Best life insurance for over 50 of July 2024 (2024)

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Best life insurance over 50

• Protective: Best life insurance over 50.
• Pacific Life: Excellent for term life insurance rates.
• Penn Mutual: Good for whole life insurance.
• Lincoln Financial: Great for reliable policy illustrations.
• Mutual of Omaha: Great for historic portfolio performance.

Top-rated life insurance over 50

Compare life insurance for over 50

Use the table below to compare example monthly rates for a $500,000, 10-year term life insurance policy.

^{Monthly rate examples are for 55-year-olds in good health who are shopping for a $500,000, 10-year term life insurance policy.}

How to find the best life insurance over 50

Before shopping for life insurance, answer these questions to determine how much life insurance you need:

• What debts do you have? Think about your mortgage, car loan, student loans and credit card debt and how many years you have left to pay them off. To figure out how much life insurance you need, add up the financial obligations you want to cover and subtract existing assets that could be used to pay the bills.
• How will your end-of-life expenses be covered? Have you priced out your burial and funeral expenses? Do you have money set aside for this, or will your family need to handle this cost? If this is the only cost you’re worried about covering, a guaranteed issue life insurance policy might suffice.
• When will you retire? In your early 50s, you’re likely planning to work another 15 or 20 years. How would your spouse or dependents cover expenses if they suddenly lost that income? Also, think about how much of your paycheck is going to a retirement fund right now — how will your retirement benefits be affected if you pass away and can no longer contribute money to the account for the next decade?
• Are you prepared for the potential cost of long-term care? According to Capgemini’s World Life Insurance Report 2023, 60% of individuals 65 and older don’t have a financial plan for aging well. If you don’t have the savings or retirement funds to cover increased health care costs in retirement, consider a life insurance policy with a long-term care rider.

“As one grows older, it’s crucial to consider the evolving value that a policy can provide. What would happen if you fell critically ill and required medical assistance, in-home care or assisted living? Do you have any insurance protection for long-term care? Do you have enough money in the bank to manage costs associated with cancer or assisted living facilities?”

Samantha Chow, Global Leader for Life, Annuity and Benefits Sector, Capgemini

Because the life insurance industry is complex and confusing, we recommend working with a trusted agent or financial advisor to review your financial situation and your goals. They’ll be able to identify the best type and amount of coverage for your circ*mstances.

Average cost of life insurance over 50

At age 50, the average cost of a $500,000, 10-year term life insurance policy is:

• $36 per month, or $432 a year for a healthy woman.
• $44 per month, or $528 a year, for a healthy man.

At age 55, the average cost of a $500,000, 10-year term life insurance policy is:

• $54 per month, or $648 per year, for a healthy woman.
• $74 per month, or $888 per year, for a healthy man.

As you age, the cost of buying a life insurance policy increases. Other factors will also affect your rates, such as your health and medical history and nicotine use status.

Average annual rate for a $500,000 10-year term life insurance by age

^{Rates reflect the average annual cost of a $500,000 10-year term life insurance policy for healthy, non-smoking males and females at 50, 55, 60 and 65.}

Why does life insurance get more expensive for people over 50?

The cost of life insurance increases as you age, to help insurers to offset the risk of insuring an older policyholder. Older policyholders generally have a shorter life expectancy than younger ones, which increases the risk that an insurance company will need to pay out a death benefit.

See how rates increase as you age: Best senior life insurance

Is life insurance worth it after 50?

Getting life insurance at 50 or older can be worth it if you want to:

• Provide financial support to a spouse or dependent after you die.
• Ensure a mortgage or other debt is paid off if you pass.
• Provide a loved one with an inheritance.
• Cover the cost of a funeral or other end-of-life expenses.
• Secure a death benefit for a beneficiary as well as living benefits, such as long-term care, for yourself.

Expert tip: Not all types of life insurance include living benefits, or those that can provide coverage if you need long-term care or are diagnosed with a critical illness. If these benefits are important to you, speak to an agent to discuss your options and compare life insurance quotes and policies from multiple insurers before making a move.

Frequently asked questions (FAQs)