Term Life Insurance Over 50

 

couple over 50 buying life insurance onlineYou may be surprised at the number of companies offering very affordable rates on term life insurance for people over 50 years of age .

It is a common misconception that insurance companies do not like to insure people in their fifties and older. This is not true.

With people's life expectancy increasing every year, insurance companies are more than happy to cover those people that are aged 50+

 

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Life insurance rates for people over 50 are set for every five-year span. Cheapest rates are offered to those who are between the ages of 50 and 55.

The next rate levels cover those 55 to 60 and so on. Typically, these insurance plans end when the person reaches the age of 80.

Term life insurance for people over 50+ (fifty) rarely covers suicide in the first two years that the policy is owned. Some policies will not cover suicide ever. You cannot be denied a life insurance policy in most cases.

While the rates may be higher if you have had cancer, heart disease or other dangerous issues, most states require insurance companies to offer everyone some form of coverage.

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How Much Are The Premiums

You will find that premiums for people after 50 range from $20 a month for a $15,000 policy to $70 for a $50,000 policy.

Term life insurance rates are generally cheaper than other permanent types like, universal and whole.

You will also find that many insurance companies will cut the insurance policy’s length to fifteen years if you purchase it at the age of 50.

The last thing you will want to do is leave your spouse, significant other, or children with no money to pay for your funeral. This is why some sort of life insurance coverage is a must-have.

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AARP
is perhaps the largest of these companies. AARP offers memberships for $16.00 per year. The membership is for both the person who is 50 and his or her spouse or partner.

Membership with AARP offers many benefits including discounted policies for term life insurance for people over 50, automobile insurance, homeowner's insurance, and even travel discounts. AARP also offers masses of information on common problems and situations that middle-aged people experience.


Over 50?

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Example Life Insurance Policies People Over 50

Here are some examples of term life insurance policies for those 50 years old and over. These rate examples are just a guide and most likely are not the rates you'll get. As you can see, they are very affordable. To get your own rates, please go here.


Shown:
Average monthly costs for a 10 year level term policy
for a non smoker woman in good health.

AGE $100,000 $200,000 $300,000 $500,000 $1,000,000
50 Years Old $13.48 $21.26 $24.06 $35.88 $66.06
51 Years Old $14.26 $22.84 $25.90 $38.94 $72.19
52 Years Old $15.05 $24.41 $28.00 $42.44 $79.19
53 Years Old $16.01 $26.34 $30.36 $46.38 $87.06
54 Years Old $17.15 $28.61 $32.99 $50.75 $95.81
55 Years Old $18.38 $31.06 $35.88 $56.00 $104.13
56 Years Old $19.34 $32.31 $38.43 $58.95 $110.25
57 Years Old $20.39 $34.65 $40.86 $63.90 $120.15
58 Years Old $21.26 $36.99 $43.75 $68.85 $130.05
59 Years Old $22.49 $39.73 $47.16 $75.60 $143.50
60 Years Old $23.98 $42.70 $51.10 $82.25 $156.63
61 Years Old $25.85 $46.55 $55.83 $90.00 $171.50
62 Years Old $27.48 $50.68 $60.55 $98.00 $187.25
63 Years Old $29.53 $54.78 $66.33 $107.63 $206.50
64 Years Old $32.01 $59.75 $73.41 $119.44 $229.25
65 Years Old $37.26 $66.87 $81.03 $148.75 $287.00

(life insurance rates as off 11/10/12- your rates may vary)


Here are some examples of the average monthly costs of a 20 year term policy for a male, non-smoker, in good health and with no major medical issues:

Your Age $100,000 $200,000 $300,000 $500,000 $1,000,000
age 50 $26.34 $46.99 $53.40 $89.25 $169.31
age 51 $28.18 $50.75 $58.74 $ 97.91 $185.94
age 52 $30.28 $54.95 $64.05 $106.75 $ 205.19
age 53 $32.55 $59.50 $67.08 $116.81 $227.06
age 54 $34.78 $61.86 $71.40 $119.00 $232.31
age 55 $37.58 $67.46 $78.00 $130.38 $255.06
age 56 $40.64 $73.59 $85.80 $143.50 $282.19
age 57 $45.14 $80.59 $94.20 $157.06 $309.75
age 58 $51.98 $97.52 $120.66 $197.31  $387.19
age 59 $57.58 $107.53 $136.41 $222.75 $434.25

 

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About The Author

Peter Smith has worked in the insurance and financial industries for over 15 years, first starting as an actuary, but now, dedicated only to helping people find the right life insurance coverage.