Best Life Insurance Options for 50 Year Olds

Many 50 year old people are interested in buying life insurance carry the misconception 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 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

If you want more specific rates and info about your age, we suggest visiting the page that corresponds with your age:

Life Insurance Over 50 – An overview of securing life insurance if you’re over the age of 50.

Life Insurance for 50-Year-Olds – Life insurance in your 50s can still be affordable, but there are a few things you should know first. Find out what to watch out for in this article.

Life Insurance for 51-Year-Olds – Want to know how much you should be paying for life insurance at 51? We’ve included tables here to help you figure out your rates.

Life Insurance for 52-Year-Olds – Learn about how to get the best rates on life insurance at age 52.

Life Insurance for 53-Year-Olds – You still have many options at age 53 to secure a great rate on life insurance.

Life Insurance for 54-Year-Olds – There’s never been a better time to get life insurance than at age 54, don’t wait any longer.

Life Insurance for 55-Year-Olds – You’re getting closer to 60 years old, but life insurance at a great rate is still possible. Find out how here.

Life Insurance for 56-Year-Olds – Read about the best ways to keep life insurance rates low, even at the age of 56.

Life Insurance for 57-Year-Olds – The older you are when you apply for life insurance, the more expensive it will be. Read about how to keep life insurance rates low at 57 years old.

Life Insurance for 58-Year-Olds – 58 is definitely not too late to apply for life insurance, but you shouldn’t put it off too much longer.

Life Insurance for 59-Year-Olds – You’re almost 60, but don’t worry, life insurance is still possible. There isn’t a huge jump just because you’ve reached 60, but the longer you wait, the more expensive life insurance will be. Learn why you should apply for life insurance today.

Do Over 50s Need Life Insurance?

More than likely that’s a big YES! Your age doesn’t determine if you need insurance coverage your not. Let’s look at the most common reasons people need to hold life insurance.

REPLACEMENT OF RETIREMENT INCOME

While life insurance is frequently purchased to replace lost income for a breadwinner in the case of unexpected death during his or her earning years, it can also be obtained for the replacement of lost retirement income for a spouse or significant other when you are over age 50.

In many cases, the income that is received through a pension or other retirement income source will be reduced – or will even completely stop – upon the death of the recipient. Do you have a backup plan if any of that income were to stop flowing in?

In this case, the proceeds of a life insurance policy could be used to replace those funds so the individual would not have to drastically reduce their lifestyle or spend down their savings in order to survive.

PAYING OFF DEBTS

When you turn 50 – or even older – it doesn’t mean that your debts will automatically disappear. Therefore, if the unexpected should occur, you won’t want to leave your loved ones responsible for paying them off.

Many years ago, most retirees and older individuals would have their homes, cars, and other large obligations paid off. Today, however, with people living such longer life spans, it is not uncommon to take on more debt as we go through life.

Because of this, it makes good financial sense to ensure these obligations would be covered so that loved ones would not have to be responsible for making the regular payments for years to come.

For pennies on the dollar, life insurance can be purchased which could wipe away a tremendous amount of debt easily – allowing your loved ones to move on, at an already difficult time for them.

FINAL EXPENSES

Regardless of your debt or income situation, most people will have at least some amount of final expenses when they die. These include the cost of a funeral and other related expenses such as a burial plot, headstone, flowers, transportation, and a memorial service. On average, funerals cost $10,000 or more today – an amount that would be difficult for many families to come up with on short notice. But, by having life insurance, the funds could be easily attainable so these costs could be paid off quickly.

In addition to the funeral-related expenses, many individuals may also have a large amount of uninsured medical or end-of-life hospice costs that loved ones are also responsible for paying. Life insurance proceeds could also help in paying off these expenses.

ESTATE TAXES

While not everyone will be responsible for estate taxes on their assets, those who are could see more than half of their total estate value go to the government – leaving much less going to the ones they love. But a life insurance policy could provide a way to pay the taxes that are due, thus allowing family and loved ones to rightfully inherit what is theirs.

CHARITABLE DONATIONS

Those who are age 50 and over may also have a favorite charity – and by making that charity the beneficiary of a life insurance policy, the organization can receive a nice tax-free benefit to use for their works.

KEEPING YOUR PROMISES

In addition to the many other reasons for owning life insurance over age 50, one of the biggest purposes to having this coverage is to keep your promises. This means that this financial tool can allow you to ensure a child or grandchild can still attend the college of their choosing and /, or a loved one can still pay for the wedding of their dreams – even if you are not there. By having the proceeds of life insurance available, you can ultimately keep the promises made to those you care about.

Is Over 50 Life Insurance Hard To Qualify For?

Yes and No.  Let me explain.

As everyone gets older, the chance of developing health issues increases.  The only reason life insurance in your 50’s would be harder to qualify for is if you developed any health issues.

In fact, it may be EASIER to qualify for life insurance in your 50s in some instances.  For example: those who develop diabetes in their 50’s receive better life insurance health classifications than those who were diagnosed in their 30s or 40s.  Also, if you’ve had a health issue for a while and have demonstrated control over a long period of time, you may receive a better health classification than when you were first diagnosed.

If you’re concerned about any health issues, the best thing to do it call us or fill out our quote form and we’ll show you the company which will give you the best life insurance rates based on your health situation.

We can help just about any health issue as long as you demonstrate control and compliance to your doctor’s orders.

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 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.

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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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