Updated: May 23, 2025
Advertising & Editorial Disclosure
Nationwide ranks as the best life insurance company for 50-year-olds. It offers a 10-year, $250K term policy for $29 monthly.
State Farm earns the highest MoneyGeek score of 99 for whole life insurance and final expense life insurance for 50-year-olds.
GEICO is the best life insurance provider for customer satisfaction, with a MoneyGeek score of 96.
Overall, the best life insurance company for 50-year-olds is Nationwide. The company earned the highest rating in MoneyGeek's study. However, the right provider depends on your specific needs. Below are the top insurance companies by category.
Company | Best for | MoneyGeek Score | Monthly Cost |
|---|---|---|---|
Best Overall | 98 | $29 | |
Best Whole Life & Final Expense | 99 | N/A | |
Best for Customer Satisfaction | 96 | $25 |
Nationwide earned a MoneyGeek score of 98, making it a top life insurance choice for 50-year-olds. With an average monthly cost of $29 for a 10-year term policy with $250K in coverage, it offers affordable life insurance and reliable service.
Nationwide earned an overall MoneyGeek score of 98, making it the best life insurance for those over 50. It has an average monthly premium of $29 for a 10-year term policy worth $250K. While other insurers offer lower rates, Nationwide remains competitively priced. The insurer offers various products, including term and whole life, and specialized plans like final expense insurance. Customer service is another highlight, as the company offers multiple payment options and round-the-clock online chat support. Its financial stability is backed by an A+ AM Best rating, ensuring a secure investment for your future.
Nationwide also excels for 50-year-olds seeking high coverage amounts. The average monthly premium for a 10-year term policy with $1 million in coverage is $87.
State Farm ranks first among life insurance companies offering whole life insurance for 50-year-olds, with a MoneyGeek score of 99. It's also the top-rated option for those looking for final expense life insurance, earning a MoneyGeek score of 97. It is also MoneyGeek's top pick for no-medical-exam life insurance over 50, scoring 99.
State Farm is the best whole life insurance provider for those over 50 and a top choice for final expense life insurance. The company has 101 years of industry experience and an A++ AM Best rating. It also offers a limited pay whole life option with level terms, providing lifelong coverage without lifelong payments. State Farm's diverse product range includes final expense insurance, and its low complaint rates underscore high customer satisfaction. Despite not offering 24/7 chat support, the insurer's financial stability and product versatility make it a strong option for this age group.
With a MoneyGeek score of 96, GEICO stands out as the top choice for customer satisfaction in life insurance for those 50 and over. The average monthly coverage cost is $25 for 50-year-olds.
Both GEICO and Progressive excelled in customer satisfaction, achieving perfect scores in this area. However, GEICO's higher overall MoneyGeek score positions it as the leading choice for life insurance based on customer satisfaction.
GEICO is one of MoneyGeek's top picks in the customer satisfaction category, earning a score of 96. While its policies are issued by partners, such as Ladder, GEICO's financial stability is unquestionable, with an A++ AM Best rating.
The company excels in keeping its customers satisfied, as evidenced by the low volume of complaints. Offering term life insurance at a monthly rate of $25 for 50-year-olds, GEICO provides coverage options ranging from $100K to $8 million. With nearly 9 decades of experience and a convenient mobile app, GEICO delivers dependable, straightforward life insurance solutions.
Purchasing life insurance when you're in your 50s can help provide financial protection to your family. The buying guide below can help you navigate the process and find the best life insurance policy for your needs.
Each insurance provider uses different methods to determine the cost of life insurance policies. Life insurance quotes for people over 50 will vary depending on age, overall health and other important factors. Before deciding on a policy, consider customer satisfaction, flexibility, benefits and whether you’re required to take a medical exam.
For men, the cheapest insurance across all coverage options is Allstate. Meanwhile, the most affordable company for women, on average, is Transamerica. This cost information is based on 10-year term policy quotes for a 50-year-old male and a 50-year-old female who are both nonsmokers and in good health. The table below shows the average costs of life insurance from different insurers.
| Transamerica | $24 | $40 | $70 |
| Allstate | $24 | $40 | $69 |
| GEICO | $25 | $40 | $70 |
| Protective | $26 | $44 | $78 |
| Mutual of Omaha | $29 | $51 | $97 |
| Nationwide | $29 | $49 | $87 |
| Prudential | $31 | $54 | $92 |
| State Farm | $36 | $56 | $101 |
| AAA | $37 | $64 | $107 |
| Haven | $46 | $86 | $164 |
| Bestow | $51 | $91 | $174 |
| Fidelity | $63 | $113 | $208 |
| Progressive | $63 | $113 | $208 |
Guaranteed life insurance lets people over 50 get coverage without medical exams or health questions. While more expensive than traditional policies, it's valuable for those with serious health issues who might otherwise be denied coverage. The table below shows average monthly costs for guaranteed life insurance at 50 with $10,000 and $25,000 coverage amounts.
| Ethos | $14 | $30 |
| Mutual of Omaha | $36 | $88 |
| Gerber Life | $44 | $109 |
| AIG | $56 | $137 |
| AAA | $59 | $128 |
| AARP | $59 | $146 |
Guaranteed acceptance life insurance is a type of policy that doesn't require a medical examination and poses no health questions, making it an accessible option for many, especially those over 50. It is a good alternative for individuals who may face difficulties obtaining traditional life insurance. However, it generally carries higher premiums and offers lower coverage amounts. This trade-off is due to the insurer's increased risk when underwriting policies.
Your life insurance premiums will cost more if you use tobacco. Smoking is linked to health complications like cancer, which can shorten your life expectancy. Smokers typically pay more than twice as much for life insurance as nonsmokers, as the table below shows.
| Average Cost per Year | $ 776 | $ 1,811 |
**NOTE: The costs above are based on a policy with $500K coverage. We used two profiles for comparison: (1) A healthy, nonsmoking 50-year-old male who is 5 feet, 11 inches tall and weighs 175 pounds with a 10-year term policy. (2) A 50-year-old male who smokes but is otherwise in good health with a 10-year term policy.
There are various factors to consider when calculating life insurance costs. When shopping for the best and cheapest policy, compare quotes from multiple providers to get an accurate estimate of how much your policy may cost. You can use the life insurance quote tool below for a quick comparison.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Sep 02, 2025
When determining life insurance quotes for those over 50, insurers consider various factors to assess risk and set premiums accordingly. Understanding these factors can help you find the most suitable coverage options.
Age is a primary determinant of life insurance costs. As you age, premiums typically increase because the risk of health issues rises, making policies more expensive.
Your overall health impacts life insurance rates significantly. Insurers often require medical exams to assess conditions that may increase the risk of early death. Life insurance for those over 50 with no medical exam is available, but it might come with higher premiums due to the lack of medical assessment.
Smoking, alcohol use and engagement in high-risk activities can lead to higher premiums. Life insurance for men over 50 who smoke, for instance, is usually more expensive than for those who do not.
Women tend to have longer lifespans than men, which may result in slightly lower life insurance costs for a 50-year-old woman than for a man of the same age.
The length and amount of coverage also affect the cost. Longer terms and higher coverage amounts increase premiums. Term life insurance for 50-year-old individuals is generally cheaper than permanent plans.
If there is a history of hereditary diseases in your family, insurers might consider you at higher risk, potentially increasing your premiums.
Life insurance coverage can be costly in your 50s. Fortunately, there are steps you can take to lower the cost of your premiums. The following tips can help you find the most affordable policy for your needs.
Life insurance is an investment, so buying insurance earlier will save you more money in the long run. Insurance companies also offer cheaper premiums and higher limits for younger applicants.
Several insurance providers may consider giving you lower rates if you are working toward improving your health. However, you may need to submit new medical records and allow time to pass first.
Although prices are important, consider the value you’ll get for your money and if the policy you’re considering will meet exactly what you need. When comparing companies, consider factors like customer satisfaction, complaints and likelihood of claims payouts.
Insurance providers consider your life expectancy when setting rates, so smoking will increase the cost of your insurance. If you’re looking to quit, different companies have varying time requirements until they no longer count you as a smoker or tobacco user. You typically must wait at least a year before you’re eligible for nonsmoker rates.
Having a balanced diet is equally important to pair with your regular exercise. Your overall health will affect your premiums, so it’s best to maintain a normal BMI to ensure you get the best over-50 life insurance rates possible.
When searching for the best life insurance policies for those over 50, thoroughly evaluating different companies is critical. Each insurer offers distinct advantages, premium rates and policy conditions that might align with your specific needs as you age. Reading over-50s life insurance reviews can also shed light on customer experiences and satisfaction levels, helping you select a provider known for excellent service and reliability. This approach helps you find a policy that offers both value and security.
Only you can determine when it's the right time to purchase an insurance policy. However, several advantages come with buying coverage as early as possible. You get more affordable premiums, build credit and have time to consider what added perks or benefits your beneficiaries may need.
Remember that many life insurance providers require medical exams. Getting insurance coverage may be more difficult as you age because you become more prone to health complications.
As you get older, the total cost of your policy will become much higher. If you are 50, the annual cost of a 20-year term policy is around $2,162 less than what a 60-year-old would pay for the same policy. A 50-year-old with a 10-year term policy pays approximately $917 less per year than a 60-year-old with a similar plan. See how rates change over time in the table below.
| 50 | $65 | $776 | $7,763 |
| 60 | $141 | $1,693 | $16,934 |
| 70 | $410 | $4,922 | $49,215 |
**NOTE: The policy cost details above are average premiums for 50-, 60- and 70-year-old men who are nonsmokers in good health, purchasing a 10- or 20-year term plan with a coverage amount of $500K.
Determining the right amount of life insurance coverage is highly individualized. For someone aged 50 or older, evaluating coverage needs involves careful consideration of their financial situation and future goals. Here are some steps to help you decide the appropriate coverage amount:
List all your debts, including mortgages, car loans and other liabilities. Estimate future expenses like college tuition for children or retirement needs. This step helps ensure that your life insurance policy covers any outstanding debts and supports your dependents' future.
Determine the financial support your family would require to sustain their current lifestyle in your absence. A common rule is to aim for 10-15 times your annual income, especially if you're a primary earner. This factor is vital in choosing the best life insurance for those over 50.
Factor in potential health care costs that might arise. Chronic illnesses or long-term care expenses can significantly impact your family's finances, so consider how much of these costs you'd want your life insurance to cover.
Take stock of any savings, retirement accounts or existing life insurance policies. This review helps you understand how much additional coverage you might need to support your family adequately.
Ensure the coverage amount accounts for future inflation and cost-of-living increases. This consideration can help maintain the policy's relevance over time, particularly with life insurance for people over 50, where the policy might not pay out for many years.
By following these steps, you can make informed decisions about life insurance for those 50 and over, ensuring it aligns with your financial goals and your family's needs. You can also use our life insurance coverage needs calculator for an estimate.
Life insurance riders are optional benefits that you can add to a standard life insurance policy to enhance coverage or provide extra protections. For individuals 50 years old or over, these riders can tailor a policy to better meet specific needs or concerns that arise with age. Some particularly suitable riders include:
These riders enhance the value and utility of life insurance for those over 50, ensuring that their insurance can adapt to changing circumstances.
Having life insurance at 50 can provide financial security for your family, ensuring your spouse or children are financially stable if you pass away. It can also cover funeral expenses, easing the financial burden on your loved ones. We created this guide to help you find the right policy based on your needs. We analyzed policies and ranked the best life insurance companies for 50-year-olds based on cost, financial stability and other factors. Nationwide, with a MoneyGeek score of 98, is the top life insurance provider for 50-year-olds. Depending on your family's needs and circumstances, the best option for you may differ.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
There are many factors to consider before purchasing an insurance policy that works best for you. Understanding the answers to frequently asked questions about life insurance for 50-year-olds can help you choose the right plan for your needs.
The best life insurance for people over 50 typically depends on individual factors like age, health and lifestyle. Based on MoneyGeek's analysis, GEICO is the best life insurance company for 60-year-olds. The company also offers the best life insurance for seniors or those aged 61–70.
On average, a healthy individual with $500,000 in coverage will pay around $776 annually for a 10-year term policy. But your final insurance cost depends on your overall health, medical history, gender, age, lifestyle and more.
Yes, insurance companies offer life insurance for 50-year-olds. The common policy types are universal, whole and term life, but some insurance companies offer more customized policies and added benefits. It’s best to shop around and determine what kind of policy you need and how much you want to invest. These steps can help you get the best life insurance for 50-year-olds based on your needs.
It’s best to buy a life insurance policy as early as possible since you’ll pay lower monthly premiums. Insurance providers also offer higher limits if you purchase a policy earlier. Overall, you end up saving more if you decide to buy insurance sooner rather than later.
Whether you need life insurance after 50 depends on personal circumstances, financial goals and needs. However, maintaining a policy at this age helps protect loved ones financially and covers essential obligations like funeral costs.
The best type of life insurance for those over 50 balances coverage needs and budget. Term life insurance may be the best over-50 life insurance plan for individuals with short-term financial obligations. On the other hand, permanent policies may be the best life insurance for people over 50 who want lifelong coverage and are preparing for legacy planning.
Whole life insurance for those over 50 varies in cost, largely influenced by health status and the desired coverage amount. Obtaining multiple over-50 life insurance quotes can help secure a reasonable rate. Generally, these plans cost more than term life insurance for those over 50 years old due to lifetime coverage and cash value benefits.
Life insurance after 50 is worth considering if you seek ways to secure financial stability for your dependents, cover final expenses or leave a legacy.
The best life insurance for parents over 50 depends mainly on their specific family and financial situations. Parents might consider life insurance for people over 50 that offers flexibility in adjusting benefits as their financial responsibilities change. Policies that include options for early payouts in cases of critical illness or long-term care can also be advantageous. Parents should compare life insurance for those over 50 from multiple insurers to find one that best secures their family's financial future.
At 55, consider coverage about 10 to 15 times your yearly income. Adjust this amount based on debts, future expenses and financial goals.
Why Trust MoneyGeek?
We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for 50-year-olds.
Recency
Coverage costs and company information for life insurance providers were updated in 2025.
Methodology
MoneyGeek created a scoring system to compare life insurance companies across five categories and ranked them based on their scores. We chose to review these companies based on their broad national coverage and ability to provide an online quote.
MoneyGeek’s Scoring System
In our scoring system, companies can earn up to five points in each of the 5 categories. We then use these category scores to calculate an overall MoneyGeek score out of 100. We applied the following weightings to score insurers:
MoneyGeek calculated company scores and determined the best whole life insurance companies for 50-year-olds using the following weights:
Meanwhile, we determined the company scores and ranked the best life insurance providers for final expense life insurance policies using the following weights:
For no-medical-exam policies, we used the following weights:
We did not weigh affordability as we did not collect whole life, final expense and no-exam life insurance quotes.
Each company’s score incorporates:
Sample Customer Profile
MoneyGeek used a standard profile to obtain life insurance quotes:
Premiums are based on the standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the best life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.
We identified trends in the dataset and used those patterns to calculate projections and extend the data beyond what was originally collected.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
