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Over 50 Life Insurance – A Plan to Secure Old Age.

Over-50-life-insurance is available to individuals in their 50s and 60s, thankfully.

Shopping for life insurance is frequently simple and stress-free for those who are young and in good health. Young people often simply need to determine how much coverage they want and then apply for a free quotation online.

Some term life insurance firms even allow qualifying applicants to begin their policies without having to take a medical exam.

However, over 50 life insurance alternatives may become more limited.

Over 50 life insurance
Shop around to find the finest coverage at the best price.

To acquire a monthly premium you can afford, you may have to have less coverage, and you’ll almost definitely have to pass a medical test and have your life insurance application reviewed more carefully.

All you need to do now is modify your expectations and be prepared to shop around for the finest coverage at the best price.

What are the two main types of over-50-life-insurance, and how do they work?

Term life insurance

It covers you for a certain amount of time, called a term, which is usually between 10 and 30 years. Your insurance coverage ends at the end of that period, and there is no value or reimbursement.

You can apply for a new term life insurance policy after your existing one expires, but your premiums will almost certainly be higher. It’s also possible that you won’t be able to apply for new coverage owing to an age restriction.

Before the term expires, many term life insurance plans, including those from Guardian, can be converted to whole life insurance without a new medical exam. While costs may arise in the future, this may be a realistic option for maintaining coverage.

Permanent life insurance

It’s made to protect you for the rest of your life. It contains a wealth-building component — the policy’s cash value – that permits coverage to endure eternally while also offering additional benefits, unlike term life insurance.

Your premium dollars are invested, and your account’s cash value grows tax-free over time. You can borrow against the cash value, utilize it to help pay your premiums, or even cash it in to boost your retirement income.

A perpetual life insurance policy may be utilized as a tax-advantaged estate planning strategy because it lasts your entire life. For these reasons, permanent insurance is more expensive than term insurance for the same death benefit. There are two types of permanent insurance:

Full life insurance

It guarantees a death benefit for the remainder of your life while also increasing the value of your estate. A whole life insurance policy will not expire as long as monthly payments are made.

The cash value rises at a guaranteed pace, tax-deferred, and the premiums never rise. A mutual life insurance firm (such as Guardian) may offer dividends, which can help the cash value rise more quickly.

Universal life insurance

It offers everlasting protection as well as the possibility of earning additional monetary value. A universal life policy, unlike whole life insurance, might provide you with greater flexibility: you can change your monthly payments within a specific range to help you deal with changing employment situations.

Because of this unpredictability, universal life insurance’s cash value growth and death benefit may fluctuate – or even expire if the cash value and premiums fall below a certain level.

A variety of factors impact the cost of over 50 life insurance

The cost of life insurance coverage rises as you become older. That’s why life insurance agents frequently advise people in their twenties and thirties to get plans. If you are in your 50s, though, you may still be able to receive coverage.

When you’re young and healthy, life insurance is very inexpensive, but it only gets more costly as you get older. Here are some of the most important elements that influence policy costs:

Your Age:

When you’re young and healthy, life insurance is very inexpensive, but it only gets more costly as you get older. Once you’ve reached the age of 50, the cost of a substantial quantity of coverage can quickly skyrocket. This is why it’s more vital than ever to shop around for life insurance quotes and compare them.

Your Health:

As you become older, it’s more likely that you’ll have a chronic health condition that makes it harder to obtain life insurance. When you apply for life insurance, you’ll be asked a series of health-related questions, and the answers you give might cause the insurer to raise red flags and refuse your application.

Policy length:

Term life insurance, which offers short coverage, is usually less expensive than permanent life insurance. Shorter-term plans are usually less expensive than longer-term policies but expect a premium rise at renewal.

In any event, a 30-year term life insurance policy will cost more than a 10-year term policy if you are above the age of 50.

Why you may need life insurance after age 50?

Life insurance is designed to help those who will be financially impacted by your death, and different forms of coverage can help in various ways. Depending on your situation and needs, there are a variety of reasons to get life insurance after the age of 50.

The safety of the family:

People are having children later in life, and many 50-year-olds are still raising their children. Life insurance may help offset lost income, protect your family’s home from foreclosure, pay for your children’s college tuition, and allow your spouse to take time off work to care for your family.

If you’re 50 or older, term life insurance is usually the most cost-effective way to acquire the death benefit you need to make sure your family is taken care of.

Coverage for out-of-pocket expenditures.

These plans only cover funeral and death-related expenditures. They offer a minimum benefit amount that even individuals in their 60s and 70s can afford, and they seldom ask health-related questions or need a medical check.

Funeral fees can easily surpass $10,000, and you may incur extra medical and/or hospice expenditures following your death.

The last expense policy can alleviate some of these financial strains on your family, but it will not replace income for your financial dependents.

Business security.

If you run a business or are a partner in one, having a business continuity plan in place is essential to its survival. Whole life insurance may help pay for the acquisition of a deceased owner’s interests and protect the firm from the loss of a key employee’s skills, knowledge, and talents. Life insurance can assist in the following four areas of business planning:

  • Supplementary retirement program funds
  • Indemnification for key personnel

The replacement of a pension.

If your pension ends when you die, life insurance might assist your spouse meet their ongoing financial demands.

Make an estate plan.

You may assist reduce taxes and providing for heirs in a way that represents your wishes by preparing for the orderly transfer of property after your death. Permanent life (whole or universal) can play an important role by providing the following:

Liquidity to assist in the payment of inheritance and estate taxes

Equalization of estates among heirs

Funding for children with exceptional needs

Estate tax liabilities may reduce the value of a decedent’s assets. Survivors may be forced to liquidate other assets such as retirement savings or even precious family heirlooms if there is no plan in place to pay these taxes (for example, utilizing life insurance earnings).

A charitable remainder trust (CRT)

It is a trust with a philanthropic purpose. When you sell a successful business or investment portfolio for retirement income, you may face significant capital gains taxes. At the same time, you might wish to contribute to philanthropic projects that are related to your passions.

This is one area where whole life insurance can help.

In a charitable residual trust, these two different demands can be merged to help provide:

  • Total earnings throughout a lifetime
  • A charitable bequest might help you avoid paying capital gains tax.
  • Tax deductions that may be available

This can help you meet your charity objectives while also leaving a lasting legacy for your heirs.

Put money aside for retirement.

As previously stated, permanent life insurance plans build cash value while also offering tax benefits, which can help pay for retirement. If you’re nearing retirement, adding permanent life to your portfolio might be an excellent way to diversify your portfolio.

How to choose the right policy for your life insurance needs? 

Regardless of the challenges, you may face while obtaining life insurance after the age of 50, you may still get this important protection. As a consequence, you’ll never know which life insurance company is the finest unless you compare the top life insurance providers, such as Banner Life Rates.

If you just work with one insurer, you’ll be constrained by their underwriting criteria, as well as their price. Surprisingly, not all life insurance plans are similarly underwritten or priced.

An applicant who applies to one insurance company may be accepted as a “standard” policyholder and charged an average premium rate, whereas an applicant who applies to another carrier may be accepted only as a “substandard” policyholder and charged a higher premium rate, even if they provided the same answers to the questions on the application for coverage.

Why consult an insurance professional?

This is why working with an insurance professional who can submit your information to many insurance providers is critical. It’s usually advisable to compare before making a final decision, just as when shopping for any other crucial item.

This is where we enter the picture. We can help you compare hundreds of plans and companies in a matter of minutes while looking for insurance.

You may compare prices and coverage quantities without having to apply with each insurance separately.

Over 50 life insurance best deals
Compare hundreds of plans and companies in a matter of minutes.

Insurance Coverage : 

It is critical that you obtain the insurance coverage that your family needs, regardless of your age or health. By selecting your state from the list below, you can begin comparing rates from the finest life insurance providers.

We can get you insurance that fits your needs regardless of where you are in your 50s.

We recognize that planning for your death is a difficult task, yet it is one of the most important things you can do. When your family should be grieving and honoring your life, you don’t want them to be worrying about paying for your funeral.

Things to keep in mind when getting insurance for over 50!

As the examples above demonstrate, there is no single policy that is appropriate for everyone. Varied people have different coverage needs, finances, health conditions, and objectives.

There are specific types of insurance available, and in some cases, it may be necessary to purchase two policies:

Protection to children:

If you still have children at home, you’ll probably want a lot of protection without paying a lot of money for life insurance.

As a result, you might want to consider purchasing two policies: a smaller permanent policy to meet your spouse’s requirements for the remainder of your life, and a less expensive term life insurance policy to give additional coverage until your children graduate school.

If your children have grown up and moved out, you may not require as much coverage, and you may not even know how long you will use it.

No medical benefits:

So, acquire smaller term insurance with a conversion rider that allows you to change to permanent coverage (if wanted) until the policy term ends.

Because there are no medical examinations, you pay rates depending on your health status when you initially took out the policy. You can save money compared to the cost of acquiring permanent coverage when you are older.

There are still options for coverage if you have health problems.

Under “simple issue” policies, which do not require a medical exam, health questions may be posed.

For “assured issue” insurance, no medical exam or health information is necessary.

Just bear in mind that “medically underwritten” policy, which involves a medical exam, will cost extra for the same amount of coverage.


So, now you know which plan works best for you if you are above 50!