Life Insurance in your 50s

by | Life Insurance Ages

What do Michael Jackson, Bernie Mac, Errol Flynn & Steve McQueen all have in common? They all passed away at the age of 50.

You may be under the misconception that finding life insurance at age 50 is difficult. That it’s expensive and impossible to fit your budget . Will it be able to fulfill your needs? Ensuring that your loved ones will not have to worry about finances after you pass away has likely crossed your mind more than once, especially if you are leaving behind someone who has been dependent on your income. Thankfully, there are different types and levels of life insurance to choose from, which makes finding a life insurance policy that is tailored to suit your needs easier than ever before. Life insurance rates by age can vary greatly which can be a great thing for the consumer.  There is a lot of competition for your business.

Why Get Life Insurance in your 50s?

There are many benefits to having life insurance over 50 years of age. If you are like many people today, you may not have a pension plan that will provide benefits to your spouse after you pass away. Perhaps you would like to leave an estate behind for your children. With the increasing cost of funeral services, many people choose life insurance coverage in their later years simply as a means of paying for their funeral arrangements and not placing the burden on their loved ones. Due to the low monthly cost of term life insurance, it is an affordable option for seniors.

About Term Life Insurance

Most people when they reach 50 prefer to obtain a term life insurance policy that can be easily paid for by a fixed monthly payment. Unlike other types of life insurance with varying payment structures, standard term life insurance guarantees the same payment over the duration of the term. Term life insurance policies can last anywhere from ten to thirty years, depending on your individual needs. However, the policy can continue after the expiration of the term for a higher monthly premium. Be ware of term life insurance that is not level throughout the term. For example with AARP term life which is through NY Life, rates increase every 5 years.

Types of Term Life Insurance Policies

There are three basic types of term life insurance policies to choose from, and each one may be beneficial under certain circumstances. Here’s a review of each type of policy so that you can make an informed decision:

• Annually Renewable – This type of policy must be renewed each year. It is less expensive at first, but the premium increases each year. I would only recommend this if you need life insurance for a short period of time. This can be a cheap option for short term coverage, but can get expensive over a longer term as rates increase each year.

• Level Term – This is the most common type of term life insurance. It is popular because the coverage and the premium remains the same throughout the term.

• Return of Premium – This unique type of policy is more expensive than the others, but it allows policy holders to receive the total amount of the premiums they have paid during the course of the policy if you outlive the term duration. I generally don’t recommend this option as you can get a better return on your money by investing the additional premiums required for this policy instead of giving that money to the insurance company.

As everyone’s needs are different, it is important to choose a term life insurance policy that best suits your individual needs. Comparing the rates from various companies for the same coverage options is the best way to ensure you receive a policy with the best possible rates.

Sample Life Insurance Rates for 50 year olds

Below are sample term life insurance rates for Non Smokers. The majority of these quotes require a medical exam (However, several of the Standard rates are Non Medical exam). The rates are organized by gender and health class ratings (Preferred Plus and Standard health classes). If you use tobacco, you can approximate your rate by doubling the rates listed below.


Term life insurance rates for a 50 year old Male with a Preferred Plus Health Rating. 

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000
$16.99
$21.76
$27.48
$28.76
$100,000
$14.16
$18.99
$22.88
$37.24
$250,000
$23.81
$33.19
$42.59
$73.00
$500,000
$41.76
$59.94
$78.03
$134.35
$750,000
$62.64
$87.28
$115.49
$198.94
$1,000,000
$74.88
$110.20
$146.03
$258.39
$2,000,000
$147.17
$214.55
$292.05
$511.56

 


Term life insurance rates for a 50 year old Female Preferred Plus Health Rating.

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000
$15.00
$16.16
$19.69
$32.76
$100,000
$12.71
$15.31
$18.75
$29.84
$250,000
$
20.48
$
24.44
$
32.70
$
53.98
$500,000
$35.56
$42.59
$56.63
$101.12
$750,000
$51.84
$63.88
$84.66
$148.91
$1,000,000
$63.01
$79.60
$105.13
$173.35
$2,000,000
$122.15
$153.95
$209.83
$341.16

 


Term life insurance rates for a 50 year old Male Standard Health Rating.

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000
$19.44
$24.57
$29.59
$37.15
$100,000
$23.95
$29.75
$36.72
$64.27
$250,000
$48.80
$61.28
$76.97
$138.10
$500,000
$88.87
$114.49
$145.78
$268.50
$750,000
$132.46
$171.73
$218.67
$399.98
$1,000,000
$164.77
$214.45
$276.92
$500.94
$2,000,000
$324.28
$423.69
$551.26
$996.62

 


Term life insurance rates for a 50 year old Female Standard Health Rating.

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000
$16.02
$18.27
$21.56
$32.40
$100,000
$20.03
$24.17
$28.72
$46.97
$250,000
$37.17
$47.27
$59.16
$96.36
$500,000
$66.14
$87.21
$111.79
$186.75
$750,000
$98.63
$129.74
$165.08
$277.36
$1,000,000
$123.55
$162.41
$210.10
$366.36
$2,000,000
$242.37
$323.40
$414.99
$730.14


 

Life Insurance at age 50

If you’re 50 years old or older, please use our quote form on this page to compare rates, or call us at 888-411-1329 and we can help you get an affordable term policy.

Thank you for reading our post, Life Insurance in your 50s. Please leave a comment or question below.

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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