Life Insurance for People Over 50

As you head into your fifties, it's a time of transition; you may be nearing retirement or looking for ways to protect your financial future. It’s also a time when the importance of life insurance becomes more evident. For those in their fifties, now is a great time to consider life insurance coverage if you don't already have it in place.

If you want to compare affordable life insurance for over 50s, Simple Life Insure can provide you with a no-obligation, free quote in just 1 minute.

What Is Life Insurance For People Over 50?

Life insurance for the over 50s is an invaluable financial safeguard that helps to protect loved ones in the event of an untimely death. You might liken it to having an invisible safety net in place for those you leave behind if something were to happen to you.

The purpose of such insurance policies is often twofold: first, they are designed to replace income lost due to the insured person's death; second, some plans also offer protection from costly funeral expenses incurred by families.

As people age, their needs for life insurance can change. Individuals over 50 may have different financial obligations and priorities than when they were younger. They may have taken on more debt and are exploring ways to protect their family from any unnecessary burden, or they may want to leave a legacy for their loved ones that will outlast them.

When you apply for life insurance, the monthly premiums you'll pay are determined by a variety of factors. Your age, health history, occupation, gender, and lifestyle all play a role in assessing your risk levels and setting an appropriate premium amount. As expected with any type of risk assessment process - generally speaking - the higher the level of personal risk inferred from your information the more expensive premiums you can expect to pay.

Life Insurance Options for Individuals Over 50

Individuals over 50 have a range of life insurance options to choose from, including term life insurance, whole life insurance, universal life insurance, and high-risk insurance.

Term Life Insurance for People Over 50

As the years pass, life experience can bring wisdom and a greater appreciation of the world around us. However, as we enter our fifties, it also means that we must start to consider the fact that our mortality is inevitable.

Term Life Insurance is a policy that provides coverage for a specific period or "term." If you pass away within the term, your beneficiaries receive the death benefit. However, no benefits will be paid out if you outlive the term.

Term Life Insurance could be the best solution for this age group as it provides coverage for a predetermined period (usually 10, 20, or 30 years). The primary advantage of Term Life Insurance is its affordability, as it offers a larger death benefit at a lower premium than other policies.

Another benefit lies in its flexibility; policyholders can select the amount of coverage they require and choose how long they would like to keep the policy active.

It's important to note that premiums increase with age, so if you opt for term life insurance later in life, expect higher premium costs than younger policyholders.

Furthermore, benefits will not accumulate any cash value or create additional financial security for beneficiaries upon death.

Thus, when making decisions about life insurance options for those over 50 years old, Term Life Insurance should be carefully considered before committing to a plan.

Whole Life Insurance for People Over 50

Whole Life Insurance is another life insurance option for those over 50 years old.

As the name suggests, this type of policy covers an individual’s entire lifetime and offers a guaranteed death benefit.

In contrast with term policies, premiums are more expensive and do not increase as one ages. However, they also accrue cash value that can be used in retirement planning or loaned against.

In many instances, whole-life policies allow customers to add additional riders, such as disability income protection or long-term care coverage.

We should point out that this added flexibility does come at a price – these policies tend to have high administrative expenses and surrender charges if canceled early.

Universal Life Insurance for People Over 50

Universal life insurance is a type of permanent life insurance that can provide valuable benefits for the over fifties, providing lifetime coverage with additional flexibility. Policyholders have the ability to adjust their premium payments and death benefits according to their changing needs, which can be helpful for those who anticipate changes in their financial situation in the future.

One of the main features of universal life insurance is its cash value component. Policyholders can accumulate cash value in their policy over time, which can grow tax-deferred and can be used for various purposes, such as paying premiums or taking out a loan against the policy. The cash value can also accumulate interest, with the potential for greater growth if market interest rates are favorable. However, market fluctuations can also affect the policy's value.

Final Expense Insurance for People Over 50

You might also find this insurance called burial insurance or funeral insurance. Final Expense Insurance is a type of whole life insurance that can be particularly helpful for individuals over 50 who want to ensure that their end-of-life expenses are taken care of without burdening others. This policy is specifically designed to cover expenses associated with end-of-life costs, typically funeral expenses and other related costs.

These policies come with smaller death benefit amounts and more lenient underwriting criteria.

What Are the Benefits of Over 50 Life Insurance?

fifties couple laughing sitting at a table with laptop

Peace of mind - As people age, they may start thinking more about their legacy and their loved ones' financial security. Over 50 life insurance can provide peace of mind knowing that family members will receive a payout after their passing.

Affordable premiums - While life insurance premiums generally increase as you age, some types of policies designed specifically for those over 50 can offer affordable premiums.

Guaranteed acceptance - Many life insurance policies require a medical exam, and if you have pre-existing health conditions, they may deny you coverage or charge higher premiums. Some over 50 life insurance policies offer guaranteed acceptance, meaning you can get coverage regardless of your health status.

Cash value accumulation - Some types of life insurance policies, such as whole life and universal life insurance, offer a cash value component that can accumulate interest over time.

Estate planning - Over 50 life insurance can be helpful for estate planning purposes. By naming beneficiaries on the policy, you can ensure that your assets are distributed according to your wishes after your passing.

How Much Is Life Insurance for a 50-Year-Old?

The cost of life insurance varies from person to person, policy type, and a number of other factors, but according to our research, the average annual premiums for a 50-year-old male and female are as follows:

Term Life Policy - Average Annual Rate

Whole Life Policy - Average Annual Rate







Illustrations are based on 20-year Term Life and Whole Life insurance for healthy individuals with coverage of $500,000.

Factors Affecting Life Insurance Policy Rates For People Over 50

Age - Insurers use a person's age as one of the primary indicators in determining their eligibility and rates for coverage. As one's age increases, so does the likelihood of filing a claim, which is reflected in the policy premiums. Insurance companies rely on mortality tables, which contain statistical data on life expectancy, to determine the probability of a claim being made for each age group. As such, rates for coverage tend to climb with time.

Gender - While some policies may be gender-neutral, depending on the provider and plan type, many policies offer different pricing models based on whether the applicant is male or female. Generally speaking, females tend to receive cheaper premiums due to their extended lifespan compared to males, but this can vary from policy to policy.

Health history - Life insurance companies consider a person's health history when assessing their risk level and computing the premium amounts. So if you have a pre-existing condition and are deemed a higher risk, then premiums will reflect this. The same applies if you are a smoker; your monthly premiums will be higher than non-smokers.

Occupation - Your occupation can also affect your life insurance premiums if you are in your fifties and over and work in an industry that is seen as risky or dangerous, such as mining or construction.

Strategies For Reducing Over 50s Premium Costs

The fact is that age is never on our side when it comes to life insurance premiums; the older we get, the higher they will be; it's just a fact of life. But all is not doom and gloom; There are several strategies people over 50 can employ to help reduce their premium costs. Follow these recommendations, and you might save some money and obtain the coverage you need.

Choose the right policy type - As mentioned earlier, term life insurance policies tend to be more affordable than whole life or universal life policies. A term policy might be the most cost-effective option if you only require coverage for a specific period. Consider a whole or universal life policy if you need lifelong coverage or wish to accumulate cash value.

Maintain a healthy lifestyle - Your health and lifestyle choices can significantly impact your life insurance premium costs. By maintaining a healthy lifestyle, exercising regularly, and eating a balanced diet, you can potentially qualify for lower premiums.

Additionally, if you are a smoker, quitting smoking can also lead to substantial premium reductions, as non-smokers usually pay significantly less for life insurance coverage.

Pay premiums annually - Many insurance companies offer a discount if you choose to pay your premiums annually instead of monthly. By opting for annual payments, you'll potentially save money on your overall premium costs.

Compare quotes - One of the best ways to reduce your life insurance premium costs is to shop around and compare quotes from multiple insurance providers. By comparing quotes, there's a good chance you'll find a policy that matches your requirements, and you'll get it at the best price.

Opt for a shorter-term or lower coverage amount - Think about what your current financial obligations are, such as outstanding debts and dependents' needs, and choose a coverage amount that aligns with your specific circumstances. And, if you only require coverage for a certain time frame, opting for a shorter term can result in lower premium costs. The bottom line is that you don't want to be over or under-insured.

Mistakes To Avoid When Purchasing Life Insurance Over 50

If you are buying life insurance after turning 50, make sure to steer clear of mistakes that could leave you with insufficient coverage, increased premium rates, or other difficulties that might impact the policy's usefulness. Here are some missteps you should avoid when picking a life insurance plan during this phase of your life.

Waiting too long to buy coverage - We don't need to remind you that as you age, your insurance premiums will increase, and health issues can impact your insurability. Procrastinating on purchasing a policy could leave you uninsured or paying too much for coverage. It's best to buy coverage as soon as you identify a need so you can secure the most affordable rates and ensure your loved ones are protected.

Not considering your financial needs and goals - You should carefully consider your financial goals when choosing a life insurance policy. Failing to do so could result in insufficient coverage or paying for coverage you don't need. Consider factors such as income replacement, outstanding debts, and estate planning when selecting a policy.

Relying solely on employer-provided coverage - At fifty, most individuals are still employed, and their employer may provide life insurance through a group plan. While group life insurance policies offered by employers can be a valuable benefit, they may not provide adequate coverage. Group policies are also tied to your employment, meaning you could lose coverage if you change jobs or retire. An individual policy will ensure you have sufficient coverage regardless of your employment status.

Skipping the medical exam - While some policies offer guaranteed acceptance without a medical exam, these policies often come with higher premiums and lower coverage amounts. If you are someone in their fifties in reasonably good health, it's generally better to undergo a medical exam to secure more comprehensive coverage at a lower cost. Or you can use life insurance without a medical exam. But if you do have pre-existing health conditions, consider a policy with guaranteed acceptance, which does not require medical underwriting.

Reevaluate your policy regularly - Life insurance needs can change over time as your financial circumstances evolve. Regularly reviewing your policy ensures that your coverage remains appropriate for your current situation. Periodically reassess your policy to determine whether any adjustments are needed.

Key Takeaways: Find the Best Life Insurance for a 50-Year-Old

Securing the right life insurance is particularly important for individuals over 50, as it ensures your loved ones are protected financially and you can have peace of mind. With Simple Life Insure, you can be confident in the personal attention and superior customer service provided by our independent agency, a benefit that distinguishes us from large insurance enterprises.

At Simple Life Insure, we believe in finding the best possible plan for you without sacrificing quality. Our access to a variety of A+-rated life insurance carriers allows us to help you locate the perfect plan that caters to your specific needs while saving you money.

Ready to secure your personalized life insurance plan?

 Get Your Free Quote Today and let Simple Life Insure help you enjoy peace of mind with a tailored policy that ensures financial security for you and your family.

Frequently Asked Questions for People Over 50 Seeking Life Insurance

Is it too late to buy life insurance after 50?

No, it's not too late to buy life insurance after 50. Premiums tend to be higher, but there are still various plenty of policy options available to you. Many insurers offer coverage up to age 85, depending on the policy type.

Will my life insurance premiums increase as I age?

Premiums for term life insurance policies are generally fixed for the term's duration, while whole life insurance premiums remain level for the policyholder's lifetime. But, if you purchase a new term policy or renew an existing one as you age, you should expect higher premiums. Universal life insurance premiums may also increase based on the policy's terms and market interest rates.

Are there specific life insurance policies designed for people over 50?

Yes, some life insurance policies are specifically designed for individuals over 50, such as guaranteed acceptance policies, final expense insurance, and policies with more lenient underwriting criteria. These policies cater to older individuals' unique needs and concerns, such as covering funeral expenses or providing coverage regardless of health status.

Is there a maximum age limit for purchasing life insurance?

The maximum age limit for purchasing life insurance varies depending on the insurer and policy type. Generally, term life insurance policies can be purchased up to age 85, and Universal life policies may have higher age limits or no age limits at all.


  • Ty Stewart

    Ty Stewart is a founder and contributor of He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent he has helped clients nationwide to secure affordable coverage while making the process simple. Stewart Ty
  • Bennett Bier

    I’m Bennett Bier, owner, author and fact checker of Simple Life Insure. I believe working with a small independent broker offers consumers more personal attention and superior customer service. As an independent agent licensed in all 50 states and the District of Columbia I have access to many of the top A+ rated life insurance carriers. This lets me locate a plan that you will qualify for while saving you money at the same time. Over the years I have mastered the art of underwriting, getting approvals even for my highest risk clients. I’m also likely the person that will answer the phone when you call. Bier Bennett