Best Life Insurance For People Over 50 [Affordable & Reliable]

50 is the golden age. It’s that time of your life when you’ll go big on your birthday celebration. The extravagant celebratory party with loved ones is worth it.

Let’s not forget about the thoughtful present you’ll receive from friends and family.

While that leaves a broad smile on your face, your 50s are the best stages to think about the perfect parting gift for your family- A good life insurance policy.

The best life insurance for people over 50 doesn’t require too much from you. Keep reading to discover some of the best insurance providers in the game.

The 10 Best Life Insurance Companies For People Over 50

• Best Overall: Northwestern Mutual
• Runner-Up: New York Life
• Best For Rewards & Healthy Lifestyle: John Hancock
• Best Value for Health Issues: Guardian Life
• Best Affordable Term Insurance: AIG
• Best Customer Service & Money-Back Guarantee: State Farm
• Best For Quick Coverage & Speedy application: Ethos
• Best Budget: Mutual of Omaha
• Best For Variety: Pacific Life
• Best For Riders: Transamerica

Life Insurance Companies Review For Seniors Over 50

#1. Northwestern Mutual

Overall Rating: 4.1/5

Why Do They Stand Out?

They help with wealth accumulation and preservation, offering extensive life insurance products.

Overview

Since its inception in 1857, Northwestern Mutual has become one of the biggest and strongest insurance companies in the United States.

They owe their success to the many benefits and flexible products they extend to their end-users.

For instance, eligible customers earn dividends based on the type of policy they subscribe to and other factors.

They can offer these benefits because of their financial ratings, as confirmed by AM best and S&P global rating, amongst other factors.

The first feature that blew my mind about this company is its comprehensive life insurance policies.

If you’re thinking of purchasing any of their life insurance policy, you’ll have to be patient because the policies seem endless.

Although it might seem frustrating, you’ll need an agent to help you make the right choice and lead you down the wealth accumulation and preservation path.

Pros

• Great for wealth accumulation and preservation
• They offer the Highest dividend payouts
• Consumers can convert their term life policies to whole life.
• Online financial planning tools.

Cons

• You have to reach out to an agent to get a quote.
• A medical exam might be required.
• They do not have a final expense plan.
• There’s no guaranteed issue.

#2. New York Life

Overall Rating: 4.0

Why Do They Stand Out?

Their permanent life insurance offers a level premium and ways to customize coverage.

Overview

New York Life insurance is majorly known for two types of life insurance; Term Life and Permanent Life insurance.

New York life has been in existence since 1854.

Since its inception, the company has consistently paid its policyholders dividends. They snagged the title as the #1 mutual insurance company in the United States.

Aside from the two most common insurance, there’s the whole life and universal life insurance, etc.

The best part is that they also have insurance riders and fantastic death benefits.

According to AM best, New York Life’s financial strength is at an A++ (superior).

S&P global also awards them an AA+ to further affirm their financial strength.

Pros

• Policyholders can convert their term life insurance
• Offer impressive death benefit
• Great Customer service
• Money-back guarantee on some policies.
• They provide policies with guaranteed cash-value growth.

Cons

• The premium cost changes
• Their policies are on the high-side
• You have to reach out to an agent to get a quote.

#3. John Hancock

Overall Rating: 4.0/ 5

Why Do They Stand Out?

John Hancock rewards clients with perks and discounts for living a healthy lifestyle. They also provide vitality programs.

Overview

John Hancock spreads its tentacles beyond helping seniors over 50 get the best insurance policy. They’re very much interested in assisting them to live a healthy lifestyle.

John Hancock is a subsidiary of Manulife Financial Corporation. As the US division of Manulife, John Hancock focuses on giving people excellent life insurance policies.

After 150 years in the game of life insurance, they are one of the top 10 life insurance companies in the United States.

John Hancock is as focused on helping their clients maintain a healthy lifestyle as they are on issuing them the best life insurance policy.

One feature that stands out in the John Hancock insurance policy is the Vitality Program.

This program is an extensive package that includes points (which policyholders can redeem as premium refunds), a healthy food discount plan, discounts for wellness devices and services, and a fitness tracker.

Pros

• It gives clients the chance to invest and save
• Vitality program issues discount to clients with a healthy lifestyle.
• Smokers receive discounts and incentives if they quit smoking.
• Clients get an extensive vitality program package that includes a free fitness tracker.
• Track premium goals and adjustments with the LifeTrack interactive tool

Cons

• Below average customer satisfaction
• You can’t convert your Term life to Permanent policy.

#4. Guardian Life

Overall Rating: 4.0/5

Why Do They Stand Out?

They are leading life insurance innovation for people with health conditions, especially those living with HIV aids.

Overview

Guardian life sort of lives up to its name. At the core of its being in the care for people with poor health or a severe health condition.

It’s no wonder why they have a flexible underwriting that holds a spot for Tobacco users and people living with HIV Aids.

Established in 1860, Guardian life is sure not a child in the industry.

Over the years of providing life and health insurance, they’ve secured 29 million clients who use their variety of life insurance products.

They also secured the 26^th position on the list of the largest health and life insurer in the United States.

Rated A++ by AM Best and AA+ by S&P global, there’s no doubt that they are financially capable of meeting their client’s needs and reliable.

Their life insurance policies can cover seniors over 50 for 10, 30 years, or a lifetime.

But it depends on the policy of your choice.

Pros

• Flexible underwriting that holds a spot for tobacco smokers
• People with health conditions, especially those with HIV aids, can get a good life insurance policy.
• You can be eligible for dividends.
• Customer satisfaction is at an all-time high.

Cons

• There’s not enough information on policy riders online.
• You can only apply through an agent.
• There’s no guaranteed issue.

#5. AIG

Overall Rating: 3.6/5

Why Do They Stand Out?

They offer affordable and great term-life insurance rates.

Overview

We’ll start with this fact: AIG sits in the fifth spot on the list of largest life insurance companies in the United States.

That’s huge, right? Aside from that, their AM rating is an “A,” which means they have an excellent ability to fulfill insurance obligations.

S&P global rated AIG an A+ too, which means they’re strong enough.

AIG initially began operations in 1919 in China. The founder was an American.

But it wasn’t until 1926 that the company established its presence in America. Now, its headquarters is in Houston, Texas.

They provide five different insurance policies. You’ll get living benefits when you apply for either the Universal life, guaranteed whole life, or Term life insurance.

Perhaps one of my favorite parts of AIG’s policy is the ease of changing your policy to the Universal life policy.

You won’t need to take another medical exam to convert your policy. But of course, you won’t get this opportunity on all of AIG’s insurance plans.

Another impressive feature of AIG life insurance is that their Quality of life rider series grants customers some death benefits if they become critically or terminally ill.

Although they’ve been rated below average in customer care, AIG provides tons of benefits to their customers, especially seniors over 50.

Pros

• They have a variety of affordable products
• Their policies are devoid of waiting periods
• Money-back and return of premium guarantee.
• Most of their policies are attached to guaranteed cash-value growth
• Living and death benefits are available depending on your choice of policy.

Cons

• There are not enough whole life insurance options
• Customer service is poor
• Confusing conversion time limits
• You’ll have to consult with an agent to sign up or learn more about each insurance policy.

#6. State Farm

Overall Rating: 4.5/5

Why Do They Stand Out?

Money-back guarantee, especially if their client outlives the premium plan. They also boast of an effective and reliable customer care service.

Overview

State Farm is another of the oldest insurance companies in the United States. They have grown into a household name since its inception in 1922.

Its headquarters is resident in Bloomington, Illinois. If you live in Massachusetts, you won’t have access to State Farm’s life insurance and burial insurance policies because they’re not available in the state.

According to AM rating, they have an A++ (superior) financial strength and an AA (very strong) S&P global rating.

Perhaps, one of the reasons they’ve retained their position as one of the best insurance companies in the United States is its excellent customer service and money-back guarantee.

You heard right! State Farm returns their client’s money once policyholders outlive the insurance policy term.

They offer up to 10 plans, with each plan specially modified to appease the different appetites of their consumers.

Another epic feature of State farm is that term insurance policyholders can borrow from their death benefit amount to cater to some needs.

The best part is, they’re the only insurance company with this innovative feature.

Some of the riders they offer include Waiver of premium for disability riders (till 60 years), Accelerated death benefit riders, and Child or Spouse riders.

Generally, State Farm provides opportunities to their customers.

Pros

• They offer bundle discounts on some products.
• You can ensure more than one person is on a life insurance policy.
• Money-back guarantee if policyholder outlives the policy term.
• Rapid customer care service response.

Cons

• Insurance policy terms and conditions vary based on the state you’re in.
• $10,000 limit on final expense policy
• You can only purchase through their agents.

#7. Ethos

Overall Rating:  3.5

Why Do They Stand Out?

They offer quick coverage and skip the lengthy paperwork during your application process- it is an online procedure.

Ethos is also affordable.

Overview

Compared to the previous insurance companies we’ve explored so far, Ethos is a relatively new company established in 2016.

Regardless of how late they are to the party, they’ve amassed enough financial strength to be considered a reliable company.

Of course, they attained this position with the help of their issuing partners.

For clarity, Ethos has no AM rating because they do not handle the issuing of insurance policies to their clients.

Instead, they partnered with reliable third-party companies that issue the insurance policy.

Three of Ethos’ primary partners include AAA Life, Principal Life Insurance, and TruStage.

These primary partners have AM’s rating of A (excellent), A (excellent), and A+ (Superior), respectively. On the flip side, S&P global rated Ethos as an A+.

Nevertheless, Ethos offers up to $2million in protection depending on your preferred plan.

The only downside to Ethos is that they only provide two life insurance policies- Whole and Term life insurance.

Based on customer reviews on Trust Pilot, Ethos is a reliable and fantastic company to work with.

Recently, the Better Business Bureau gave them an A+ rating, further accrediting them as a reliable company.

One of the impressive features of Ethos insurance is that you can buy their insurance at low rates. More so, the application process is easy and fast.

Fill out the form online, on their website, and that’s all you need to do.

Pros

• Quick insurance coverage
• Low rates on insurance
• The maximum protection coverage amount is $2 million.
• Doesn’t require a medical exam.

Cons

• Limited insurance options
• Limited coverage on specific conditions.
• They only offer the basic insurance types.

#8. Mutual Of Omaha

Overall Rating: 3.9/5

Why Do They Stand Out?

They provide impeccable insurance policies at an affordable rate.

Mutual of Omaha is the perfect choice for you if you’re shopping for a budget life insurance plan.

Overview

1926 was the year that birthed Mutual of Omaha.

While they provide other insurance policies, they’re best known for guaranteed issue permanent life insurance for seniors between 45 to 85 years. Life insurance for seniors over 85 is also available, find here.

In New York, the age range for the guaranteed issue of permanent life insurance is from 50 to 75.

Mutual of Omaha is also skilled at term life insurance for young families looking to protect their loved ones when they’re long gone.

Other policies they issue seniors over 50 are the convertible term and whole life insurance.

They provide the mutual perks program for seniors that helps save money on home mortgages, acupuncture, wellness service, and affordable gym membership.

Seniors who use glasses and hearing aids would get discounts on these personal items.

Aside from this and the other discounts, you stand to gain, Mutual of Omaha has fantastic customer care service.

Pros

• Policyholders enjoy mutual perks benefits.
• Customer care service is top-notch.
• You don’t need to take a medical exam.
• Low-cost insurance policies

Cons

• Some policies have decreased death benefits.
• Limited coverage for whole life policies.

#9. Pacific Life

Overall Rating: 4.5/5

Why Do They Stand Out?

They issue a wide range of policy variety to keep prospective policyholders hooked.

Overview

From 1868 to date, Pacific Mutual Life insurance company has grown into one of the top-rated insurance companies in the industry.

As the years went by, the company took the time to expand its insurance portfolio to become one of the insurance companies that provide their clients with the custom and the best insurance policies.

Of course, they succeeded at that, as they’re now one of the top-rated companies that offer an endless variety of insurance policies.

Their financial strength skyrocketed, too, as they experienced growth on every side. AM Best rated them an A+ (superior) to prove their financial standing.

Pros

• They offer various policies for seniors over 50
• Maximum of $3 million coverage on term life policies.
• Permanent policies offer flexible premiums.
• Great customer care service

Cons

• Medical exam required
• Doesn’t have online quotes.

#10. Transamerica

Overall Rating: 3.8/5

Why Do They Stand Out?

You don’t need a medical exam to qualify for an insurance policy, and they allow you to customize your insurance plan to your satisfaction with as many riders as possible.

Overview

Transamerica is no doubt one of the best insurance companies with great riders. They’ve been in existence since 1952, and they offer six life insurance policies.

These policies include universal, term, variable universal plans, whole, and final expense policies.

According to AM Best, the financial rating of Transamerica is an A which signifies that they’ve got a good enough financial strength.

With S&P global awarding Transamerica an A+, you already know they’re a trustworthy insurance company.

Although Transamerica doesn’t need people to take exams during the application process, some of their plans offer as much as $50,000 coverage.

Pros

• No medical exam is required
• Enriched with tons of riders
• Extensive range of insurance policies
• People with poor health conditions and smokers pay a below-average premium.

Cons

• You have to apply directly through an agent.
• Customer care service is below average.

Comparison Table

Life Insurance Rates For Over 50

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, and 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.

Life Insurance For People Over 50 With Bad Health

If 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.

Methodology

When we researched the best life insurance companies for seniors over 50, we thoroughly analyzed these ten companies on the list.

We looked into their financial strength ratings, company history, online reviews, customer satisfaction results, and customer complaint records stored with the BBB.

Once we gathered these 10 companies, we compared their offerings and further tried to understand their strengths & weaknesses and their distinguishing features.

Frequently Asked Questions

How Much Does Life Insurance Cost For People Over 50?

There’s no direct response to this. The reason is that when it comes to insurance for seniors over 50, the premium you’ll pay determines on a lot of factors.

For starters, the company you’re applying to matters. Check out their rates for seniors over 50, etc.

But generally, the minimum amount seniors over 50 should pay is around $199.

Is Senior Life Insurance Expensive?

Not really. As you age, you tend to find expensive policies, and that’s fine.

But some companies offer the same policies for lesser the amount you anticipated.

Do I Need Life Insurance As A Senior?

Life insurance policies come in handy for seniors over 50.

If you have kids or family members dependent on you, you might want to protect them when you’re dead and plan your burial expense ahead of time.

To ease the financial burden off them, you should consider getting life insurance.

Final Verdict

There are tons of companies that provide favorable life insurance for people over 50 at affordable prices.

Although some of these companies might share some similarities, there’s always a unique, distinguishing feature about them that help them stand out.

We highlighted these distinguishing features along with the policies they provide.

If their services and goal align with yours, don’t hesitate to subscribe to them and give it all it takes to get the best value for your money from any company you partner with.