It’s no secret that life insurance is less expensive for young and healthy people, but what about buying life insurance after the age of 50? What if you have a few health issues? Can you still qualify for affordable life insurance?
The good news is, buying affordable life insurance after 50 is easier than you might think. By working with more than 60 top-rated life insurance companies, we’re able to match our clients with the best life insurance options available.
Continue reading and we’ll help you determine if you still need life insurance, help you determine which type of life insurance is the best fit for your situation, and we’ve provided some quotes by age and gender to help you estimate the cost of your coverage.
Quick Article Guide:
1. Do I Still Need Life Insurance After the Age of 50?
2. Types of Life Insurance Policies Available for Applicants Aged 50 to 59
3. Life Insurance Quotes by Age and Gender – Ages 50 to 59
4. Term Life Insurance Quotes by Age and Gender – Ages 50 to 59
5. Whole Life Insurance Quotes by Age and Gender – Ages 50 to 59
6. Guaranteed Universal Life Insurance Quotes by Age and Gender – Ages 50 to 59
7. Insider’s Tips to Help You Save Money on Your Life Insurance Policy
Do I Still Need Life Insurance After the Age of 50?
As we get older, put aside money for retirement, pay off our mortgages, and our children move out, the need for life insurance diminishes. In you’ve already surpassed these major life events and you have an ample amount of money set aside for your final expenses, you probably don’t need life insurance.
However, you have have any large outstanding debts, a mortgage, people who depend on you income, or if you want to leave an inheritance behind. You may want to consider purchasing a life insurance policy. In the next section we’ll explain which type of life insurance is best for your each situation. We’ve also provided some quotes by age and gender to help you estimate the cost of your coverage.
Types of Life Insurance Policies Available for Applicants Aged 50 to 59
After the age of 50, there are lots of different options for life insurance, but there are only 3 types of coverage that are worth considering. These are term life insurance, whole life insurance, and guaranteed universal life insurance. We’ve explained how each of these policies work to help you determine which type of coverage is the best fit for your needs.
Term Life Insurance
Term life insurance is one of the most commonly purchased types of life insurance available because it usually provides the most coverage for the least amount of money. The amount of coverage your policy offers is referred to as the ‘face amount” this is the amount of money your loved ones will receive if you pass away. Most term life insurance companies offer face amounts of $100,000 to $5,000,000 depending on your age and income.
The “term” of your life insurance policy is the amount of years that the face amount and the cost of your policy is guaranteed not to change. Most term life insurance companies offer terms in 5 year increments, usually for 10, 15, 20, 25 or 30 years. It’s important to note that most people outlive their term policy, which is why term insurance is so affordable.
Term life insurance is usually purchased to provide a safety net until life events are surpassed. As an example, many people purchase term life insurance to protect their mortgage. If you were to pass away before your mortgage is paid off, your family will have the money they need to pay off the balance of your loan.
Term life insurance is also commonly purchased for income replacement until retirement age, to secure outstanding debts, or to make sure your children have money for college if you pass way before they graduate.
Skip to sample term life insurance rates for 50 to 59 year olds
Whole Life Insurance
Whole life insurance is another very common type of life insurance. Most whole life insurance policies are sold through TV advertisements, the mail, organizations like AARP, or by celebrity endorsers like Alex Trebek. Whole life insurance is extremely popular because it is very easy to purchase, but buyer beware, you are likely overpaying for this convenience!
With whole life insurance, there are no physical exams to qualify for coverage. Most whole life insurance companies will electronically review your records for major health issues, but they do not qualify each applicant like term life insurance companies do. Whole life insurance companies have fixed rates for each gender and age bracket regardless of health issues. This allows for an easy approval, but if you are a non-smoker in average or better health, you’ll end up overpaying for your policy.
If you’re considering whole life insurance, it’s also very important to read the fine print within your policy. Most whole life insurance policies increase in cost EVERY 5 years, making them unaffordable by the age of 75.
As an example, one of the policies we reviewed for a male in their 50s increased from less than $75 dollars a month to an astonishing $305.25 per month by the age of 75. By the age of 76, the rates for this policy jump again to $541.92 every month! For most people on a fixed income, this coverage will become unaffordable.
If you need permanent life insurance, instead of purchasing whole life insurance, we recommend guaranteed universal life. It’s important to note that guaranteed universal life insurance is not the same as the risky non-guaranteed universal life insurance policies our parents bought. We’ll explain more about guaranteed universal life insurance coverage in the next section.
Skip to sample whole life insurance rates for 50 to 59 year olds
Guaranteed Universal Life Insurance
Guaranteed universal life insurance is a form of permanent life insurance that combines the best benefits of term life insurance and whole life insurance. Unlike non-guaranteed universal life insurance, guaranteed universal life insurance does not build a cash value, does not require any risky investments, and it does not get more expensive as you get older.
Guaranteed universal life insurance provides affordable lifetime coverage that is guaranteed not to increase in cost or decrease in coverage until the age of 90, 95, 100, 105, 110, or even 121. For this reason, these polices are commonly referred to as a term-to-90, term-to-95, term-to-100, etc. In fact, the only major difference between term life insurance and guaranteed universal life insurance is that with guaranteed universal life insurance you are guaranteeing your coverage and rates until a specific age instead of a set number of years.
For non-smokers who are in fair or better health, guaranteed universal life insurance is almost always substantially less expensive then whole life insurance. Unlike whole life insurance, guaranteed universal life insurance policies require a free in-home medical exam for approval. This due diligence reduces the risk to the insurance companies and allows them to charge lower rates for larger amounts of coverage.
Even if you have a few health issues like diabetes, high blood pressure, elevated cholesterol, or if you’re considered overweight, guaranteed universal life insurance coverage is likely less expensive than a comparable whole life insurance policy. Every life insurance company has their own unique underwriting guidelines and pricing.
By working with more than 60 top-rated life insurance companies, we’re able to match our clients with the insurance company that will provide them with the lowest rates, no matter what type of health issues they have.
Skip to sample guaranteed universal life insurance rates for 50 to 59 year olds
In the next section we’ve provided some actual life insurance rates by age and gender to help you determine your cost of coverage, and which type of coverage is best for your needs.
Life Insurance Quotes by Age and Gender – Ages 50 to 59
One of the most common questions people ask us about life insurance is, “How much is this policy going to cost me?”
To help you determine how much your policy will cost, we’ve displayed some sample rates for males and females between the ages of 50 and 59.
The quotes displayed below are generally available for non-smokers who are in overall good health. If you’re 10 to 20 pounds overweight, of if you take a preventative medication to control your blood pressure or cholesterol, don’t worry. With most of the companies we represent, these minor health issues shouldn’t prevent you from qualifying for “preferred” or “preferred best” rates.
Term Life Insurance Quotes By Age for a Male – 10 Year Level Term, $100,000 to $500,000
| Age | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| 50 | $16.52 | $30.32 | $55.44 |
| 51 | $17.63 | $33.11 | $60.72 |
| 52 | $18.84 | $35.91 | $66.00 |
| 53 | $20.13 | $39.38 | $70.52 |
| 54 | $21.59 | $42.47 | $76.97 |
| 55 | $23.14 | $46.77 | $83.81 |
| 56 | $24.86 | $50.97 | $91.42 |
| 57 | $26.75 | $54.83 | $99.03 |
| 58 | $28.73 | $59.54 | $109.22 |
| 59 | $31.05 | $64.93 | $119.11 |
*Displayed monthly quotes are from “A” rated life insurance company and they are accurate as of 03/01/2018
Term Life Insurance Quotes By Age for a Female – 10 Year Level Term, $100,000 to $500,000
| Age | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| 50 | $14.08 | $25.37 | $44.29 |
| 51 | $14.87 | $26.88 | $47.30 |
| 52 | $16.02 | $28.60 | $50.74 |
| 53 | $17.25 | $30.32 | $54.61 |
| 54 | $18.32 | $32.44 | $58.48 |
| 55 | $19.35 | $34.62 | $53.45 |
| 56 | $20.73 | $37.20 | $68.43 |
| 57 | $22.28 | $39.99 | $73.42 |
| 58 | $23.91 | $43.22 | $80.07 |
| 59 | $25.72 | $46.66 | $86.86 |
*Displayed monthly quotes are from “A” rated life insurance company and they are accurate as of 03/01/2018
Term life insurance is not permanent coverage, it is designed to provide a large amount of coverage for a fixed number of years. The vast majority of people outlive their term policy, which is what allows term life insurance to be less expensive than permanent insurance options like whole life or guaranteed universal life insurance. Permanent life insurance is designed to last your entire lifetime and provide a payout. To fund these payouts, permanent life insurance companies must charge a higher premium for their products.
If you’re shopping for less than $50,000 of permanent coverage, you’ll likely be limited to a whole life insurance policy. However, most people can purchase 2 to 3 times more coverage with a guaranteed universal life insurance policy for the same price.
Guaranteed universal life insurance is less expensive than whole life insurance because it requires a mini-medical exam for approval. This decreases the risk to the life insurance company allowing them to charge more aggressive rates.
To help you decide if whole life insurance is your best option, we’ve provided quotes for $10,000, $25,000, and $50,000 below. If you’re in fair or better health, a guaranteed universal life insurance will provide your beneficiaries with a larger amount of permanent coverage at a lower cost. We’ve also provided rates for guaranteed universal life insurance in the next section.
Whole Life Insurance Quotes By Age for a Male – Level Cost to Age 100, $10,000 to $50,000
| Age | $10,000 | $25,000 | $50,000 |
|---|---|---|---|
| 50 | $28.82 | $68.08 | $135.30 |
| 51 | $29.81 | $70.96 | $140.27 |
| 52 | $30.84 | $73.00 | $145.38 |
| 53 | $31.91 | $75.69 | $150.74 |
| 54 | $33.05 | $79.21 | $156.46 |
| 55 | $34.28 | $82.41 | $162.62 |
| 56 | $35.56 | $85.60 | $169.00 |
| 57 | $36.86 | $88.86 | $175.52 |
| 58 | $38.26 | $92.36 | $182.51 |
| 59 | $39.84 | $96.29 | $190.39 |
*Displayed monthly quotes are from “A” rated life insurance company and they are accurate as of 06/01/2017
Whole Life Insurance Quotes By Age for a Female – Level Cost to Age 100, $10,000 to $50,000
| Age | $10,000 | $25,000 | $50,000 |
|---|---|---|---|
| 50 | $24.67 | $56.87 | $112.88 |
| 51 | $25.45 | $58.83 | $115.93 |
| 52 | $25.88 | $59.90 | $119.19 |
| 53 | $26.62 | $61.74 | $123.58 |
| 54 | $27.47 | $63.86 | $127.45 |
| 55 | $28.40 | $66.19 | $132.02 |
| 56 | $29.27 | $68.37 | $136.94 |
| 57 | $30.06 | $70.33 | $141.68 |
| 58 | $30.83 | $72.27 | $147.20 |
| 59 | $31.70 | $74.45 | $152.99 |
*Displayed monthly quotes are from “A” rated life insurance company and they are accurate as of 04/01/2017
As we mentioned earlier, guaranteed universal life insurance is almost always a fraction of the cost of a comparable whole life insurance policy. As an example, let’s compare the cost of a $25,000 dollar whole life insurance policy to a $100,000 guaranteed universal life insurance policy:
The $100,000 guaranteed universal life insurance policy provides four times the amount of coverage for about $11 dollars more per month. Even if you have some health issues, guaranteed universal life insurance is usually less expensive than whole life insurance, even if you are buying twice the amount of coverage.
To illustrate the cost difference between whole life insurance and guaranteed universal life insurance, we’ve included some actual quotes for level coverage until the age of 90. If you have longevity in your genes and want to look in coverage even longer, we can also offer guaranteed universal life insurance policies with fixed rates and coverage until age 95, 100, 105, 110 or 120.
These policies are roughly 10 to 20% more expensive than guaranteed universal life insurance policies with level rates to age 90.
Guaranteed Universal Life Quotes for a Male – $50,000 to $250,000 – Level Cost to Age 90
| Age | $50,000 | $100,000 | $250,000 |
|---|---|---|---|
| 50 | $54.50 | $75.69 | $178.95 |
| 51 | $56.70 | $79.31 | $188.23 |
| 52 | $59.00 | $82.85 | $197.96 |
| 53 | $61.30 | $86.44 | $208.34 |
| 54 | $63.80 | $90.16 | $219.33 |
| 55 | $66.55 | $93.88 | $225.45 |
| 56 | $69.45 | $100.31 | $238.35 |
| 57 | $72.60 | $106.74 | $250.05 |
| 58 | $76.05 | $113.28 | $261.11 |
| 59 | $79.80 | $117.74 | $271.60 |
*Displayed monthly quotes are from “A” rated life insurance company and they are accurate as of 06/01/2017
Guaranteed Universal Life Quotes for a Female – $50,000 to $250,000 – Level Cost to Age 90
| Age | $50,000 | $100,000 | $250,000 |
|---|---|---|---|
| 50 | $48.45 | $58.80 | $146.99 |
| 51 | $50.40 | $61.72 | $154.30 |
| 52 | $52.30 | $64.64 | $161.59 |
| 53 | $54.35 | $67.56 | $168.89 |
| 54 | $56.50 | $70.48 | $176.19 |
| 55 | $58.80 | $73.40 | $183.49 |
| 56 | $61.35 | $78.32 | $195.80 |
| 57 | $64.20 | $83.24 | $206.48 |
| 58 | $67.20 | $88.17 | $216.15 |
| 59 | $70.30 | $93.31 | $225.25 |
*Displayed monthly quotes are from “A” rated life insurance company and they are accurate as of 06/01/2017
Why is guaranteed universal life insurance less expensive than whole life insurance for more coverage?
Guaranteed universal life insurance is usually less expensive than whole life insurance because it requires a free in-home exam for approval. This allows the life insurance companies to better evaluate an applicant’s health before accepting their application.
As an example, if you were a heavy cigarette smoker with undiagnosed diabetes and chest pains, the whole life insurance company would not know this information before approving your policy.
To offset this potential risk, the whole life insurance companies must charge higher rates for their coverage. In addition, many whole life insurance companies pay celebrity endorsers or well-known organizations to promote their products. These costs are trickled down to the consumer resulting in a higher cost of coverage. Even if you have a few health issues, guaranteed universal life insurance may be less expensive than whole life insurance.
Every life insurance company has their own unique guidelines for approval and pricing. By working with more than 60 companies, we’re able to match our clients with the life insurance company that will provide them the lowest rates.
If you would like help determining which company is best for your situation, or if you would like accurate quotes for a specific amount of coverage, call us today, toll-free: 855-902-6494. One of our experts will be able to fine tune your best options for coverage by asking you a few questions about your health and lifestyle.
Insider’s Tips to Help You Save Money on Your Life Insurance Policy
Anytime you shop for insurance, we always recommend working with an experienced and independent agency that represents multiple insurance companies. Every life insurance company has their own unique pricing, and some companies are more lenient with health issues than others. Even if you’re in perfect health, applying with the right company could save you more than 35% on the cost of your coverage.
Our agents are experts at underwriting and we have access to each company’s unique underwriting requirements and guidelines. By representing dozens of top-rated life insurance companies, we’re able to match our clients with the best insurance options available, saving them time and money.
We have over 60 years of collective experience, and we’ve helped thousands of people with their life insurance needs. Give us a call us today toll-free: 855-902-6494. Within a few minutes one of our licensed agents will be able to compare your best options for coverage from more than 60 top-rated life insurance companies.
You can also request a free instant quote online below to compare rates from dozens of life insurance companies in less than a minute. Our consultative services are free and our agents do not have sales quotas, we’re here to help.
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