How to get cheap life insurance for people in their 50s |

How to get cheap life insurance for people over 50

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In your 50s and looking for an affordable policy? Learn what to look for in a life insurance plan and apply for coverage.

Being in your 50s, your financial commitments may have changed since you took out a policy when you were younger. You may find yourself wondering if you still need life insurance. Before you make your decision, there are some variables you should examine in order to see if a life insurance policy still makes sense.

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18 - 80 years old
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Life insurance for people 50 to 59 years old

The most common type of life insurance for those over 50 is a policy that provides a lump sum payment in the event of your death or if you’ve been diagnosed with a terminal illness and have less than 12 months to live.

Why should I consider life insurance if I’m over 50?

  • Statistically, those in their 50s are most likely to make a claim for insurance
  • The lump sum benefit of a critical illness policy can offset financial stress if you undergo long term treatment
  • A life insurance policy could protect your retirement savings

Can I get a policy after 50?

It’s definitely possible to find affordable coverage without sacrificing quality of protection. A simple way to get started is to start comparing life insurance providers who offer policies that are in line with the coverage you need.

How much does life insurance cost for someone over 50?

The cost of a life insurance premium will be based on the level of risk the applicant presents to the insurer and can depend on a number of factors including;

  • Age
  • Occupation
  • Pre-existing medical conditions
  • Tobacco user

The tables below show what monthly premiums could cost for 10, 20 and 30 year policies with $250,000 of coverage.

Age10 year20 year30 year
Age10 year20 year30 year

What types of life insurance features are useful for people over 50?

Some of the features and options available with life insurance for applicants age 50 and over include:

  • Accelerated death benefit. If you’re terminally ill, with no more than 12 months to live, a benefit can be paid to help you and your family manage your financial affairs.
  • Burial expenses. Most insurance providers offer a specified amount of burial insurance coverage to pay for any funeral related expenses.
  • Guaranteed insurability. You can make amendments to your life insurance policy — without further medical evidence or any underwriting— should your circumstances change due to a specific live event.
  • Temporary life insurance. You may be eligible for this type of preliminary agreement while your life insurance application is being assessed by the provider. Should you die during underwriting, a death benefit would likely be paid out.

Other types of insurance to consider if you’re over 50

  • Critical illness insurance. Critical illness insurance provides a lump sum benefit upon a diagnosis of a life-threatening medical event listed in the policy. The medical conditions covered vary between providers but often include cancer, heart disease, stroke and major organ transplant. The benefit can be used toward medical treatment and rehabilitation facilities.
  • Disability insurance. Disability insurance provides a lump sum benefit in the event that you are permanently disabled and unlikely to be able to work ever again. The benefit can be used as a source of income to keep up with living expenses and pay off any debts.
  • Income protection insurance. Income protection insurance is designed to provide you an alternative source of income if you are unable to work as a result of an illness or injury. It generally provides a monthly benefit of 50-60% (some policies up to 80%).

Can I apply for life insurance without having to take a medical exam?

You may be required to provide details of your previous medical history — this could include blood tests or medical examinations. This will help insurance providers get an accurate representation of your current health status so they can determine the level of risk you carry and the premium rates you pay.

Did you know?

You’re not required to undergo any blood or medical tests when you apply for funeral insurance. There is guaranteed acceptance provided you meet the application criteria.

If you’re looking to apply for life insurance over 50 without going through a medical exam, you may want to consider no exam life insurance instead.

How to get the right life insurance policy if you’re over 50

While getting life insurance over the age of 50 is fairly easy these days, weighing your options is critical when trying to get the most affordable policy that meet your needs. Here are a few simple steps for you to consider when purchasing life insurance policies:

  • Read the terms and conditions. Be sure that you’re getting the correct protection without any unnecessary features in order to avoid overpaying for a policy. Don’t hesitate to ask questions about any details on the policy that are unclear to you.
  • Consider your health. If the insurance provider you apply with requires a medical test, know that any pre-existing medical conditions, lifestyle habits and driving records can significantly affect the cost of your premiums.
  • Look for discounts. When applying for coverage, consider insurance needs for your partner/spouse as well — you may get a discount on your premiums. Insurance providers will generally also offer discounts if you pay your premiums on a yearly basis.
  • Talk to an insurance adviser. If you’re unsure of which life insurance plan makes senses for you and is within your budget, an insurance consultant will likely have the ability to provide recommendations on policies for you with competitive prices.

What if my application has been denied and I am over 50?

It’s usually possible to ask the provider for a reassessment of your life insurance application. They may ask for additional medical evidence in order to further assess whether they’re able to provide you with coverage and take on any risk you might pose.

If you’re still unable to get coverage and your application has been denied, consider other alternative option like funeral insurance or no medical exam life insurance.

Bottom line

Life insurance is not only for the young, but for older folks as well. In order to get the ideal life insurance policy if you’re over 50, take time to shop around and compare coverage options and prices from different providers. If you don’t know where to begin, consider speaking to an insurance expert for policy recommendations for people who are 50 years and older.

Remember, there is no single best policy on the market — the best policy is the one that offers the coverage you need with flexible terms at an affordable price.

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Richard Laycock

Richard is the Insurance Editor at finder, and has been wrangling insurance Product Disclosure Statements for the last 4 years. When he’s not helping Aussies make sense of the fine print, he can be found testing the quality of Aperol Spritzes in his new found home of New York. Richard studied Journalism at Macquarie University and The Missouri School of Journalism, and has a Tier 1 certification in General Advice for Life Insurance. He has also been published in CSO Australia and Dynamic Business.

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