same applicant, but put in the “Standard” health rate:

$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

Women are going to get cheaper insurance premiums. Here are some quotes for 50-Year-Old Women in excellent health:

$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

50 year old female “Standard” health class (controlled health issues):

$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

Cost is the determining factor in whether or not people actually take out a life insurance policy. 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 agency.

Can you imagine having to call 60 insurance companies? It would take a LONG time. You don’t have to, all you have to do is make one call to us.

If you haven’t been diagnosed with any health problems, 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 a health problem though, you might be labeled as a high-risk, we’ll need to speak to you first to assess your individual situation. We need to get some information before we help you get life insurance. We need to know which company is going to give you the best rates.

If you are a high-risk applicant, you’re going to be paying more for life insurance, but you don’t have to. There are some ways you can get approved for a cheaper policy.
Why will you pay more? It’s simple. The life insurance company wants to figure out how much risk you are for a plan. If you’re more risk, they want to ensure they are going to make money off of you. If they think you may pass away earlier, then they will need more money quicker.

This mean, if you want to save money, you need to pose less of a risk. How can you do this? The first step is to see your doctor. Schedule an appointment and they can give you some ideas on how your health is and ways you can improve it.

Maybe you have high cholesterol or blood pressure. These can usually be fixed with a diet change. Maybe you are a little overweight, going for a job several times a week could fix that. If you don’t know what you need to change, you’ll never be able to get cheap life insurance.

One guaranteed way to save money is to not use any tobacco. As we mentioned in the quotes above, smokers pay a lot more for life insurance. But it’s not only cigarette smokers. With most companies, people who chew tobacco or use e-cigs are going to get those higher rates as well.

The Best Life Insurance Policy at Age 50

There is plenty of life insurance options out there. It’s a great thing to have choices, but it can also make the decision difficult.

Before you buy a plan, you need to think about why you’re purchasing the plan. Are you buying a plan to cover your mortgage loan? To help your kids pay for college? Replace your income? Whatever the reason, it’s going to change the plan you buy.

Next, determine how long you want life insurance. Many people take out life insurance policies until they retire, while some want their life insurance policies to extend until the day they pass.

An example of this is someone at 50 years old buys a 15 year policy which protects them till 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.

Whole Life Insurance for 50-Year-Olds

What if you don’t want a plan which is going to expire? If you’re one of those people who want a permanent plan, you may consider buying a whole life insurance policy.

Every insurance company has a maximum age limit they cover, most are around 90. You plan is active until this point. Some companies have even higher limits, at a 100 or more.
As you can probably guess, the longer the protection, the more you’re going to pay for your plan. As an older applicant, your premiums are going to be triple or more what a term plan will cost.

 

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 rootfin.com. 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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4 Comments

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
Lorinda Brown

Im hoping to hear from you soon regarding my quote.

March 22, 2018 at 4:02 am
    Jeff Root

    Hi Lorinda,

    I just saw this comment. It was great working with you and glad we could find you affordable coverage.

    April 3, 2018 at 6:24 pm
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