Life Insurance for People Over 50

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  • Post last modified:March 22, 2021

The term “life insurance” means a security blanket, for your close family members. The most important thing is that it provides money to your loved ones, in case you die.

However, often people don’t realize the importance of buying life insurance for people over 50.

Generally, a policy is a very important protective contract. The contract is between you and the company.

When you apply for the insurance, you become the insured, while the company offering you the life insurance is called the insurer.

In a situation where you pass away, the company or the insurer compensates you through your beneficiary.

However, this depends on the person that you choose. The list of the beneficiary can be more than one person.

The amount of money to be given to your beneficiary will only depend on the amount you insured.

The money to be received will be tax-free.

Benefit of Life Insurance Over 50

Fund Education for the Children

When you pass away, your children could stand at a risk of not going on with their studies or education.

This is because they are fully dependent on you. However, with life insurance, the money will cover their education.

Settle the Outstanding Debts

You might leave behind some debts like a bank loan. The bank can decide to sell your property to recover the money.

Part of the life insurance money given to your dependents can be used to settle the debts.

Most people when they pass away without life insurance, leave many problems for their loved ones.

Cover the Funeral Expenses

Every person is entitled to a good send-off. No one would wish their families to face challenges when arranging for the funerals.

Nevertheless, with the money from burial insurance, it will give your loved ones a humble time.

Funeral cost is increasing rapidly, read this.

Pay the Medical Bills

A world health survey has proved that many people pass away leaving huge medical bills to their loved ones to settle.

The organization has always emphasized people getting life cover. This helps in settling huge medical bills that were left behind.

Maintain the Childcare Expenses

In the event where your wife was a housewife and had no job. She might face many challenges in bringing up the children.

With the help of the money given to your family, it will definitely help in cutting down the maintenance before she gets a job.

It is very important to look at it as a security, which can help your loved ones financially. Always consider protecting the people that matter to you most.

Buying Life Insurance at 50

Today, most people in their 50s are having a life that is quite different compared to their parents.

Various factors like the economy, financial challenges, and living longer than expected have brought new changes in life.

However, most people at the age of 50 could be having children that depend on them financially.

Generally, at that age, you could be focused on having a very comfortable retirement. People at this age have various reasons for purchasing life insurance.

Therefore, it is very important to ask yourself, in case you die what would be the situation of your family.

Every time a person walks into a life insurance company, we give them a chance to assess and see if they can be able to pay the claim.

They take a risk. When they feel that the risk is quite high, they might charge you on the higher side or deny you the coverage.

Consider consulting an expert in the field when you need to buy the package. Having the right information will reduce the chances of frustrations.

The experts will also be able to advise you well on the best companies that pay well.

Importance of Life Insurance

In case you die, your close family will definitely be responsible for major expenses. This becomes hard for them, especially if you had not applied for any life cover.

Generally, insurance is meant to help and protect loved ones from any financial burden.

Life insurance is designed to help your family after you pass away. The company pays all the money in a lump sum and it is non-taxable.

Therefore, the beneficiary can use the money as they choose. Another reason for having life insurance is when you retire; your spouse depends on your pension.

When you die, the pension could cease to be of help to her. She might face difficult challenges.

However, life insurance will be of great help to her. Life insurance can be important when you are planning a family trust or estate, or have business duties.

If you could be having dependents then you would like to leave a good financial legacy. Life insurance can assist you in setting up that legacy.

Generally, life insurance to seniors does not make sense if the following factors apply:

  • have insurance for long-term-care
  • funeral expenses catered for
  • good savings in the bank
  • children not financially depending on them
  • have no outstanding loans or debt

Getting Affordable Life Insurance Over 50

There are quite a number of approaches, which you can use in finding affordable life insurance.

These approaches include:

Managing Health

When you do whatever possible to maintain good health, the insurance company might give you better ratings.

This will reduce the price of life premiums. We have an excellent post that may help you to stay healthy, here it is.

The premium will be 2-3 times more for sick people.

Careful Shopping

There are several insurance companies and each company has its own unique way of rating its applicants. They also determine premium rates.

Shopping from one company to the other is very important. You will be able to identify the company with better ratings. You will also be able to find the one that suits your budget.

Quote Comparison

There are several ways in, which you can research the quotes. A good and Independent agent can help you in finding several quotes and do comparisons easily and quickly.

It is important to note that this agent work for the interest of the consumer, not the company. They have great access to many companies.

Therefore, they are well equipped and know the suitable company. Through their help, you will find the affordable that matches your needs.

We also offer this service free of cost, you can find quotes here.

Buy Sooner

Every year life insurance premium becomes expensive.

Therefore, if you are focused on having a policy, you should avoid taking long. Whether you are in your 50s or above, you should consider making a decision.

Whatever, don’t worry. Life insurance for seniors over 85 is also available, find here.

Life Insurance Rates

Despite the fact that the premiums become expensive yearly, the age is not only used to measure or determine your ratings.

There are other vital factors, which life insurance companies use.

They include the following:

  • The current state of your health
  • Lifestyle
  • Hobbies
  • family history
  • Your profession

When you take proper care of your health, change an unhealthy lifestyle, the life insurance company can offer you better ratings and at a lower premium.

10 Years Term Life Insurance Rates Age 50 to 59


20 Years Term Life Insurance Rates Age 50 to 59


Note: The above rates are estimated. It may change anytime depending on the state, age, gender, health, credit history, etc.

If you are 60 or over, check this article.

Best Life Insurance for People Over 50

Quite often, many people under 50 years old consider purchasing life insurance as an alternative to income.

When at 50 years, many consider insurance to be important for all your financial situations. The life cover policy that you would require might depend on individual needs.

If you could be looking to cater for income replacement, debt protection, or mortgage, the word life insurance is the ultimate solution for any person who is over 50 years old. This is common and affordable life insurance.

Nevertheless, it only pays a death benefit. It is important to consult your financial advisor and insurance agent.

They will help you to decide on the one that makes sense to you.

Life Insurance for People Over 50 with Bad Health

no medical exam life insurance over 50If you could be having a serious health problem, and you would want to get life insurance, the best policy would be a graded life insurance policy.

In this policy, full death compensation is not available in the first two years.

In case you pass away during that time, your beneficiary might receive premiums paid to that point. The company will also consider 4 or 10 percent interest.

Therefore, this will only be important to people who are after the final payment of the life insurance.

You may also feel interested in guaranteed acceptance life insurance that doesn’t have any waiting period.


A number of people in the above age feel that they still need to protect all their properties. They will go shopping for life insurance that will cater to that.

However, you do not need to limit yourself to one company.

Shop around and identify the one that will suit your pocket. Consider consulting and working with insurance agents.

They will help you to compare dozens of companies and their policies in a few minutes.

You can also consult other friends and family members with the best company. If you could be over 50 years, do not take long to make a decision on buying the best policy.

This is because the rates increase every year. The longer you take the more expensive it becomes. A senior at 75 years, pay way more than you.

At 50 years, it is not late to buy a plan that you can easily afford. Always consider consulting the experts in the field.

They will give you all the information you need and the best plan for you.

Linda Chavez

I'm a burial & senior life insurance expert, independent agent, Founder & CEO of Seniors Life Insurance Finder. I have been working in this sector since 2004 and established my own company in 2014. I have a team of seven members, and we are trying hard to share the knowledge we've gathered. We know how difficult often it is to find an affordable policy. Hence, we are doing our best to help you.