Top pick: Bestow
- Up to $1.5 million coverage
- Apply online in 10 min
- No medical exam
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When you reach your 50s, your life and financial commitments probably look a bit different than they did in, say, your 20s. You may find yourself wondering whether you need life insurance at all. Before you make your decision, consider if a life insurance policy still makes sense — and if the higher premiums fit into your budget.
As a baby boomer, it’s worth looking into life insurance in these situations:
You can find affordable life insurance over 50 without sacrificing the quality of coverage. A simple way to get started is by comparing life insurance providers that offer policies in line with the coverage you need. As you look at policies, you’ll notice that starting from age 50 on, your life insurance premiums begin to increase drastically.
Let’s look at the cost of a 20-year term life policy with $500,000 of coverage for a man in perfect health. According to our research, a 50-year-old man in good health could get a policy from Legal & General for around $74.39 a month. However, that same amount of coverage from those same providers would be double the cost if you bought the policy at age 57, with the monthly premiums increasing to $148.35.
So as you get into your 50s, consider purchasing a policy sooner rather than later to lock in a lower premium.
We pulled sample rates for a 20-year, $500,000 term life policy for a healthy 50-year-old man and woman in perfect health.
Your best bet is to compare insurers. Each insurer has its own underwriting guidelines, which means they weigh factors like your health, medical history, occupation and lifestyle differently.
There are other ways to secure a lower rate, including:
These policies are the best choices for someone in their 50s:
Depending on your needs, you could add these riders to your coverage:
Yes. Some policies don’t require a medical exam — like funeral, simplified issue and guaranteed issue insurance. However, these policies are expensive and capped at small amounts, like $25,000 or $50,000. Unless you have a preexisting condition or need coverage quickly, you’ll likely be able to lower your premiums by taking a medical exam.
While getting life insurance when you’re 50 or older is fairly easy these days, weighing your options is critical when trying to get the most affordable policy that meets your needs. Here are a few simple steps for you to consider when purchasing a life insurance policy:
Ask the provider for a reassessment of your life insurance application. They may ask for additional medical information to determine if 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 alternatives like funeral insurance or no-medical-exam life insurance.
According to our life expectancy data, if you’re a typical healthy 53-year-old woman, your risk of passing away within the next five years is 2.38%. For a man, that number is a little bit higher at 3.86%.
To put all of this into context, let’s look at the average life expectancy in the US. A woman who turns 65 can expect to live to age 86.6, while a man is likely to live to age 84.3. These are just averages; about a quarter of all 65-year-olds in the US will make it to their 90th birthday.
If a life insurance policy isn’t the right fit for you, consider these types of policies:
To get the ideal coverage if you’re older than 50, take the time to shop around and compare life insurance policies and premiums.
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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