Luis Pazos 
If you’re young and healthy, finding life insurance is usually a breeze. Typically, you just decide on the coverage amount, apply online for a quote, and some term life insurance companies might even offer policies without a medical exam. But once you hit 50, it isn’t as straightforward. You’ll likely need to settle for less coverage to keep your premiums affordable and might have to undergo a medical exam with more scrutiny.
Luckily, getting life insurance in your 50s or even 60s is still feasible. You’ll just need to adjust your expectations and compare different options to find the best deal.
Unique Challenges for Those Over 50 Buying Insurance
When you’re over 50, several factors make it harder to get life insurance. First, your age works against you—premiums get pricier as you get older. After 50, the cost for significant coverage can skyrocket, making it crucial to shop around and compare quotes.
Health is another issue. As you age, you’re more likely to develop chronic conditions, which can complicate getting insured. You’ll have to answer health-related questions, and any red flags could either raise your premiums or disqualify you altogether.
The length of the policy also matters. For example, a 30-year term policy at 55 will be expensive, whereas a 10-year policy might be more affordable. Some go for permanent coverage like whole or universal life insurance, but these can be costly too.
Finding the Right Life Insurance Policy When You’re 50
If you stick with one insurer, you’re tied to their underwriting rules and prices, which vary widely. One insurer might consider you a "standard" risk and offer average rates, while another could see you as "substandard" and charge more for the same coverage.
That’s why it helps to work with an insurance expert who can submit your details to multiple carriers. Comparing options before making a final choice is always smart. We can help you compare various policies and companies quickly. Just use our search tool. This way, you can check prices and coverage without applying to each insurer individually.
It’s essential to get the right coverage for your family, no matter your age or health. Start comparing quotes from top life insurance companies by selecting your state. Even in your 50s, you can find a policy that suits your needs. Planning for your eventual death isn’t fun, but it’s crucial for your loved ones.
Do People Over the Age of 50 Still Need Life Insurance?
You might think life insurance isn’t necessary after 50, especially if your kids are grown and you’re nearing retirement. However, there are still plenty of reasons to have life insurance at this age.
Burial Insurance: Funerals can cost over $10,000, including services, cemetery plots, and final medical bills. Life insurance helps cover these expenses.
Estate Taxes: Estate taxes can take a chunk out of your assets. Life insurance can help your heirs pay these taxes without selling off valuable assets.
Income Replacement: If you have a pension that won’t continue for your spouse, life insurance can help maintain their standard of living.
Business Succession: If you own a business, life insurance can provide funds to keep it running smoothly if something happens to you.
In short, having life insurance gives you peace of mind and ensures your loved ones are financially taken care of, regardless of your age.
Which Type of Life Insurance Is Best When You’re Over the Age of 50?
With so many choices online, shopping for life insurance can be overwhelming. It’s essential to understand the different types of coverage available.
Term Life Insurance
Term life insurance covers you for a set period—usually 10, 15, 20, or 30 years. It offers basic death benefit coverage without any cash value. These policies often serve "temporary" needs, like paying off a mortgage. If you outlive the policy, you’ll need to reapply at your current age and health, often meaning higher premiums.
Permanent Life Insurance
Permanent life insurance, such as whole life, never expires and includes a cash value component that grows over time. These policies cost more, but they lock in premiums for life and allow you to build up savings on a tax-deferred basis. Unlike the stock market, the cash value grows at a guaranteed rate. Plus, the death benefit is tax-free for your beneficiaries.
No Medical Exam Life Insurance
For those with severe health issues, no medical exam life insurance might be the only option. These policies have simpler underwriting and quicker approval. It’s worth looking into if you’ve been declined before.
Final Expense Insurance
Final expense insurance targets 50-85-year-olds with lower incomes and aims to cover funeral costs and final debts. These policies usually range from $10,000 to $25,000 and have simplified underwriting. Companies like Mutual of Omaha and AIG offer these plans.
Life Insurance Rates for Over 50-Year-Olds
A healthy 50-year-old man might pay around $15 a month for $100,000 in term life insurance, while a healthy 59-year-old could pay about $27 for the same policy. Rates are higher for those with health conditions like cancer or diabetes and for smokers. Here’s a look at some sample rates:
Annual Term Life Rates for a 50-Year-Old Man
AGE POLICY AMOUNT 20 YEAR TERM 30 YEAR TERM
50 $250,000 $477 $853
$500,000 $864 $1,561
$1,000,000 $1,630 $3,006
60 $250,000 $1,370 Not Available
$500,000 $2,533 Not Available
$1,000,000 $4,905 Not Available
Annual Term Life Rates for a 50-Year-Old Woman
AGE POLICY AMOUNT 20 YEAR TERM 30 YEAR TERM
50 $250,000 $378 $639
$500,000 $667 $1,154
$1,000,000 $1,190 $2,176
60 $250,000 $977 Not Available
$500,000 $1,777 Not Available
$1,000,000 $3,362 Not Available
Whole life insurance has noticeably higher premiums. For example, a 50-year-old man might pay $5,462 annually for a $250,000 policy.
Annual Whole Life Rates for a 50-Year-Old Man
AGE POLICY AMOUNT WHOLE LIFE INSURANCE
50 $250,000 $5,462
$500,000 $11,120
$1,000,000 $22,648
60 $250,000 $9,076
$500,000 $18,217
$1,000,000 $35,783
Annual Whole Life Rates for a 50-Year-Old Woman
AGE POLICY AMOUNT WHOLE LIFE INSURANCE
50 $250,000 $4,583
$500,000 $9,082
$1,000,000 $18,078
60 $250,000 $7,476
$500,000 $15,098
$1,000,000 $29,538
As you can see, whole life insurance costs significantly more than term life insurance. A 50-year-old man pays about $824 annually for a $250,000 term policy, but the same amount of whole life coverage costs $5,462 annually—a difference of $4,638 per year.
The Bottom Line – Life Insurance for 50-Year-Olds
To find out how much you might pay for life insurance, you need to shop around. Although getting life insurance can be more challenging when you’re over 50, careful consideration and exploring different options can help you secure meaningful coverage to protect your loved ones’ financial future.
