$50,000 Life Insurance Policy: All you need to know

What Life Insurance Companies Look ForWhen so many life insurance and policies are six figures, it may seem odd that so many people would even want a $50,000 life insurance policy.

However, this may be the best choice for you.

No matter if you are a young adult and cannot yet afford bigger policies, or if you are on the opposite side of the age spectrum and do not have any dependent children.

A $50,000 dollar life insurance policy can meet your goal of protecting your loved ones.

$50,000 Life Insurance Policy

A $50,000 life insurance policy will easily help pay for your funeral and burial costs, as well as help take care of any debts you may have left behind.

Any life insurance amount is better than none at all.

Insurance providers that offer $50,000 policies are surprisingly not always easy to find, however, even though this is actually the minimum coverage amount for multiple companies.

For others, the minimum is higher— with many even starting their minimums at $100,000 of coverage.

Fortunately, we work with dozens of different life insurance providers, and we’re here to help find the one that is best for you so you can get the coverage you need.

You can start comparing insurance rates at any time using the quote tool on this page, but in the meantime keep reading to learn more about getting a $50,000 policy.

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Life Insurance Types

Qualifying for a $50,000 Life Insurance Policy

For the most part, qualifications are based on your personal financial situation, and this primarily means your income.

If you are older, such as 70 and up, your general financial situation and health will have more gravity, since you are likely retired by this point. A $50000 life insurance policy may meet all of your needs.

Your health history also matters a lot when you are applying for a life insurance policy, and in many cases you may be required to have a medical exam done as part of your application.

With others, you will just need to fill out a very detailed questionnaire about your health, and depending on your history, you may be then required to get a medical exam done as a result.

Keep in mind that withholding information about your health can result in you getting a denial; so be sure to be as open as possible during the application process.

How Much is a $50000 Life Insurance Policy?

As with all life insurance policies, rates vary by a variety of factors. Some of the biggest factors are Age, Tobacco Use, Health, and the Death Benefit Amount. We’re going to go over some of the top life insurance companies for $50,000 term life insurance shortly. However, with regards to how much a $50,000 life insurance policy can cost, let’s look at some examples:

  • $50,000 20-Year Term Life for 20 Year Old Male: $9.30 Monthly

  • $50,000 20-Year Term Life for 30 Year Old Male: $9.41 Monthly

  • $50,000 20-Year Term Life for 40 Year Old Male: $11.33 Monthly

  • $50,000 20-Year Term Life for 50 Year Old Male: $20.25 Monthly
  • $50,000 20-Year Term Life for 60 Year Old Male: $50.10 Monthly

These sample rates were all based on “Preferred” rates. That means that these premiums are the best case scenario for applicants in excellent health. If you have some health issues, you may fall under “Standard” health rates. Standard rates will be more expensive compared to Preferred rates.

Your final rate will be determined by the life insurance company you apply with. It is very important to use an independent agent like Life Insurance Blog to help research which companies will look at your specific health the best.

$50000 Life Insurance No Exam

The great news about a $50000 term life insurance policy is that many life insurance companies offer a No Medical Exam option for this benefit amount. You can secure a policy much quicker without a medical exam. You won’t have to coordinate a time and a place to complete an exam. Most No Exam policies are very quick to complete over the phone with your Life Insurance Blog agent.

Let’s look into some of the companies that offer $50,000 no exam life insurance.

A $50,000 Policy with Foresters

Rates with Foresters are some of the lowest around that still come with decent coverage.

Another bonus is that is also open to people 65 years of age or older, so if you’re a “late bloomer” when it comes to insurance, you’re in luck.

Foresters has a great “A” rating from A.M. Best. Foresters does not require a medical exam to get approved.  The next two companies we discuss (Transamerica, Fidelity) do not require an exam as well.

Say Jim is a 40-year-old male who does not use tobacco products and is in excellent health.

He can get Standard rates from Foresters for their No Exam policy. The policy is structured as an Accept or Reject decision.

Here is an example or rates.

  • $50,000 10-Year Term Life for 40 Year Old: $13.21 Monthly

  • $50,000 15-Year Term Life for 40 Year Old: $15.40 Monthly

  • $50,000 20-Year Term Life for 40 Year Old: $17.37 Monthly

  • $50,000 30-Year Term Life for 40 Year Old: $24.24 Monthly

A $50,000 Policy with Fidelity Life

Approval with Fidelity Life is often very fast, in some cases taking only 24 hours.

Fidelity Life also has an “A-” rating with A.M. Best, which is considered “Excellent” and allows people to apply for coverage up until age 65.

If you need to get a life insurance policy quickly, Fidelity is the way to go.

For a 40-year-old male nonsmoker, Fidelity Life is likely to offer the following in terms of rates for a $50,000 policy.

  • $50,000 10-Year Term Life for 40 Year Old: $21.92 Monthly

  • $50,000 15-Year Term Life for 40 Year Old: $22.18 Monthly

  • $50,000 20-Year Term Life for 40 Year Old: $22.45 Monthly

A $50,000 Policy with Transamerica

Transamerica usually runs a little higher than Foresters is roughly the same rates that Fidelity Life provides.

Transamerica has a superior “A+” rating with A.M. Best and is one of the leading term life insurance companies in terms of success and policy options. People can apply for coverage up to age 80, which is rare.

Another one of the pros here is that, typically, no medical exam is required for $50,000 policies when applying up until age 70.

Unlike Fidelity, Approval with Transamerica will take 3-4 weeks as they will order your doctor’s records (however they don’t require a physical exam).

Here are some examples of Transamerica’s rates with different term lengths for a 40-year-old male nonsmoker:

  • $50,000 10-Year Term Life for 40 Year Old: $20 Monthly

  • $50,000 15-Year Term Life for 40 Year Old: $21 Monthly

  • $50,000 20-Year Term Life for 40 Year Old: $21 Monthly

$50,000 Life Time Policy – To age 100 or 120

There is also the option of getting a policy that lasts forever as opposed to a term life insurance policy.

I suggest considering a Guaranteed Universal Life insurance policy if your goal is to have lifetime coverage that can make sure there is money to cover final expenses or burial costs.

When you compare rates using our quote tool, you will see options for GUL No Lapse to age 100, or age 121.

The benefit of a Guaranteed No Lapse Universal Life is that the rate is guaranteed never to increase and the policy can not lapse like some other ULs. It is also a cheaper option than a whole life policy.

$50,000 Life Insurance Policies

Thanks for reading, $50,000 Life Insurance Policy.

Still not sure which is the best option for you?

Contact us today to learn more. We’ll work with you and shop your case from dozens of the best life insurance companies. You’ll receive unbiased advice because we don’t work for any life insurance company.

We work for you!

You can call at 888-411-1329 to speak with a representative and get a customized quote. We look forward to working with you.

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Michael Quinn

Michael Quinn is the founder of LifeInsuranceBlog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.

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