Are you looking for life insurance quotes over 50? You’ve come to the right place.
Whether you’re just beginning your research or ready to make a purchase, we will provide you with all the information you need to make a decision.
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Do You Need Life Insurance Over 50?
Do You Need Life Insurance Over 50?As you enter your fifties, your perspective on life changes significantly. You may be supporting your children through college while also caring for aging parents.
For most people in their fifties, life insurance is about protecting the ones who matter most.
It can pay off a mortgage, cover debts, or help with everyday expenses, so your family isn’t left struggling. If you’re working, it can also replace your income and keep your household afloat.
Moreover, life insurance can provide a meaningful legacy, whether by funding your children’s futures or supporting charitable causes that matter to you.
Everyone’s needs are different, but these are the typical concerns that often come up when you are considering buying life insurance in your fifties.
Reasons people buy life insurance over fifty
- Mortgage Protection: A policy can pay off your remaining mortgage balance, so your family can keep the house without financial stress.
- Debt Payment: Life insurance can be used to clear personal loans and credit card debt, so your loved ones aren’t left responsible for those bills.
- Income Replacement: If your spouse relies on your income, life insurance ensures they can maintain their lifestyle and cover everyday expenses if you’re no longer there.
- College Education: Many parents want to guarantee their children can finish college. Life insurance can help cover tuition or education costs if you’re not around.
- Pension Maximization: For those who retire in their fifties, life insurance can provide ongoing support for your spouse if your pension benefits stop when you pass away.
- Final Expenses: A small policy can cover funeral costs or medical bills, sparing your family from unexpected out-of-pocket expenses at a difficult time.
- Estate Creation: Permanent life insurance can help you leave a meaningful inheritance or pass on wealth efficiently as part of your estate plan.
- Charitable Gift: Some use life insurance to support their favorite charities to make a lasting impact.
Selecting a Life Insurance Policy Over 50
Selecting a Life Insurance Policy Over 50When you’re in your fifties, choosing the right life insurance policy really comes down to your specific goals and responsibilities.
To get started, consider who depends on you financially. If you have a spouse who relies on your income, children who still need your support, or outstanding debts that could impact your family, it’s important to take these factors into account.
Next, determine how long you want this financial protection to last. Some people choose coverage until their mortgage is paid off, while others choose protection until their children become independent. In comparison, others may prefer lifelong coverage.
Don’t forget to factor in your budget. Look for a policy that fits within your financial means while still providing the security your loved ones deserve.
Purchasing Term Life Insurance Over 50
Term life insurance typically lasts 10 to 30 years, with premiums that remain constant throughout the chosen term.
It’s important to note that term life insurance provides only a death benefit and does not accumulate any cash value.
When buying a term life policy, it’s wise to match your coverage period to your actual needs. Generally, longer term lengths result in higher premiums for the policy.
For those in their peak earning years, term life insurance is often an easy way to protect their income and ensure their surviving spouse’s financial stability.
A 10-year term policy can be ideal if you want coverage while your children are finishing college or to protect your income until retirement.
Many middle-aged couples buy homes for their growing families, making mortgage protection life insurance a top priority. We recommend either a 20-year or 30-year term policy to protect your mortgage.
If you outlive your term, premiums will rise significantly unless your policy has a conversion option that lets you switch to a permanent plan without requalifying medically.
Term Life Insurance Quotes Over 50
One of the best recommendations for anyone buying term insurance is to shop around and compare quotes from several insurers.
For those over 50, term life insurance rates are based on age, health, and coverage amount. Knowing how premiums increase with age and higher coverage can help you choose what’s best for your needs and budget.
To give you an idea, here are sample 20-year term life insurance quotes for men over 50, with death benefits of $100,000, $500,000, and $1,000,000.
Term Life Insurance Quotes Over 50
| Age | $100k | $500k | $1mm |
| 50 | $27 | $89 | $169 |
| 51 | $28 | $98 | $186 |
| 52 | $31 | $107 | $205 |
| 53 | $32 | $117 | $225 |
| 54 | $35 | $120 | $235 |
| 55 | $38 | $132 | $258 |
| 56 | $43 | $145 | $282 |
| 57 | $47 | $156 | $308 |
| 58 | $52 | $197 | $386 |
| 59 | $59 | $224 | $434 |
If you’re comparing costs, a $1 million term life policy costs about $2,000 per year for a healthy 50-year-old male, but jumps to over $3,000 per year at age 55.
As you can see, rates rise quickly as you age, so locking in coverage earlier can save you a significant amount over the life of your policy.
Some of the top term life insurers, according to US News & World Report, include Prudential, Lincoln Financial, and Banner Life.
Affordable Life USA makes finding coverage a breeze by using our insurance calculator to quickly analyze the term life quotes of many of today’s top insurers.
Buying Universal Life Insurance Over 50
Buying Universal Life Insurance Over 50We often find that term coverage isn’t always the best fit for everyone over 50.
If you’re worried your term policy might expire before you do, or you want coverage that lasts your entire life, universal life is a better option than term life, according to Kim Lankford’s Kiplinger article, Life Insurance After 50.
Guaranteed universal life insurance (GUL) is permanent coverage that offers a fixed premium and guaranteed death benefit for your entire life.GUL doesn’t focus on building cash value; it’s all about reliable lifetime protection as long as you pay the premiums.
Plus, universal life can be customized to meet your needs, whether it’s to leave money to a spouse or heirs, or provide a guaranteed inheritance for your family.
Universal Life Insurance Quotes Over 50
At Affordable Life USA, we can help you compare permanent life insurance quotes from many insurance companies.
A popular choice for a universal life policy among many middle-aged people is either a $50,000 or a $ 100,000 death benefit.
Below, you’ll find sample universal life insurance rates for men with a $100,000 death benefit lasting to age 90 or 100.
$100,000 Universal Life Insurance Rates
| Age | Age 90 | Age 100 |
| 50 | $65 | $77 |
| 51 | $67 | $81 |
| 52 | $69 | $86 |
| 53 | $74 | $90 |
| 54 | $81 | $95 |
| 55 | $91 | $100 |
| 56 | $94 | $105 |
| 57 | $96 | $110 |
| 58 | $99 | $115 |
| 59 | $101 | $121 |
If you are looking for permanent coverage, some of the best insurance companies include Corebridge, Pacific Life, and Protective Life.
Pacific Life offers the insurance industry’s smallest universal life policy, at $25,000, while Protective Life policies start at $50,000.
You can use our calculator to explore the cheapest life insurance quotes for people over fifty in today’s competitive marketplace.
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Applying for Life Insurance Over 50
Applying for Life Insurance Over 50Many people don’t realize that some companies offer affordable life insurance options specifically for those over fifty.
When you reach a certain age, many insurers will automatically require an exam, while other carriers have a unique no-exam life insurance process for those over fifty.
Our independent agency eliminates the hassle of calling multiple agents and finds you the lowest possible premium based on your unique medical history.
Life Insurance Over 50 No Medical Exam
Life Insurance Over 50 No Medical ExamIf the idea of a medical exam sends you running for the hills, we have “no exam” life insurance policies just for you.
You’ll answer some health questions online or over the phone, and if you qualify, you could have coverage in a matter of days.
Pacific Life and Lincoln Financial offer up to a $1,000,000 policy at the exact cost of their fully underwritten policies. Remember that there are age cutoffs: Lincoln’s is 60, while Pacific Life’s is 69.
If you want more options and affordable coverage, getting a medical exam can help those in their fifties. It’s advisable to work with one of our agents who understands the underwriting process.
Best Life Insurance Companies
Best Life Insurance CompaniesWe have compiled a list of the top life insurance companies for those over 50, known for their fair underwriting and affordable rates.
Financial ratings for life insurance companies are vital when selecting a life insurance provider for our clients.
We monitor the financial strength and claims-paying ability of life insurance companies by using several rating agencies, including A.M. Best, BBB, and J.D. Power.
| COMPANY | BBB | AM Best | JD Power |
|---|---|---|---|
| AIG | A+ | A | 718 |
| AXA Equitable | A+ | A+ | 752 |
| Banner Life | A+ | A+ | N/A |
| Brighthouse | A+ | A+ | N/A |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Metlife | B- | A+ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | N/A |
| Principal Financial | A+ | A+ | 774 |
| Protective | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
| SBLI | A+ | A+ | N/A |
| Transamerica | A+ | A+ | 720 |
FAQ: Life Insurance Over 50
FAQ: Life Insurance Over 50Is life insurance more expensive after 50? Yes, typically rates go up as you get older. But if you’re healthy, you can still find affordable coverage by comparing quotes on our website.
How long does it take to get approved? The underwriting time varies depending on whether your agent recommends the no exam or exam underwriting process. If a medical exam is required, the average time is 2-3 weeks from when you take your examination.
Is it worth getting whole life insurance at 50? If you’re 50 and seeking an investment, whole life insurance may not be the most beneficial option. As you age, the chances of seeing substantial returns diminish as your lifespan shortens. In this case, considering a guaranteed universal policy might be more advantageous.
Should I get term or life insurance at 55? If you want a cheaper option, consider term life insurance. But universal or whole life insurance is worth considering if you want lifelong coverage with a cash value component.
Do I need life insurance after 50? Deciding whether to buy life insurance after turning 50 hinges on your financial objectives. It could be a wise move if you aim to cover end-of-life costs, settle debts, or leave an inheritance. However, if these goals are already met, life insurance may no longer be necessary.
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Affordable Life USA offers comprehensive life insurance solutions to families and business owners throughout the United States.
Our founder, Eric Van Haaften, developed his passion for quantitative analysis while earning his business degree from Ferris State University, which laid a strong foundation for his analytical approach to financial planning.
