Life Insurance in your 50s

Life Insurance In Your 50s
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    If you’ve recently turned 50 or you’re between the ages of 51 and 59 year old, then finding the best life insurance deal is super important.


    It’s possible that this will be your last time buying life insurance. Typically, Banner Life has the best overall life insurance for ages 50 to 59 years old. Click here to see rates.

    Life insurance for people over 50 is a simple purchase and can be quite affordable. The key is using an experienced life insurance agent who can guide your through the process

    Life Insurance In Your 50s

    You may be under the impression that buying life insurance at age 50 is difficult or unaffordable. Most people think that life insurance is expensive and it’s going to be nearly impossible to fit their budget.

    Life insurance shoppers over 50 have some common concerns:

    1. Will they qualify based on their health?
    2. Do they actually need coverage?
    3. What policies are available when you’re over 50?
    4. What is the best life insurance policy for over 50?


    Choosing the wrong agent can hurt your bank account big time. Even worse, you could get denied because of their lack of experience. There are too many agents who simply can’t offer you the best deal. Many agents have limited access to companies which means your options are limited.

    Don’t stress…

    Life Insurance Blog is here to help!

     We’re going to show you how to avoid disasters and get the best deal for life insurance in your 50’s. We’ll show you sample life insurance quotes too.

    Remember, this is possibly the last life insurance policy you’ll every buy, so let’s do it right the first time.

    How Much will 50 to 59 Year Olds Pay for Life Insurance?

    How much is life insurance at 50? You’re probably wanting to get a quick idea of what your costs will be for life insurance. Let’s find out!

    life insurance quotes over 50 

    We compared quotes for everyone over 50. We calculated rates for ages 50, 51, 52, 53, 54, 55, 56, 57, 58, and 59. All rates are based on a non-smoking healthy male. Female rates will be less when all other factors are the same. 

    Sample Life Insurance Rates for 50 year olds

    Below are sample term life insurance rates for males and females age 50. Again, these are non smoker rates. The majority of these quotes require a medical exam (However, several of the Standard rates are Non Medical exam).

    The quotess are organized by gender and health class ratings (Preferred Plus and Standard health classes) to show you how prices increase based on health…and ageIf you use tobacco, you can approximate your rate by doubling the rates listed below & getting is shape after 50 can help lower your rates.

    Important: 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.

    Want to learn more about different life insurance types and term lengths?

    Read these helpful posts:

    Why Get Life Insurance in your 50s?

    There are many benefits to having life insurance when you’re over 50 years old. Let’s look at the Top 5 reasons to get covered:

    The Top 5 Reasons to get life insurance in your 50s

    Are you in any of these situations? If so, we’ll figure out what kind of coverage you’ll need. 

    1. 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. Life insurance can help with your spouses finances.
    2. Perhaps you would like to leave an estate behind for your children or help pay for estate taxes.
    3. 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.
    4. You many need to replace your income if you plan on still working. Many people continue working past the age of retirement.
    5. You may still have many years left on your mortgage. Perhaps you refinanced your home? 

    What’s the best life insurance policy for over 50?

    Your life insurance needs change throughout your lifetime, but you’re kind of at a weird age when it comes to buying life insurance.

    “Weird…How so?”

    Well when you’re younger, it’s an easy purchase. You know you need to replace income for the maximum amount of time to cover the mortgage and replace income.

    When you’re 50, your needs have probably changed. You’re probably thinking about…

    • How much coverage should you buy?
    • How long should you be covered?
    • What type of life insurance should you get?

    Expert Tip: Here’s an insider secret. Your coverage options dwindle as you get to certain ages in life. Life insurance companies have something called maximum issue ages. This means that companies won’t sell certain policies once you reach a certain age! In other words, you’re no longer 49 years old and buying options start decreasing in your 50s. 

    Let’s look at some examples.

    Term, Universal Life & Whole Life over Age 50

    1. Term Life Insurance

    Most people when they reach 50 want to buy a term life insurance policy. They know that it’s the least expensive type of policy that can be easily paid for with a fixed monthly payment.

    Unlike other types of life insurance with creative payment options, a term life insurance policy 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…

    …but not all companies offer year term in your 50s!

    Just look below:

    Here are 2 different life insurance companies with 2 different results when shopping for 30-year term.. The first company has a maximum age of 55 and the 2nd company has a maximum age of 50!

    term life insurance for over 50

    So you need to be aware…

    When you enter your fifties – your options start becoming limited quickly. You also need to be careful of confusing term policies.

    Beware of term life insurance that is not level throughout the term!

    For example with AARP term life insurance rates go up every 5 years! 

    Due to the low monthly cost of term life insurance, it is an affordable option for seniors and anyone over 50. However, the 5 year increases may become unaffordable down the line.

    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.

    2. Guaranteed Universal Life Insurance

    Sometimes term life isn’t the answer. Perhaps you need lifetime coverage.

    A guaranteed universal life policy should be the first permanent policy you look at. With a GUL policy, you can get coverage that lasts longer than term & cheaper than Whole life.

    Here’s how guaranteed universal life works…

    You buy a GUL policy to a specific age. Remember – term life is bought for a set length of time (10, 20 or 30 years). 

    When you buy a guaranteed universal life policy – you choose an age. For example, GUL can be purchased to any of these ages:

    • Age 90
    • Age 95
    • Age 100
    • Age 105
    • Age 110
    • Age 121

    This is a great way to work around the limitations of a term policy. 

    Remember! Some companies don’t offer 30-year term in your 50s. With GUL, you can get a policy to Age 90 instead!

    3. Whole Life Insurance

    For most people a whole life insurance policy will not be a good deal. The reason? It’s probably going to be the most expensive policy when comparing the same coverage amount.

    However, there are affluent shoppers who need whole life. A few examples are to protect themselves from estate taxes, leave an inheritance or as a way to build cash value.

    Get Life Insurance In 3 Simple Steps

    Get Life Insurance In 3 Simple Steps

    Compare quotes instantly from over 60 of the best life insurance companies.

    Our application can be completed online or by phone in minutes.  100% digital signatures.

    Great job! Your family is protected with your new life insurance policy…Congratulations!

    Life Insurance for Over 50

    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.

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

    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. The good news is that there is a lot of competition for your business and competition typically brings down costs.

    Life Insurance at age 50

    If you’re 50 years old or older, please use our quote form on this page to compare rates.

    You can also contact us and we can help you get an affordable term policy. We’re happy to provide you customized quotes from the dozens of life insurance companies we use to help our clients secure affordable life insurance.

    You’ll never get any pressure from us to buy and you’ll get unbiased advice.

    How great is that?

    Looking for more posts about Life Insurance in your 50s? We’ve written some age specific articles for you below.

    Michael Quinn

    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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