Best Types of Life Insurance After 50
The best policy type depends on what you need the coverage for. At 50, your life insurance needs are likely different from when you were 30. Here are the main options:
Term Life Insurance
Fixed coverage for 10, 15, or 20 years. Best for covering remaining mortgage payments, income replacement until retirement, or protecting dependents until they are self-sufficient.
- Cost: Most affordable option
- Term lengths available: 10, 15, 20 years (30-year terms may not be available)
- Best for: Specific, time-limited needs
Whole Life Insurance
Permanent coverage that lasts your entire life with a guaranteed cash value component. Best for final expenses, estate planning, or leaving a legacy.
- Cost: 5-10x more than term
- Coverage period: Lifetime
- Best for: Final expenses, legacy planning
Guaranteed Issue / Final Expense
Small policies ($5,000-$50,000) with no health questions or medical exam. Everyone is accepted regardless of health.
- Cost: Highest per dollar of coverage
- Coverage: $5,000-$50,000 typically
- Best for: People with serious health conditions who cannot qualify elsewhere
Monthly Rates by Age and Type
Term Life — $500,000 Coverage (Preferred Non-Smoker)
| Age | 10-Year Term | 15-Year Term | 20-Year Term |
|---|---|---|---|
| 50 | $55/mo | $68/mo | $82/mo |
| 52 | $62/mo | $78/mo | $95/mo |
| 55 | $82/mo | $105/mo | $130/mo |
| 58 | $108/mo | $140/mo | $175/mo |
| 60 | $135/mo | $178/mo | $215/mo |
Term Life — $250,000 Coverage (Preferred Non-Smoker)
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 50 | $32/mo | $48/mo |
| 55 | $48/mo | $75/mo |
| 60 | $78/mo | $125/mo |
Whole Life — Final Expense ($25,000 Coverage)
| Age | Monthly Premium |
|---|---|
| 50 | $65-85/mo |
| 55 | $80-105/mo |
| 60 | $100-135/mo |
All rates are estimates for non-smokers. Actual rates vary by health and carrier.
How Much Coverage Do You Need?
At 50+, your coverage needs often look like this:
Calculate your needs:
- Remaining mortgage balance: $__________
- Other debts: $__________
- Income replacement (years x salary): $__________
- Children’s education costs: $__________
- Final expenses: $15,000-25,000
- Spouse’s retirement gap: $__________
- Total needed: $__________
Common coverage amounts at 50:
- $100,000-250,000: Mortgage payoff and final expenses
- $250,000-500,000: Mortgage plus several years of income replacement
- $500,000+: Full income replacement until spouse’s retirement
Use our life insurance calculator to get a personalized recommendation.
No-Exam Options for Over 50
No-medical-exam policies are particularly appealing after 50 when the exam process can be more invasive:
Simplified Issue (Health Questions, No Exam):
- Coverage: Up to $500K-$1M
- Approval: Days to weeks
- Cost: 15-30% more than fully underwritten
- Good for: Healthy applicants who want a faster process
Guaranteed Issue (No Questions, No Exam):
- Coverage: $5K-$50K
- Approval: Immediate
- Cost: Highest premiums
- Graded benefit: Limited payout in first 2-3 years
- Good for: Applicants with serious health conditions
Accelerated Underwriting:
- Coverage: Up to $1M+
- Process: No exam if you meet health criteria
- Cost: Same as fully underwritten
- Good for: Healthy applicants who qualify for automated approval
Best Companies for Ages 50+
Best for Term Life:
- Banner Life — competitive rates for 50-60 age range
- Protective Life — strong for 10 and 15-year terms
- Prudential — flexible underwriting for health conditions
Best for Whole Life / Final Expense:
- Mutual of Omaha — top final expense carrier
- Globe Life — simplified issue, easy approval
- AARP/New York Life — trusted name, good for ages 50-80
Best No-Exam:
- Haven Life — accelerated underwriting up to $1M
- Bestow — fully digital, instant decision
- Ethos — accepts a wide range of health conditions
Ready to find your rate? Get a free life insurance quote and compare options designed for people over 50.
Frequently Asked Questions
Can I get affordable life insurance at 50?
Yes. A healthy 50-year-old can get $500,000 in 20-year term coverage for $80-105/month. 10-year terms are even cheaper at $55-72/month. No-exam options are available too, though at higher rates.
Is term or whole life better after 50?
Term is still more affordable and works well if you have specific time-limited needs (mortgage, kids still at home). Whole life makes more sense if you want permanent coverage for final expenses or leaving a legacy. Many people over 50 choose a combination.
What if I have health problems and am over 50?
Health conditions are more common after 50, but coverage is still available. Simplified issue and guaranteed issue policies do not require a medical exam. For specific conditions, see our guides on diabetes, heart disease, and other high-risk situations.
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