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Term Life Insurance For 50 Year Olds

couple over 50 buying life insurance onlineYears back if you were over 50 years of age, getting life insurance was difficult and expensive.

This is no longer the case. There are a number of companies offering very affordable rates on term life insurance for men and women over fifty.

“With people's life expectancy increasing frequently, insurance companies are more than happy to cover those people that are aged 50 plus”



Typical Life Insurance Amounts:

Example Premiums For Men | Example Premiums For Women

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.

Term life insurance for people 50 plus 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 concerning health issues, most states require insurance companies to offer everyone some form of coverage, so if you are looking for a life ins. policy, you should be able to get some kind of coverage.


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How Much Are The Premiums

You will find that typical premiums for people after fifty range from $20 a month for a $15,000 policy, to $70 for a $50,000 policy. See more price examples here.

Just remember, the earlier you start shopping for life insurance, the cheaper your rates will be.

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

The last thing you will want to do, is leave your spouse, significant other, or children with no money to pay for your funeral and outstanding debts. 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 $16.10 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.


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 Year Old Woman $13.48 $21.36 $24.16 $35.68 $66.13
51 Year Old Woman $14.35 $22.14 $25.90 $38.84 $72.69
52 Year Old Woman $15.15 $24.51 $28.10 $42.83 $79.19
53 Year Old Woman $16.12 $26.34 $30.26 $46.38 $87.55
54 Year Old Woman $17.35 $28.71 $33.18 $50.75 $95.81
55 Year Old Woman $18.38 $31.16 $35.88 $56.15 $104.13
56 Year Old Woman $19.34 $32.35 $38.43 $58.96 $110.20
57 Year Old Woman $20.28 $34.60 $40.86 $63.92 $120.45
58 Year Old Woman $21.26 $36.79 $43.75 $68.85 $130.15
59 Year Old Woman $22.77 $39.23 $47.87 $75.47 $143.50
60 Year Old Woman $23.98 $42.80 $51.10 $82.25 $156.62
61 Year Old Woman $25.78 $46.55 $55.83 $90.15 $171.50
62 Year Old Woman $27.48 $50.64 $60.55 $98.45 $187.25
63 Year Old Woman $29.59 $54.88 $66.35 $107.63 $206.55
64 Year Old Woman $32.10 $59.75 $73.41 $119.45 $229.61
65 Year Old Woman $37.26 $66.87 $81.13 $148.70 $287.10

(life insurance rates as off 10/13/2020 - 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 $100K $200K $300K $500K $1 Million
50 year old man $27.34 $47.99 $54.40 $90.25 $170.35
51 year old man $28.88 $50.96 $59.74 $ 97.91 $185.95
52 year old man $31.28 $55.95 $66.16 $108.70 $ 209.10
53 year old man $32.75 $59.80 $67.38 $117.88 $227.10
54 year old man $34.68 $61.86 $71.40 $119.10 $232.31
55 year old man $37.78 $67.45 $78.10 $130.38 $255.19
56 year old man $40.65 $73.69 $85.92 $144.42 $282.59
57 year old man $46.14 $81.55 $94.20 $157.16 $309.75
58 year old man $51.98 $97.55 $120.66 $198.31  $388.14
59 year old man $59.58 $109.53 $137.41 $223.75 $435.25

(life insurance rates as off 10/13/2020 - your rates may vary)



Customers often ask "Can you buy life insurance in your fifties?, "Can I buy life insurance at age 50?", "Can a fifty year old buy life insurance?" - the answer is a resounding YES. Insurance companies are more than happy to insure you if you are from 50 to 59 years of age. Also asked are pricing questions like: "How much is whole life insurance for a 50 year old man?", "How much is term life insurance for a 50 year old woman?", How much is life insurance for a 50 year old with diabetes?" - take a look at the pricing table above, or complete the quote form.

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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.