Best Life Insurance Options for 51 Year Olds

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Life Insurance For 51 year old maleThis post is dedicated in the memory of James Gandolfini (star of the Sopranos), who passed away from an apparent heart attack at 51 years old.

As we learn every day, tomorrow is promised to no one whether you’re 21 years old or 51 year old.

Many people over 50 looking to buy life insurance have the misconception that life insurance rates increase a lot once you hit your 50’s.

The truth is, YES your life insurance rates increase with every year that passes, but they increase just the same for every other age band.

Take a second to compare life insurance quotes for a 51 year old person. You’ll see it’s not that much different from 1 year ago.

Does that mean you should wait to buy life insurance?

Heck no! The biggest mistake 51 year old people make is putting life insurance on the back burner to save money for a few years.

First of all, life insurance rates are based on your current health and as you get older more health issues come up and when you factor that in with your age, it can get cost prohibitive. Regardless of how old you are, it’s possible to get affordable life insurance coverage. There are dozens and dozens of ways that you can get cheaper insurance protection. Don’t let your age keep you from getting affordable life insurance.

Secondly, the biggest reason 51 year olds buy life insurance is to replace their income during these critical income earning years if something were to happen to them. Your family has some sort of financial dependence on you, right? The risk of leaving your family in a poor financial situation if something were to happen to you is at it’s highest right now. Don’t delay protecting your family.

Cheap Term Life Insurance Quotes for 51 Year Olds

Here are some sample quotes. Keep in mind, life insurance rates fluctuate so use our instant quote tool to view the most updated life insurance rates.

The rates below are for NON-SMOKERS. If you’re a smoker, your rates are typically double these rates.

Term life insurance for a 51 year old male “Preferred” health class (minor or no health issues), monthly rates:

                          $50,000   $100,000   $250,000   $500,000  $1,000,000
10 year term         $14           $17           $34            $61             $113
15 year term         $18           $23           $44            $83             $160
20 year term         $20           $29           $55            $103           $199

Term life insurance for a 51 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         $19           $23          $49           $92              $177
15 year term         $23           $31          $67           $129            $238
20 year term         $28           $41          $87           $167            $323

Term life insurance for a 51 year old female “Preferred” health class (minor or no health issues), monthly rate

                          $50,000  $100,000  $250,000   $500,000  $1,000,000
10 year term         $12          $14          $27           $49               $87
15 year term         $14          $17          $32           $58               $108
20 year term         $17          $21          $42           $77               $144

Term life insurance for a 51 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         $17         $17           $34            $61              $117
15 year term         $19         $24           $50            $95              $175
20 year term         $22         $30           $67            $124            $233

How To Save Money on Your Life Insurance for 51 Year Olds

We know that cost is the biggest factor in securing term life insurance, so make sure you’re working with an independent life insurance agency who has access to all the top rated life insurance carriers.

Every insurance company is different, and all of them are going to offer you different rates based on their medical underwriting and rating system. Finding the perfect company is the difference in getting an affordable life insurance plan or getting one that’s going to break your bank every month.

Because there are hundreds and hundreds of insurance companies on the market, you could spend weeks calling different agents. Instead of wasting your valuable time, let one of our agents do all of that hard work for you. Not only can we save you time, but we can also save you money as well.

At Rootfin, we represent over 60 life insurance carriers and don’t play “favorites” to any specific life insurance company. Whoever will offer the lowest life insurance rates is the company we’ll recommend.

If you don’t have any health issues or even controlled minor health issues like controlled high blood pressure or cholesterol, compare life insurance quotes using our instant life insurance quoter. These are current and accurate rates provided from the life insurance companies themselves.

However, if you have any health issues, we’ll need to speak with you so we can gather some details and do our research. Every life insurance company will look at your health situation differently. It’s our job to find the company that will look most favorably at YOUR individual health situation.

We do this for our clients all day long. We’re dedicated to making sure you have the lowest life insurance rates possible.

Another way that you can save money is to cut out any tobacco that you use. If you smoke, then you should expect much higher rates. In fact, smokers are going to pay twice as much for their insurance protection versus what a non-smoker is going to pay for the same sized plan. If you want to save thousands of dollars, kicking those bad habits is going to be one of the best ways to do that.

Another way that you can save money is to improve your overall health. Before the insurance company accepts your application for coverage, they are going to require that you take a medical exam. The results of that medical exam are going play a major role in your premiums. If you want to save money, then you need to get better results from the medical exam. The two best ways to do that are to get exercise and stick to a diet. Both of these will help you lose weight, lower your blood pressure, and much more. All of these are going to translate into lower premiums. Before you apply for life insurance, take the time to improve your health, it can lower your premiums by as much as 50%.

May the BEST quote win!

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Choosing The Best Life Insurance Policy at Age 51

Ask yourself what’s prompted you to search online for life insurance. Is it to not leave a burden behind if your family lost your income? Is it to cover burial or final debts?  Or are you buying life insurance for your parents?  These questions should lead you to the amount of coverage you need.

As far as term length goes, many people purchase life insurance until they retire. Is this to cover a mortgage or any debts? Then forecast how long that will take.

A strategy many 51 year old people are taking is buying a term life insurance policy until they retire, but also purchasing a burial insurance policy that remains level the rest of their life.

For example: You may buy a 15 year term policy that gets you to age 66 and when that expires, you’ll have the burial/final expense policy in place that will be very inexpensive since you bought it so early.

For most 51 year olds, it’s about working within a budget. We understand that. We’ll find something within your budget that won’t stress you out.

Two Other Types of Policies To Consider

Whole life insurance for a 51 year old will be very expensive, but if you just need burial costs and final expenses to be covered, it’s very inexpensive at your age. Many 51 year olds will buy a $10,000, $15,000 or even a $25,000 whole life insurance policy which requires no medical exam required and the payments are guaranteed level for the rest of your life!

If you’re looking for the cheapest amount of life insurance that doesn’t expire, “Guaranteed Universal Life Insurance” is the best choice for 51 year olds. It’s more expensive than term coverage, but if you have permanent needs – this product will be your best option.

With either of these types of policies we recommend getting them as soon as possible, because the rates go up as you age.  For instance a person who is 58 and looking for permanent life insurance will pay significantly more than a 51 year old.

Every applicant is different, and not every family needs the same type of life insurance coverage. There is no “one plan that fits all,” and you will need to compare every type of policy available. If you’re looking for the most affordable plan available, then a term policy is going to be the best plan for you. On the other hand, if you don’t want to worry about having to apply in the future, then a permanent type of coverage is going to be a better option.

Bottom Line

Life insurance is the best safety net that you could ever buy. It’s vital that your family has the coverage that they need.

We understand that life insurance at 51 years of age needs to affordable. Your best bet is to seek an independent life insurance agency (like us!) who can compare ALL your options. If you have any questions, please don’t hesitate to reach out to us. We’re all licensed and experienced life insurance agents here. And don’t forget to compare rates on our website!

We know that shopping for life insurance is never going to be fun. That’s why we are here to help. It’s our mission to ensure that you’re getting the best plan possible. Nobody wants to think about his or her death, but that’s why we are here to help.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance coverage that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance coverage, your family would be responsible for a massive amount of debt and other final expenses.

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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