$50,000 Life Insurance Policy: All you need to know
When so many life insurance and policies are six figures, it may seem odd that so many people would even want a $50,000 policy. However, this may be the best choice for you 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 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.
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.
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.
A $50,000 Policy with Genworth
Rates with Genworth 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. Genworth has a great “A” rating from A.M. Best. Genworth does require a medical exam to get approved, but the next two companies we discuss (Transamerica, Fidelity) do not require an exam.
Say Jim is a 40-year-old male who does not use tobacco products and is in excellent health. He can get Preferred Plus rates from Genworth since they require an exam, here is an example.
$50,000 10-Year Term Life for 40 Year Old: $8 Monthly
$50,000 15-Year Term Life for 40 Year Old: $9 Monthly
$50,000 20-Year Term Life for 40 Year Old: $10 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 Genworth is cheaper than Fidelity Life as far as rates go. 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 Policy
Thanks for reading, $50,000 Life Insurance Policy. Still not sure which is the best option for you? Contact us today to learn more. You can call at 888-411-1329 to speak with a representative and get a customized quote. We look forward to working with you.