If you are between 50 and 59 years old, it is important that you choose the right life insurance. This may be the last insurance you ever bought.
Here are some of the most common questions that individuals over 50 usually have:
- What type of life insurance does someone over 50 really need ?  Can I still be approved with some health problems ?
- Is it to be over 50 too old to get affordable life insurance?
Many agents are severely limited in their life insurance options over the age of 50, especially if you have any health issues. Choose the wrong agent here, so you can stop paying too much or be denied coverage.
Do not worry … you are in the right place!
Existing health conditions?
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Examples of life insurance courses over 50
Remember that life insurance in the fifties is not as easy as taking a quick quote and seeing who offers the best price … you still have to qualify. That being said, it's still a good idea to see ballpark prices.
Here are some examples of life insurance premiums for a healthy male age 50, non-smoker for 10, 20 and 30 years of life insurance with $ 100,000 to $ 1 million in coverage.
Life Insurance Rates for a 50 Year Old Man
|Term||$ 100K||$ 250K||$ 500K||$ 1M|
|10 Yr  $ 14.15||$ 23.80||$ 41.73||$ 74.82|
|15 Yr||$ 18.99||$ 33.19||$ 60.28||$ 110.20|
|20 Yr||$ 22.89||19659024] $ 77.99||$ 145.95|
* Quotes above are monthly, assume preferred plus prices for a non-smoking male age 50, and subject to change.
Get your quote now!  How do I get the cheapest life insurance in over 50?
Ten-year insurance is an affordable alternative in the 50s. Here are some examples of 10 year awards.
10 year life insurance courses: Ages 50 – 59 years old
|AGE||$ 100K||$ 200K||$ 300K||$ 400K  50 years old||$ 14.15||$ 25.43||$ 28.56||$ 37.75|
|51 years old||$ 15.06||$ 27.19||$ 31.43  $ 40.92|
|52 years old  $ 16.05||$ 29.30||$ 34.57||$ 44.79|
|53 Yr Old||$ 17 , 13||$ 31.59||$ 38.00||$ 49.37|
|54 Yr Old||$ 18.31||$ 41.75||$ 55.65|
|55 Yr Old||$ 19.60||$ 38.63||$ 45.83||$ 60.28|
|56 Yr Old||$ 21.01||$ 40.74||$ 25.94] $ 65.91|
|57 years old||$ 22.54||$ 44.44||$ 54.40||71 , $ 90|
|58 years old||$ 24.20||$ 48.66||$ 59.23 [1 9659023] $ 78.98||Yr Old||$ 26.28||$ 52.56||$ 65.29||$ 87.06|
* 10 year level life insurance rates – premiums for males, non-smokers preferred plus rates are subject to change.
If you need insurance for more than ten years, try to lock in your period for as long as you can. This way you can avoid trying to get a new insurance in the 60s or 70s, as we discussed above.
Long maturities cost more.
Other factors can affect premiums in your 50s
If the insured is a woman and everything else is equal, the premium would be a little cheaper.
If the man, 50 years old, takes medication for well-controlled blood pressure, cholesterol or mild anxiety, the quote may become more expensive. For a 50-year-old, non-smoker who wants to apply for life insurance, select "regular" on our instant quote form.
Some common high-risk medical problems that can drop the applicant even further in terms of grades may be type 2 diabetes, obesity, a history of heart disease such as a replaceable valve, coronary heart disease or the need for a pacemaker.
Keep in mind that life insurance for cigarette smokers is also more expensive.
Why buy life insurance in the fifties?
Check out these seven reasons why you may need life insurance. This will help you match the type of coverage with your specific needs. The typical life insurance buyer buys it to replace income – money for her spouse to replace lost income. Here are a few more:
- Income benefit – You are still working and want to give your spouse, partner or child a death benefit.
- Property Planning – You may need to add liquidity to a property filled with property or business holdings, or you may need insurance to pay property taxes.
- Inheritance Purpose / Invest in Yourself – You do not care how old you are when you pass. You want to leave something to your family and can do so in a tax-efficient, inexpensive way with life insurance.
- Corporate Insurance – You may want to cover outstanding business expenses, responsibilities and obligations.
- Trust Planning – Common uses are to finance an AB or Bypass trust, or an Irrevocable Life Insurance Trust.
- Long Term Care Needs – As we age, we begin to think ahead about the possibility of needing some form of assisted care as we get older. Many of us look at long-term care and find the cost outrageous. But did you know that many life insurance policies offer the opportunity to take money from your early death benefit for long-term care costs? … and this is so much cheaper than traditional long-term care.
- Donate money to charity or religious organizations – Let's say you have $ 10,000 earmarked for the Salvation Army. If you are a 57-year-old man in good health, do you know that you can use the $ 10,000 to buy a $ 30,000 life insurance policy and leave the Salvation Army as a beneficiary? Yes, it's tripled what you had planned to leave them. (this is a permanent policy, not a term.)
Simply put, we must avoid the old “Mr. D ”and the destruction he will do for our family or our company if we do not have any life insurance.
RELATED: Check Examples of Life Insurance Rates by Age (No Personal Information Required)
What Are the Challenges of Life Insurance in Your 50s?
As mentioned in the introduction, you are at a unique age and should approach buying life insurance with the following special considerations.
Do you have health problems?  For most of our younger customers, health rarely gets in the way of finding affordable life insurance … but we're starting to see some health problems with our customers in the 50's.
There are two primary ways that health can affect your policy:  Price – Businesses will place you in a "health class". The better your health class, the cheaper your prices are.
Your first and most important lesson if you have any health problems is to use an experienced, independent agent.
Each company treats different health problems differently. Some are milder in diabetes, for example, than others. An independent agent has the task of trading the market for the company that is best for YOU and your special health problems.
And when you find the right company, it's what leads to the cheapest prices.
So rest assured, whether you come to us as a healthy, non-smoker, or if you have pre-existing medical conditions such as diabetes, previous bouts of cancer, heart problems, weight problems or are a smoker, we are experts in helping you Find the most affordable premiums from the highest ranked insurance companies.
Skip the needles!
Do you want to take the "pain" out of life insurance? We do not blame you! Bestow is one of our most recommended companies without a degree that offers 10 and 20 year plans up to 55 years. See if you qualify for "no degree" today.
The quote is fast, easy, and free!  What type of life insurance is best after age 50?
With limited options as we get older, what type of life insurance do you really need ? [19659008Indanediscusswhattypeoflifeinsuranceyouneedtofirstunderstandthefollowingconsiderationswhenbecomingaparent They are both important for you to decide what type of insurance to buy. Life insurance at 55 costs about 8% less than life insurance at 56 years of age. Generally, the maximum age to qualify for 30 years is 50 to 55 in most companies. * But we have access to at least one company that will issue a 30-year policy up to the age of 58. See prices now! So if you are in your early 50's you can still be 30 years old! It is not available at 59 or 60. If you are 59 and can no longer buy 30 years, or if you want a policy that lasts your entire life, we use a similar product as a long-term guarantee universal life and structure it to cover you for 90 years. Pricing is very competitive and less than half the price for life. Even if you are in your early 50's and you can still qualify for longer periods, the next point is crucial for you.
Insurance companies are old age Cutoffs
If you are in your 50s, think 10-20 years into the future  We see many customers in their 50s who have had two or three insurance policies in their lives.
With limited options as we get older, what type of life insurance do you really need ? [19659008Indanediscusswhattypeoflifeinsuranceyouneedtofirstunderstandthefollowingconsiderationswhenbecomingaparent
They are both important for you to decide what type of insurance to buy.
Life insurance at 55 costs about 8% less than life insurance at 56 years of age.
Generally, the maximum age to qualify for 30 years is 50 to 55 in most companies.
* But we have access to at least one company that will issue a 30-year policy up to the age of 58.
See prices now!
So if you are in your early 50's you can still be 30 years old! It is not available at 59 or 60.
If you are 59 and can no longer buy 30 years, or if you want a policy that lasts your entire life, we use a similar product as a long-term guarantee universal life and structure it to cover you for 90 years.
Pricing is very competitive and less than half the price for life. Even if you are in your early 50's and you can still qualify for longer periods, the next point is crucial for you.
Maybe they bought a 20-year period in the 20s, and when it expired they bought a ten-year period and now it expires. You really have to think ahead now.
Say, for example, that you get a ten-year period at age 57 and that you still need coverage when it expires at age 67.
Your options will be very limited.
At age 67, you can only buy 10 and 15 years, and it gets expensive. If you are 57 years old and buy a 20-year period, it will expire when you are 77, and you run out of options at that age, except for a 10-year period or a permanent insurance. (… and that's if you can still qualify healthily)
That being said, you may not need a long term. If you pay down your debts and invest for the future, you may look at your financial plan for 10-15 years and find that there is no need for coverage.
We only recommend a longer term in the 50's if:
- You do not retire at any time in the foreseeable future
- You want coverage after you retire (even if you do not have to need it )
- Your goal is to "invest in yourself" and create a property with an excellent return
- To cover a long-term debt like a 30-year mortgage
So do not let a Agent talk to you about a long, expensive period if you do not want or need one. Most of our customers in the 50's can get away with a period of 10 or 15 years.
3 Life Insurance Saving Tips for 50 Year Olds
Here are some great savings tips to help you find the cheapest life insurance
I've already said that one of your problems with applying for life insurance in the 50's is that you can have any health problems. So my first tip is to:
Find out if you are eligible for special insurance Life insurance
Health IQ offers exclusive active lifestyle discounts. You can qualify if you are an active runner, cyclist, yogi, vegetarian, swimmer or other. Find out how much you can save!
The quote is fast, easy, and free!
1. Find the best life insurance company for your health history
If you are looking for a low life insurance policy with health features, you must apply for coverage with the company that will have the most understanding of your unique health history .
Not sure who is the best company for your unique relationship?
Of course you do not! That's why you need an independent agent.
Do not use a "captured agent" who only has access to one company. These are agents like Farmers, State Farm and New York Life. You need an agent who knows the market and can buy the best for you.
2. Buy 2 Policies
My second tip is to consider buying two policies instead of one.
"Excuse me?" you say.
"Wouldn't it be more expensive?"
What I mean is that you can actually save 10-15% by dividing your coverage into 2 with different maturities.
For example, if you needed $ 1 million coverage and want to save money on it instead of buying insurance for 30 years, instead of buying $ 500,000 insurance with a 15-year period and $ 500,000 insurance with a term of 30 years.
3. Use an income donor option
My third tip is to use an income provider option .
Very few companies offer this, but we have one that does, and it can save you 5-40%
You are probably familiar with the fact that life insurance pays out a lump sum on the death of the insured.
Well … If your goal is to provide your spouse or perhaps a child with income, why not give them death benefits for a period of 5, 10, 15 or even 20 or 30 years?
We have a carrier that allows you to do this and reduces the premium significantly.
For example, it costs about 15% less to have $ 50,000 paid out per year for 10 years than to have a lump sum of $ 500,000!
How to find the best insurance after age 50
Life insurance is an important decision and we at Huntley Wealth can help you find the best possible prices in your 50s. We can access and research dozens of the best life insurance companies.
If you have health problems, do not let that deter you. We can give you valuable advice and help you find a policy that suits your individual needs.
To request a quote, fill out the form to the right or call us at 888-603-2876
* While we do our utmost to keep our site up to date, please be aware that "current" information on this page, such as quotation estimates or relevant company information, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.