What's The Average Cost For A $50,000 Life Insurance Policy?
Typically, a 60 year old man will pay an average of $30 per month for a $50,000 life insurance policy for a term of 10 years. A 67 year old woman will pay around $37 monthly for a 10-year term $50K policy.
Get your own $50,000 life insurance quote here.
The good news about a $50K policy is that it will not cost that much, and, you most likely, can get it without a medical exam and blood tests. These policies are often called guaranteed issue and simplified issue life insurance.
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At first glance a $50,000 life insurance policy, either term or whole, is not that much, but it may be enough to cover some immediate expenses and bills, so not to leave your family in a predicament. Things like funeral expenses, credit card bills, or any other outstanding debts.
A often used rule of thumb is, that you should get 5 to 10 times the amount of your annual salary in life insurance. So, for example, if you make $35,000 dollars per year, you should get a policy in the amount of $175,000 to $350,000. But, if you can only afford around 100K, get a quote below.
Example cheap rates for a 10 year term, $50,000 life insurance policy for a woman in good health and non-smoker.
| AGE | $50,000 |
| 65 year old woman | $32.19 |
| 66 year old woman | $35.31 |
| 67 year old woman | $36.66 |
| 68 year old woman | $39.78 |
| 69 year old woman | $43.05 |
| 70 year old woman | $47.15 |
| 71 year old female | $55.92 |
| 72 year old female | $64.52 |
| 73 year old female | $71.50 |
| 74 year old female | $78.19 |
| 75 year old female | $85.68 |
06/22/2024 - These policy premiums are just estimates. Your quoted prices will most likely be different.
Typical rates for a non-medical exam $50,000 10-year term life insurance policy for a man:
| AGE | $50,000 |
| 60 year old man | $29.25 |
| 61 year old man | $31.35 |
| 62 year old man | $34.10 |
| 63 year old man | $37.43 |
| 64 year old man | $41.48 |
| 65 year old man | $46.55 |
| 66 year old man | $56.34 |
| 67 year old man | $58.76 |
| 68 year old man | $65.88 |
| 69 year old man | $72.30 |
| 70 year old man | $78.75 |
| 71 year old male | $88.93 |
| 72 year old male | $99.32 |
| 73 year old male | $109.68 |
| 74 year old male | $119.99 |
| 75 year old male | $130.47 |
| 76 year old male | $208.35 |
| 77 year old male | $238.58 |
| 78 year old male | $266.25 |
| 79 year old male | $293.90 |
| 80 year old male | $330.97 |
Example male rates as off 06/22/2024 - your average premiums will most likely be different.
About the $50,000 Life Insurance Rates Above
The example rates on the table above are for individuals in good or fair health, that do not use tobacco products. For example, being overweight or obese will increase your rates a lot, or you may even be denied coverage.
In order to get cheap and the best rates, it's best for your weight to height ratio, also known as body mass index (BMI), to be within normal ranges.
Also, if you are taking medication for health conditions like diabetes, high blood pressure, high cholesterol, cancer, etc., it may be difficult to get coverage. It's best to complete an online quote form and speak to an agent.
CLICK HERE for Your Own $50K Life Insurance Quote!
Why might you need $50,000 in life insurance coverage?
Your financial needs are not static; they shift and grow over time. There are several reasons why $50,000 in life insurance might be appropriate for you.
Here are a few considerations for opting for $50,000 in life insurance:
- Paying off any outstanding debts from loans, credit cards, or joint lines of credit
- Covering end-of-life expenses such as funeral costs or estate taxes
- Contributing to a life insurance ladder strategy, where you layer different amounts of life insurance to address various financial risks throughout your life
- Leaving a monetary gift to grandchildren or a cherished charity as part of your legacy
Simplified Issue vs. Guaranteed Issue
For a "Simplified issue" policy you only have to answer a few medical history questions. You do not need to have a medical exam.
For a "Guaranteed issue" policy you don't have to subject yourself to a medical exam or blood tests, or even have to answer any medical questions - you qualify for coverage no matter what.
$50,000 Term Life Insurance vs Whole Life Insurance
| Insurance Type | Coverage Duration | Premium Costs | Cash Value | Expiration | Flexibility | Purpose |
|---|---|---|---|---|---|---|
| Term Life Insurance | Provides coverage for a specific period (e.g., 10, 20, or 30 years) | Relatively lower premiums, especially at younger ages | Does not accumulate cash value | Expires at the end of the term, unless renewed | Allows adjustments to coverage amount or term length as needs change | Suitable for temporary needs, such as covering a mortgage or supporting dependents during their formative years |
| Whole Life Insurance | Provides lifelong coverage as long as premiums are paid | Higher premiums, but the policy builds cash value over time | Accumulates cash value that can be borrowed against or withdrawn | Does not expire as long as premiums are paid | Generally less flexible, with fixed coverage amount and premiums | Useful for long-term financial planning, estate planning, or as a supplementary retirement income source |
Are you asking yourself, "How much does a $50,000 dollar life insurance policy cost?", no matter your age, 30, 35, 40, 45, 50, 55, 60, 65, 70, 75 - find out your rates by clicking here!