Are you looking for life insurance quotes over 50? You’ve come to the right place.
Several insurers cater specifically to people needing life insurance over 50.
So, whether you’re just getting started in your research or are already familiar with life insurance and ready to buy, this article has everything you need to make an informed decision. Let’s get started!
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Do You Need Life Insurance Over 50?
Are you over fifty and considering life insurance? You’re not alone.
More and more people are buying life insurance policies as they reach middle age and beyond. And for a good reason: life insurance can provide peace of mind during an unexpected death.
We all have different reasons for wanting life insurance, but here are the everyday needs typically covered by folks in their mid-fifties.
Reasons people buy life insurance over fifty
- Mortgage Life Insurance: A mortgage protection policy can pay off your loan balance if you should die.
- Income Replacement: If you have a spouse who depends on your income, a life insurance policy will secure their financial future if something happens to you.
- Pension Maximization: If you retire in your fifties and your pension income discontinues when you die, getting pension life insurance can cover your spouse’s continued financial needs.
- Payment of Debt: Many middle-aged people may still have personal loans or credit card debt. You can use life insurance to pay off these debts.
- College Education: Ensuring your children can attend college is a common concern for people in their fifties. Life insurance can be used to make sure tuition is paid for.
- Final Expenses: If you have not put money away for final expenses, you may need to purchase a small final expense policy. Most individual universal life insurance policies start at a $25,000 death benefit and can be tailored to your needs and budget.
- Create an Estate: Universal life and Survivorship life insurance are two excellent policies to create an estate as part of a wealth transfer strategy. So, if you aim to pass down the maximum amount to your children, a second-to-die policy can be an excellent long-term investment.
Charitable Gift: If you have a substantial investment portfolio, there can be huge capital gains taxes when these investments are sold. Premiums paid on charitable life insurance can help support a charitable cause and potentially offset taxes on these investment gains.
Selecting a Life Insurance Policy Over 50
Selecting a Life Insurance Policy Over 50As you get older, life insurance is more important than ever. If something happens and you don’t have coverage, your loved ones could be stressed financially.
What kind of life insurance do you need when you are over 50?
Knowing where to start when selecting a life insurance policy can be challenging. There are so many choices and variables to consider that it’s easy to become overwhelmed.
But don’t worry; here are a few tips for choosing the right policy:
- Decide how much life insurance coverage you need
- Determine how long you will need the coverage to last
- Choose the type of policy that fits your budget
- Make sure your policy is convertible
- Compare quotes from different insurers
If you’re over 50, life insurance comes in two varieties: term or permanent coverage.
Term life insurance offers coverage for a set period, while permanent coverage provides lifelong coverage.
Each type of coverage has different advantages and disadvantages that you must weigh based on your family’s circumstances.
Purchasing Term Life Insurance Over 50
When buying a term policy, we recommend coordinating your term length with your underlying need for coverage.
Term life insurance is usually available for ten to thirty years, with premiums remaining the same for the selected period.
The longer the term length, the more expensive your life insurance premium.
Term life insurance offers pure death benefit protection without associated cash value.
What is the best life insurance for someone over 50?
Term life is often the preferred choice for many people in their mid-fifties who are in the prime of their careers with college-aged kids.
So, a common reason for buying term insurance revolves around protecting their income for a surviving spouse.
A 10-year term policy can be ideal for covering the primary wage earner and paying for tuition until children graduate college.
Many middle-aged couples have purchased a larger home to accommodate their growing family.
Consequently, mortgage protection life insurance is usually a high priority for many successful couples.
We usually recommend a longer-running 20-year or 30-year term to replace your income and protect your outstanding mortgage balance. However, the cutoff age for buying a 30-year term insurance policy is 58.
If you live longer than your initial term, your premiums will also increase in cost, and your family may not receive any death benefits.
However, you can extend many existing term insurance policies by exercising a policy conversion option.
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Buying Tip:
Buy Convertible Term Life Insurance
If you purchase a policy, ensure it is convertible term life insurance.
This will allow you to extend coverage beyond the initial term length.
This can be accomplished by converting your term policy into permanent coverage.
You can convert your existing policy without answering questions about your current health.
So, if you have developed any health problems in your fifties, you can still automatically qualify for a new permanent policy.
Term Life Insurance Quotes Over 50
Shopping around for term life insurance quotes is a great way to find the best deal on coverage.
You can get the best rate for your needs by comparing rates from multiple insurers.
So, how much does term life insurance cost for people over 50?
Comparing term life insurance rates by age is often beneficial to understand which plan best fits your budget.
Take a peek at these 20-year life insurance quotes for males 50 and over for $100,000, $500,000, and $1,000,000 death benefits.
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 |
* Non-smoking males on 20-year term life insurance for age 50 and over.
How much is life insurance for a 50-year-old compared to a 55-year-old?
The cost of life insurance for a 55-year-old male for a $1 million policy for 20 years is over $3,000 per year.
While the exact plan only costs around $2,000 per year for life insurance for a 50-year-old male.
As you can see, this is an excellent time to lock in coverage because rates on life insurance over 55 become progressively more expensive as you get older!
According to US News & World Report, if you are in the market for new coverage, Prudential, Lincoln Financial, and Banner Life are some of the best-term insurance companies.
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 50So, is term coverage always the best life insurance for people 50 and older?
Not always!
We always recommend asking yourself a few critical questions before purchasing term insurance.
- Are you concerned that your term insurance may end before you pass away?
- Do you want your coverage to remain the same for your entire lifetime?
- Do you or your parents only need a small policy to pay final expenses?
- Would you like to create an estate for family members eventually?
If any of the above situations pertain to you, you probably should not buy term life insurance!
Then, what is the best type of life insurance for people over 50 years old?
If you’re looking for permanent coverage that will last your entire lifetime, you may want to consider buying a universal life policy.
If you need your policy always to be there when you die, universal life is a better option than term life, according to Kim Lankford’s Kiplinger article, life insurance after 50.
Plus, universal life policies offer flexibility and can be customized to fit your needs at a cheaper cost than the best whole-life policies.
Universal Life Insurance Quotes Over 50
As you can see, universal life is the best option for people trying to cover burial expenses or create an estate for their surviving spouses.
You will want to compare quotes to get the best life insurance policy.
Affordable Life USA would happily assist you in your search for permanent life insurance from many companies.
A popular choice for a universal life policy for many middle-aged people is either a $50,000 or a $100,0oo death benefit.
Please look at the universal life insurance rates for males with a $100,000 guaranteed death benefit.
$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 |
* Non-smoking males for $100,00 universal life insurance for age 50 and over
Wow, the cost of life insurance for a 59-year-old male is now starting to get a lot more expensive than life insurance for a 50-year-old male!
If you are looking for permanent coverage, a few of the best insurance companies are Corebridge, Pacific Life, and Protective Life.
Pacific Life offers the insurance industry’s smallest universal life policy of $25,000, while Protective Life policies start at a $50,000 death benefit.
You can use our calculator to explore the cheapest life insurance quotes for people over 50 in today’s competitive marketplace.
Need Life Insurance Quotes Over 50?
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Applying for Life Insurance Over 50
Applying for Life Insurance Over 50Many people are unaware of companies offering middle-aged people the cheapest life insurance policies.
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 many agents and will find you the lowest possible premium based on your unique medical history.
Life Insurance Over 50 No Medical Exam
Life Insurance Over 50 No Medical ExamIndividuals over the age of 50 seeking affordable life insurance will be pleased to know that there are policies available that do not require a medical examination.
Although these policies may not provide as much coverage as those with a medical exam, they still serve as an excellent choice for individuals who desire protection without the inconvenience of undergoing a physical examination.
Pacific Life and Lincoln Financial offer up to a $1,000,000 policy at the exact cost of their fully underwritten policies.
But don’t wait to buy coverage!
The cutoff age for Lincoln to buy a policy without a medical exam is 60. In comparison, Pacific Life allows no exam for applicants until they reach age 69.
However, if you want more options and the cheapest life insurance coverage, doing an exam is often beneficial for most people in their fifties.
Applying for insurance over 50 can be a daunting task. But don’t worry; we are here to help you find the best policy for your needs and budget!
The most effective way to obtain the best offer is to work with an agent who understands each underwriting process.
Remember, you will never know how much you might need to pay for coverage unless you let us shop around for you.
Best Life Insurance Companies
Best Life Insurance CompaniesWe have put together the best life insurance companies for people over 50.
We have chosen highly rated life insurance companies with the best financial ratings, underwriting fairness, and affordable rates.
Investopedia’s Best Life Insurance Companies for People Over 50 include many of these companies.
Financial ratings for life insurance companies are critical when selecting a life insurance provider for our clients.
We monitor life insurance companies’ financial strength and claims-paying ability using several rating agencies such as A.M Best, BBB, and JD 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 50How 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 is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
Eric Van Haaften, LUTCF
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