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Compare Life Insurance and Find The Best Quotes If You're Over 50

Clifford PendellWritten by Clifford Pendell
Louis LopesReviewed by Louis Lopes, CLU ChFC
50 year old male sitting on patioChoosing life insurance can be difficult, especially over the age of 50 when you are more conscious of the need to protect your family.

But the process doesn’t have to be daunting, and you don’t have to try to figure it by yourself.

In this article:

  • we'll go over the type of insurance you need if you're over 50
  • and you will see some actual quotes

Use this guide to better understand your options, find the coverage that’s right for you, and get the best quotes possible.

Let's start with coverage amount:

How Much Life Insurance Do You Need?

Before you begin shopping for life insurance, it’s best to have a general idea of how much coverage you need. And, if you're over 50, how long you would like that coverage to last.

You can start to narrow down your life insurance coverage needs by answering a few basic questions:

  • What is your budget?
  • Do you need a policy to cover you until retirement or one that will last your entire life?
  • What debts do you need to secure?
  • Who is financially dependent on you, and how long will they be?

These are all important aspects to consider, but they all boil down to the same question:

What Type of Life Insurance is Best for 50-Year-Olds?

Generally speaking, life insurance policies are broken down into two main types:

  • Term Life Insurance
  • and Permanent Life Insurance

To determine the best type of life insurance for your situation, consider the benefits you want your coverage to provide. Company rankings and pricing should also influence your decision because evey company sets its own rates, so why pay more for the same insurance?

In addition to the type of policy you choose, the cost of your life insurance will be determined by a variety of factors including:

  • Pre-Existing Health Conditions
  • Hobbies and Lifestyle
  • High Risk Occupations
  • Family Health History
  • Age and Gender

Optional add-ons or policy riders will also increase your premiums.

In the following sections, we examine various types of term and permanent life insurance policies, comparing coverage, rates, and who they may be best for. This help you determine the type of policy that is best for your situation, and how much you can expect it to cost.

Getting Term Life Insurance

Do you need life insurance for if you die or for when you die?"

If your main concern is protecting your family in case you die prematurely or unexpectedly, term life insurance will likely be the best choice if you're over 50.

Consider which of the following debts you might need to cover:

  • Mortgage
  • Cost of raising your child
  • Children’s college expenses
  • Large business loans
  • Income replacement for your spouse

Next, calculate how long until:

  • Your house is paid off
  • Your children finish college
  • Any other major debts are paid off
  • You reach your planned retirement age

Now select a term that will last until you expect to meet those finanical obligations.

Most life insurance companies offer 10, 15, 20, and 25-year terms to people in their 50s. A few highly-rated providers offer 30-year terms until age 58.

For example: If you are 52, have 12 years left on your mortage and expect to retire in 14 years, a 15-year term is best because it will protect your financial obligations until both life events have passed.

Compare Term Life Insurance Quotes

The tables below show rates for a healthy male, aged 50-59, seeking a 10, 15, or 20-year term policy.

In some instances, "Lifetime" policies are actually less-expensive than 25 or 30-year term life policies, especially for people aged 50 to 59. We've displayed the rates for these policies in the next section.

Monthly Rates for a MALE in Excellent Health, Ages 50-59, 10-YEAR TERM

AGE$100K, 10-years$250K, 10-years$500k, 10-years

*Displayed rates are from "A" or better rated providers and are accurate as of 03/06/2023

Monthly Rates for a MALE in Excellent Health, Ages 50-59, 15-YEAR TERM

AGE$100K, 15-years$250K, 15-years$500K, 15-years

*Displayed rates are from "A" or better rated providers and are accurate as of 03/06/2023.

Monthly Rates for a MALE in Excellent Health, Ages 50-59, 20-YEAR TERM

AGE$100K, 20-years$250K, 20-years$500K, 20-years

*Displayed rates are from "A" or better rated providers and are accurate as of 03/06/2023.

Why Term Life Insurance is Best for Most People Over 50

Term life insurance is the best option for most people in their 50s. Here's a few reasons why:

Choose the Perfect Term Length for Your Needs

Real-Life Example: James is 52 and Helen is 49. They have two children, ages 10 & 12, and 14 years remaining on their home mortgage. James will be eligible for his pension at the age of 65 and plans to retire before the age of 67.

After their house is paid off, and their children have graduated from college, they will no longer need life insurance. James will have enough retirement money saved to support Helen after their mortgage is settled.

For James and Helen, a 15-year term life insurance policy works perfectly. James will retire within 15 years and they will no longer have a mortgage to pay in 14 years. Their children will also be finished with college by that time. Should something happen to James before then, Helen will have the money she needs to pay off mortgage and take care of the kids.

You Can Convert Your Term Policy to Permanent Coverage

Most term life insurance policies include the option to convert all or a portion of your death benefit into permanent life insurance, regardless of whether your health changes after your term policy started. This is one of the most important features of term life insurance, and yet it’s rarely mentioned.

Real-Life Example: Going back to the example of James and Helen...If James determines that he needs $50,000-$100,000 for end-of-life expenses after the mortgage is paid off, he can convert his term life policy into a permanent policy, and he will not have to pass a new medical exam.

If James were to be diagnosed with a serious health issue, such as cancer or a heart attack, this feature would be even more valuable. A major health concern could prevent you from qualifying for life insurance, and if you do manage to find a policy, it will be expensive. Being able to convert your term policy will allow you to avoid unsuspected pitfalls that lead to coverage gaps.

Massive Savings Over Permanent Policies

As you will see in the section below, you can save thousands of dollars over the lifetime of a policy by choosing term life coverage instead of permanent. Most of our clients have saved money by buying a term life insurance policy that is customized to their needs.

The beauty of choosing term is that if the need for permanent coverage arises, you can always elect to convert your policy as we explained in the last section. However, for some people, this is not a viable option. If you are preserving an estate, or funding a life insurance trust, you need to purchase permanent life insurance.

Lots of Creative Ways to Customize Your Coverage

On top of converting your term policy to permanent coverage, there are other ways that you can customize your term life insurance policy to get the best bang for your buck at any age, regardless of your coverage needs.

One of the best ways to get the most from your coverage is called layering (or laddering) term life policies. This strategy involves buying multiple policies with different term lengths and stacking the coverage amounts. Layering your life insurance policies will save you money and allow you to increase or decrease your coverage as needed.

Getting Whole Life Insurance

If you need life insurance for the rest of your life, a guaranteed universal life (GUL) policy offers a happy medium between term life and whole life. Rather than providing coverage for a set number of years, these policies are guaranteed until a specific age.

Even if you wait until the cut-off age (58) to buy a 30-year term, your policy will expire when you are 88. With a GUL policy, you can lock in your rates and coverage until age 90, 95, 100, 110, or even 121 without tying up your money to build a, "cash value."

And, GUL policies can be less-expensive than 30-year term life policies for people aged 50-59.

Compare Whole Life Insurance Quotes Over 50

GUL policies offer the most affordable rates for 50-year-olds looking for permanent coverage. They do not require an investment value, so you only pay for the cost of your insurance.

The tables below show rates for a male aged 50-59 in excellent health that is seeking a "Lifetime Policy", or GUL with rates and coverage guaranteed to age 90, 95, or 100.

Monthly Rates for a MALE in Excellent Health, Ages 50-59, TO AGE 90

AGE$100K of Coverage$250K of Coverage$500K of Coverage

*Displayed rates are from "A" or better rated providers and are accurate as of 03/06/2023.

Monthly Rates for a MALE in Excellent Health, Ages 50-59, TO AGE 95

AGE$100K of Coverage$250K of Coverage$500K of Coverage

*Displayed rates are from "A" or better rated providers and are accurate as of 03/06/2023.

Monthly Rates for a MALE in Excellent Health, Ages 50-59, TO AGE 100

AGE$100K of Coverage$250K of Coverage$500K of Coverage

*Displayed rates are from "A" or better rated providers and are accurate as of 03/06/2023.

Who is Whole Life Insurance Best For

Whole life insurance is the best option for anyone that wants to leave money behind for their end-of-life-expenses, or someone with complex estate planning needs. If you fall into either of these categories, forget about buying term life insurance.

If you're over 50, the longest term you can buy is 30 years. While this may seem like a long time, if you outlive your term, it will be extremely difficult - if not impossible - to buy new coverage. A GUL policy is the smartest strategy in this scenario because it offers a longer period of protection with guaranteed rates.

For example: A 58 year-old, in good health, can expect to pay about $100 a month for a 30-year term with $100,000 of coverage. For $136 a month, a GUL policy will offer the same coverage until age 100. While the GUL policy cost more upfront, it offers 12 additional years of protection, and it extends well-beyond the average lifetime expectancy.

What we really love about GUL policies is that they do not carry the risk of non-guaranteed universal life insurance policies that require investing.

Many people take a misstep in buying a non-guaranteed policy, only to find that their overfunded investment later performs poorly and drains the cash accumulation. A GUL does not build cash value. You only pay for the coverage you need, just like term insurance.

Can You Get Life Insurance Over 50 Without A Medical Exam?

If you are over age 50, every life insurance company will review your records to see if you are getting regular check-ups from your primary care provider. If you haven't been to the doctor for at least a few years, you probably won't qualify for more than $50,000 of coverage without a medical exam.

Even if you have regular follow-ups with your primary care provider, we recommend taking a medical exam for life insurance if you are over 50. Completing a medical exam will save you money, and provide you with more options to choose from, especially if you are in less than perfect health.

It is possible to get a non-medical policy (meaning you don’t have to take a medical exam), but most of these providers charge more and offer less inclusive coverage.

Only a few providers offer life insurance without a medical exam, so the rates are less competitive. No exam companies also take more risk, so they must charge their customers more to offset the cost of insuring someone with an undiagnosed medical issue.

With that being said, no matter what your situation is, there are life insurance options out there for you.

Compare Quotes and Find Affordable Life Insurance Now

The best way to ensure you get the best coverage at the best rate is to work with an independent agent who can shop multiple carriers, as opposed to a captive agent, that can only offer products from the company they work for.

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Why You Should Buy Life Insurance in Your 50's

You should not wait until it is too late to purchase the life insurance you need. As you get older, your policy options reduce:

  • Once you turn 58, you lose out on the option for 30-year policies
  • After you turn 71, 20-year term policies are no longer offered
  • After age 50, life insurance rates increase by 11-14% every year

As we age, our health can change, and it can change quickly. An unexpected medical issue can have a huge impact on the price of your life insurance, or prevent you from qualifying for the best coverage.

This is why you should buy life insurance as soon as you realize you need it. Your health probably won't improve as you get older, and your rates will only continue to increase overtime, so its best to lock in a favorable rate for the long-term.

JRC has longstanding relationships with 63 top-rated life insurance companies. Save yourself the hassle of calling multiple companies, and let us do the work for you! Call us today at 855-247-9555, or get a free life insurance quote online.

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Written by:

Clifford Pendell

Clifford Pendell

Managing Partner and Co-founder

Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.

Expert reviewed by:

Louis Lopes

Louis Lopes, CLU ChFC

Chartered Life Underwriter, Licensed Life and Health Agent

Louis has been in the insurance business for over 30 years. He specializes in “high risk” cases as well as more complex coverages for long term care, disability, and estate planning.

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Questions From Our Visitors

Some of the questions we received from our website visitors:

Dale schneider:

Like some qoutes.please email me link above.over 50 ,male,good health.Looking for term life until age 85.

Randy McClintickRandy McClintickChairman & Co-founder

Mr. Schneider, Thanks for your email and visiting JRC's life insurance website. You can obtain preliminary quotes through our site this page. Rates will vary by your state of residence, amount of coverage and age. We don't know your specific age, so you'll likely be looking for a 30-year term to get you near age 85. You'll see there are a limited amount of companies offering 30 year policies to men over 50 due to high mortality risk for guys after age 75. You may find a better fit is a "Guaranteed Universal Life" policy. The cost is comparable to term coverage, but rather than locking in cost for a specific amount of years (the "term"), "GUL" locks in rates to a specific age. Most are age 90, 95, 100, etc., though, if you call us at (888) 247-9555 we can determine what you're eligible for and if there are policies sold in your state specifically to age 85. Some may allow you a reduce the death benefit and associated cost later in life, as the need for life insurance typically decreases once children are independent and mortgage is paid off or reduced. Thanks again for your inquiry. We look forward to helping you determine your most affordable life insurance solutions. JRC Life Insurance Services (855) 247-9555

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