Low Cost Life Insurance Quotes for 50 Year Olds
Posted in Life Insurance in Your 50s last updated on June 6, 2020You can find quotes for both men and women who are 50 years of age.
Quick Tip: Use the “Instant Quote” form on this page to check the best rates from the leading life insurance companies. There is no obligation and we provide instant quotes free of charge. Life insurance premiums are set by the insurance companies and you will not find a lower rate anywhere online or offline!
We have also provided a few tips on how you can save money on your life insurance just below the quotes.
Jump to a section using the links below:
Let’s start with the quotes for a term insurance policy so you can get an approximate idea of what it might cost. For other ages, click over to our life insurance at every age article.
Sample Term Life Insurance Quotes for 50 Year Olds
Term life Insurance – 50 Year Old Male rated as “Preferred –Non Tobacco” health class which means only minor health issues.
Monthly Rates for Term Life Insurance – Male
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
| 10 Year Term | $16.87 | $31.10 | $56.05 | $99.30 |
| 20 year Term | $27.13 | $51.19 | $94.40 | $180.20 |
| 30 Year Term | $44.89 | $87.72 | $167.35 | $317.50 |
Term Life Insurance – 50 Year Old Female rated as “Preferred-Non Tobacco” health class rating which means minor health issues
Monthly Rates for Term Life Insurance – Female
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
| 10 Year Term | $15.31 | $26.00 | $45.55 | $80.84 |
| 20 year Term | $20.63 | $39.16 | $71.75 | $132.30 |
| 30 Year Term | $35.18 | $64.31 | $118.05 | $222.25 |
(Life Insurance Calculator) – To compare rates from the nation’s leading life insurance companies for your exact age – please use the Instant Life Insurance Quote calculator on this page.
If you want to get an idea of how much life insurance you need, please use our life insurance needs calculator which will help you determine the right amount for your unique situation.
You can also compare what rates would look like if you put off life insurance for a year or two with our sample rates for age 51 and age 52.
Tips For 50 Year Olds on Saving Money for Life Insurance
For people who have just turned 50, you will find that life insurance has become more expensive at your age.
However, there are some great ways that you can money on your policy.
Tip 1. Don’t Renew Your Policy – Get Re-Qualified
If you have an existing term insurance policy which is about to expire, then don’t just automatically renew it if you are fit and still in excellent health. Healthy 50 year olds may be able to save on their premium if they opt to get a medical examination as opposed to just simply renewing the policy.
Insurance underwriters use 2 different actuarial tables for these 2 different situations. When renewing a policy automatically, they will use the actuarial table which reflects the general population including those who are ill.
A policy based on this is more expensive than the other table which is more specifically based on your individual health situation and can result in a lower priced premium.
Tip 2. Buy Multiple Layer Policies Rather Than a Single Policy
You might think you need and want a $750,000 policy to be in force for 20 or more years. But, you have to ask yourself if you really need a large policy to be force for that long. First, consider why you are buying the life insurance because there are usually multiple reasons.
You might want to have $400,000 for income replacement, $100,000 to pay off your existing mortgage and another $250,000 to pay for children’s education for example. Rather than buying 1 expensive policy for 20 or 30 years it might more prudent to buy them separately to cover specific time frames.
You could buy 1 policy for $400,000 for 20 or 30 years. Then buy a second policy for $100,000 for 10 or 15 years or whenever you plan to pay off your mortgage (You can cancel this policy if you sell the home), and buy another $250,000 for 10 years to cover your kids which you can also cancel when they attain their graduation.
Layering life insurance policies can reduce the cost of the overall premiums you pay.
Tip 3. Choose an Annuity Payment Over a Lump Sum Payment
Most advertisements for term insurance talk about a lump sum death benefit. But did you know that you can opt to buy a policy which pays out the death benefit as an annuity?
An annuity payment simply means that the death benefit is paid out either annually or monthly for a defined period of time such as over 5, 10 or 20 years.
Policies which are paid as an annuity will reduce your overall premium as opposed to opting for one that pays out a lump sum.
Other Life Insurance Policies for 50 Year Olds
When you hit 50 years of age, you may find that your financial situation may need something more applicable than a term life insurance policy. There is another life insurance policy which is called Permanent life insurance.
Permanent insurance may be more advantageous if you have a larger estate, or if you are in a higher income bracket so you might want to consider a permanent policy such as Universal Life, Indexed Universal Life, or a whole life policy
The difference between a permanent policy and a term policy is that permanent insurance not only provides a death benefit, it also comes with a cash accumulation feature which grows during the life of the policy.
Permanent insurance includes additional advantages because as it can protect your investment money from the pitfalls of uncertain market conditions and also from taxes. Permanent insurance can also be used to help you supplement or improve your 401(k).
No Exam Life Insurance for 50 Year Olds
Another great way to get an insurance policy is through a No Exam Medical Exam Life Insurance policy which is now being offered by many life
insurance companies. You don’t have to worry about having to take a medical exam and can get approved in a little as a couple of days or as fast as 15 minutes. If you don’t like needles or need a policy fast then this could be the perfect choice for you.
Finding Affordable Low Cost Life Insurance Quotes for 50 Year Olds
Regardless of your health situation such as if you have Type 1 Diabetes, or if you smoke or use tobacco, you want to talk to an independent agent who can perform the comparison shopping for you to find the most affordable rates. The independent agents here at Abrams Insurance Solutions can provide you with helpful life insurance advice and will save you time and money on your purchase. We can also help if you are looking for life insurance over 50 years old.
We have access to over 70 of the best life insurance companies available so we can find you an affordable life insurance solution that meets your needs.
Call us at 858-703-6178 if you have questions or need advice. Put our knowledge and experience to work for you if you are 50 and looking for life insurance.
