Last Updated: June 2020
If you are shopping for life insurance in your 50’s, below you will find advice to get the best policy for you. Many people from ages 50 to 59 think life insurance is too expensive, or don’t know where to start.
Each article below will make it simple for you. You’ll learn the best types of policies, the top carriers for your age, and tips to save on your life insurance policy.
Life Insurance at Ages 50 to 59
Below are all 10 articles for life insurance in your 50’s. Visit the page that corresponds to your age for the best information on shopping for life insurance.
- 50 Year Olds
- 51 Year Olds
- 52 Year Olds
- 53 Year Olds
- 54 Year Olds
- 55 Year Olds
- 56 Year Olds
- 57 Year Olds
- 58 Year Olds
- 59 Year Olds
If you’re looking for general advice on shopping for life insurance in this age group, we have that below.
Why Get Life Insurance in Your 50’s?
At age 50 to 59, you might now have kids who are close to or out of college. Unlike shopping for life insurance in your 40’s, many people in their 50’s have more income that they want to use to protect the money they’ve made and their loved ones.
At this point in time, many of our clients are tackling big debts to pay off before retirement combined with getting more serious about working toward retirement goals.
A lot of people in their 50’s who don’t have a lot saved up for retirement (most don’t) are looking at term life insurance policies that expire at their projected retirement or burial policies to take care of any final debts and burial costs.
Many people entering their 50’s are restructuring their life insurance programs as they make these big moves towards retirement and on the more emotional side, start to see more of their friends and family’s health start to deteriorate.
Some people purchase a term policy to ensure their family is okay financially if they unexpectedly pass away before retirement. Other people in their 50’s are starting to think of leaving a legacy for their children and grandchildren, and may purchase a permanent policy.
Finding Low-Cost Life Insurance Over 50 Years Old
Many people believe that after the age of 50, life insurance premiums become too expensive. If you know how to shop for life insurance the right way, you can find lower-cost policies.
Term life insurance is the easiest way to get covered in your 50’s for a low cost. Another option is to reduce your coverage amount by purchasing a burial insurance policy.
How Much is Life Insurance for People in Their 50’s?
The cost of life insurance at 50 to 59 years old depends on more than just your age. Your health, medical history, occupation, hobbies, and other factors also affect the price.
Most companies require a medical exam, questionnaire, and an underwriting process before they give you a quote. Life insurance in your 60’s becomes much more expensive, so it is usually best to purchase a policy soon unless you have some financial problems.
The 3 Best Life Insurance Companies for Ages 50 to 59
These three life insurance companies typically offer great policies for people in their 50’s.
- Lincoln Financial | Best for Term Life Insurance in Your 50’s – They offer great rates for high coverage amounts for people in this age group.
- Northwestern Mutual | Best for Whole Life Insurance in Your 50’s – Northwestern Mutual has strong dividend performance for this age group.
- Prudential | Best for High-Risk Life Insurance in Your 50’s – Prudential has a lot of underwriting advantages for people with prostate cancer, diabetes, and other health complications.
We still recommend comparing the companies above to other carriers.
Tips to Save on Life Insurance in Your 50’s
There are several things you can do to make sure you get the best rates on your life insurance policy.
- Consider a term life insurance policy. Term life insurance is less expensive, so you can afford more coverage.
- Try to stay healthy. Your health class helps determine your premium rates. If you do well on your medical exam, you will get lower rates.
- Compare 5 or more carriers. After you’ve decided the type of policy you need, and how much coverage you would like, compare as many top-rated carriers who offer that policy as possible. Then, simply pick the company with the best rates.
Our quote tool on this page can help you compare rates fast. Enter your age and other information to quickly see over a dozen top companies for people in their 50’s.