Best Life Insurance & Most Affordable Quotes for 50-Year-Olds

Buying life insurance in your 50s is a smart move because it can protect your loved ones and save you money compared to buying a policy later in life. MoneyGeek analyzed policies from many different insurers to help 50-year-olds find quotes for the best life insurance policy. We examined coverage options and thousands of life insurance quotes for a 50-year-old so you can find the best life insurance policy at a reasonable price.

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Last Updated: 8/15/2022
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It’s wise to shop around for insurance policies, so MoneyGeek listed several insurance companies that may best fit your unique situation. Consider your overall health and medical history before making your decision.

Life insurance for smokers is usually more expensive. However, different companies have different ways to determine what smoking means. Some insurance providers also consider you a smoker if you use tobacco or nicotine in methods other than smoking cigarettes.

For example, Transamerica will classify you as a tobacco or nicotine user if you use cigars, vapes or nicotine patches. Although time frames vary per provider, you may not count as a tobacco user if you haven’t smoked a cigarette in the last 12 months.

Best Overall for 50-Year-Olds: State Farm

State Farm

pros

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Highest J.D. Power customer satisfaction ranking in 2021

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Offers flexible premiums and coverage conversion

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Many options for additional riders

cons

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Not all policy types have online quote tools

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Maximum age limit for Instant Answer Term is 50 years old

COMPANY HIGHLIGHTS
  • MoneyGeek Score: 97.4
  • J.D. Power (out of 1,000): 820.5
  • AM Best Rating: A++
  • NAIC Complaint Index: 0.19

MoneyGeek's Take: State Farm offers a wide range of customizable policies to best fit your needs. Out of 21 insurance providers, State Farms ranks highest in overall customer satisfaction, according to J.D. Power’s 2021 life insurance study.

State Farm provides universal, whole and term life insurance. Their universal life insurance allows you to adjust your coverage and premium, with a minimum coverage limit of $25,000 if you're 55–85 years old and $50,000 if you’re 18–54 years old.

State Farm generally has flexible policies where you can adjust your premiums and coverage. You can customize policies by adding optional riders like the Children’s Term Rider and Estate Preservation Rider. They also offer a waiver of premium for disability if you are disabled for six continuous months before 60.

Individuals 50–80 years old may qualify for their final expense insurance, where a death benefit of $10,000 is guaranteed as long as premiums are paid. With this policy, you can also pay either monthly or annually based on what works best for you. Your loved ones have the freedom to choose if they will use the benefit for burial expenses or other costs.

Policy Types Offered:

  • Term life
  • Whole life
  • Return of premium term life
  • Instant answer term
  • Universal life
  • Final expense

Best Value for the Money: Transamerica

Transamerica

pros

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Added protection with personalized perks and benefits

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Death benefit is income-tax-free

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Lowest monthly premiums

cons

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Smokers must wait two years to be eligible for rate considerations

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No guaranteed acceptance

COMPANY HIGHLIGHTS

MoneyGeek Score: 80
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.30

MoneyGeek's Take: Although Transamerica has lower J.D. Power scores than many of its competitors, it has the lowest overall premium for 50-year-olds, costing an average of $41.28 per month for $250,000 coverage.

Transamerica provides term, whole and universal life policies. Their whole life coverage ranges from $25,000–$2 million with fixed monthly premiums.

They also offer numerous optional riders — like the accidental death benefit rider, terminal illness accelerated death rider and overloan protection rider — which can help further protect your loved ones.

Another reason why Transamerica stands out is because of its personalized Income Protection Option. This added perk lets you customize your death benefit since you define the payout amount, who receives it and for how long they benefit. You can choose your payout method, such as an initial lump sum, guaranteed monthly income for 25 years, final lump sum or a combination of these.

Transamerica also offers Final Expense Life coverage with income-tax-free death benefits ranging between $1,000 and $50,000. Once you apply, coverage begins immediately, with the exception of the company’s Easy Solution graded death benefit.

Policyholders may be eligible to convert some or all coverage to permanent insurance without a medical exam. Additionally, if you are in poor health and pay higher premiums but want to work toward becoming healthier, Transamerica grants opportunities for you to qualify for lower rates.

Policy Types Offered:

  • Term life
  • Whole life
  • Universal life
  • Final expense life
  • Index universal life

Best for Complicated Medical History: Mutual of Omaha

Mutual of Omaha

pros

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Get whole life insurance with minimal or no medical exam

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Competitive prices for people with complex health conditions

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Top 5 in J.D. Power customer service rankings

cons

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No online quote tool for universal life

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Final expense insurance isn’t offered

COMPANY HIGHLIGHTS

MoneyGeek Score: 90.8
J.D. Power (out of 1,000): 783.4
AM Best Rating: A+
NAIC Complaint Index: 1.20

MoneyGeek's Take: If you don’t have the best medical history, Mutual of Omaha may fit your needs since they offer competitive pricing for individuals with anxiety, arthritis and other complex health conditions.

Unlike other insurance companies, Mutual of Omaha provides lower costs for individuals with preexisting conditions. The provider is ideal for individuals with medical conditions like scoliosis, polycystic ovary syndrome, herpes, chronic obstructive pulmonary disease and more.

Individuals working toward getting healthier may qualify for lower rates as well. However, you must wait for a year before gaining eligibility. Therefore, if you’re a smoker, tobacco user or nicotine user that wants to quit and get more affordable premiums, you need to wait 12 months before you can qualify for a lower rate.

Mutual of Omaha also has various riders and waivers like the Dependent Children’s Rider, Disability Waiver of Premium Rider, Residential Damage Waiver of Premium Rider, Common Carrier Death Benefit and more.

Guaranteed whole life insurance coverage has fixed rates that start at $2,000 and go up to $25,000. If you’re 45–80 years old, you can get guaranteed coverage without a medical exam or health questions.

The provider offers a program called AccumUL Answers for universal life. Policyholders have a face amount of $25,000 and flexibility to change the premium once during the policy year.

Policy Types Offered:

  • Term life
  • Whole life
  • Universal life
  • Accidental death
  • Children's whole life

Best if You Have a High BMI or Smoke: Nationwide

Nationwide

pros

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Wide variety of policies

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Ideal for smokers or individuals with high BMIs

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Receive program rewards if eligibility requirements are met

cons

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Limited information about quotes online

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Overwhelming amount of universal life options

COMPANY HIGHLIGHTS
  • MoneyGeek Score: 88.6
  • J.D. Power (out of 1,000): 785.5
  • AM Best Rating: A+
  • NAIC Complaint Index: 0.10

MoneyGeek's Take: Insurance companies generally charge up to three times the regular rate if you’re in poor health or a smoker. But compared to other insurers, Nationwide has lower costs for smokers or individuals with a high BMI.

Nationwide provides traditional term life, whole life and universal life policies. They also have Nationwide Simplified Whole Life, where you can apply even if you’re a smoker. You must be between the ages of 18 and 80, and the plan provides death benefits from $10,000–$50,000. You can get a return of premium along with 7% annual interest. However, no riders are available for this policy.

If you’re looking for universal life insurance, death benefit protection and possible cash value accumulation, check the Nationwide Variable Universal Life Accumulator. Individuals aged 18–85 can apply and get coverage for a $100,000 minimum. You can add several riders like the Waiver of Monthly Deductions Rider and Overloan Lapse Protection.

Death benefits include accidental death, additional term insurance and children's term insurance. When applying for this policy, there are underwriting classes where the provider considers your age and whether you're a tobacco user.

Policy Types Offered:

  • Term life
  • Whole life
  • Nationwide simplified whole life
  • Universal life
  • Nationwide guaranteed level term

Best for No Medical Exam for 50-Year-Olds: Ethos

Ethos LIfe

pros

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Quickly get quotes online

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Easy application process

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Same-day coverage

cons

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Only offers two insurance types

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No additional riders aside from death benefits

COMPANY HIGHLIGHTS
  • MoneyGeek Score: N/A
  • J.D. Power (out of 1,000): N/A
  • AM Best Rating: A
  • NAIC Complaint Index: N/A

MoneyGeek's Take: It is common for insurance providers to require medical exams before you complete your life insurance application. However, Ethos generally makes it easy to apply for coverage since you only need to answer a couple of health questions.

With Ethos, you can apply for insurance online in just a few minutes. It’s a quick and easy process since you don’t need to take a medical exam or undergo blood tests. Qualified policyholders don’t need to wait for an extended period since you get same-day coverage, which is relatively quick compared to other insurance providers.

Ethos offers term life insurance for individuals between the ages of 20 and 65. You can decide if you want a term length of 10, 15, 20 or 30 years. Benefit amounts start at $20,000 and go up to $1.5 million, depending on how you qualify. If you pass away before your term ends, your beneficiaries will receive a death benefit. The accelerated death benefit is included in all Ethos policies.

Without many customer complaints for a company its size, Ethos has also garnered an A+ rating from the Better Business Bureau.

Policy Types Offered:

  • Term life
  • Guaranteed issue whole life

Best for Whole Life for 50-Year-Olds: MassMutual

MassMutual

pros

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Full range of policy types and options

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Get temporary coverage during your insurance application process

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Excellent financial strength

cons

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You need to connect with an agent to get full details for some policies

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Most policies require a medical exam

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You cannot file claims online

COMPANY HIGHLIGHTS

MoneyGeek Score: 84.5
J.D. Power (out of 1,000): 758.1
AM Best Rating: A++
NAIC Complaint Index: 0.07

MoneyGeek's Take: MassMutual’s wide product offerings include a range of financial products and services. For their whole life policy, you can earn dividends, grow your cash value and get guaranteed premiums.

MassMutual offers the typical term life, universal life and whole life policies. With whole life coverage, you’re covered for life and can also get income to support you once you’re retired. When you pass away, your loved ones get a guaranteed death benefit paid as a lump sum.

If you're looking to build cash value, you can access it through partial policy surrender or a loan. You also have the opportunity to earn valuable dividends, which can be used to pay premiums, buy more life insurance or take as cash.

You can add CareChoice Select to your whole life policy, which is an added benefit that focuses on your long-term care. You get financial support for your medical care, nursing home and other medical or hospital expenses. Premiums with this added perk are payable for 12 years. This policy also has a surrender value that increases over time, so if you cancel the policy early, you will get back some of the money you paid into the policy.

Policy Types Offered:

  • Term life
  • Whole life
  • Universal life
  • Variable universal life
  • HealthBridge
  • Long-term care (CareChoice)

Best for High Coverage ($1,000,000): Transamerica

Transamerica

pros

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Highly customizable policies

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Maximum death benefit of $10 million

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Benefits can be accessed early with the accelerated death benefit rider

cons

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Limited information about quotes online

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Mediocre customer satisfaction rating from J.D. Power

COMPANY HIGHLIGHTS

MoneyGeek Score: 80
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.30

MoneyGeek's Take: Transamerica offers the most affordable monthly premiums for a high-value policy, costing $135.88 per month on average. Most other insurance companies charge around $30–$40 more, giving Transamerica a significant advantage over the competition.

For individuals 46 years old and above, the highest possible coverage you can get with nonmedical underwriting is $1 million. However, you can receive as much as $10 million with medical underwriting. Transamerica provides two term life insurance policies, the Trendsetter Super and Trendsetter LB. Consider your health background, as the provider will look at your health rating and offer different quotes to smokers, nonsmokers, tobacco and non-tobacco users.

The Trendsetter Super is a customizable policy that you can adjust to match your unique needs. This policy also has a high death benefit of $10 million. On the other hand, the Trendsetter LB includes living benefits. You can access $1.5 of death benefits early if you qualify, while your living benefits have a maximum limit of $2 million. If you're eligible for chronic, critical or terminal illness coverage, you may accelerate a portion of your face amount.

Policy Types Offered:

  • Term life
  • Whole life
  • Universal life
  • Final expense life
  • Trendsetter LB
  • Trendsetter Super

Company Comparison Summary: 50-Year-Olds

MoneyGeek compiled the winner of each category and summarized important details to help you determine which life insurance policy works best for you.

  • Company
    Overall MG Score
    Coverage Options
    Policy Types Offered
  • State Farm

    Best Overall for
    50-Year-Olds

    97.4

    $25k–$1M

    • Term Life
    • Whole Life
    • Return of Premium Term Life
    • Instant Answer Term
    • Universal Life
    • Final Expense Insurance
  • Transamerica

    Best Value for
    the Money

    80

    $25k–$2M

    • Term Life
    • Whole Life
    • Universal Life
    • Final Expense Life
    • Index Universal Life
  • Mutual of Omaha

    Best for Complicated
    Medical History

    90.8

    $25–$1M

    • Term Life
    • Whole Life
    • Universal Life
    • Accidental Death
    • Children's Whole Life
  • Nationwide

    Best if You Are
    Overweight or Smoke

    88.6

    $10k–$1M

    • Term Life
    • Whole Life
    • Nationwide Simplified Whole Life
    • Universal Life
    • Nationwide Guaranteed Level Term
  • Ethos

    Best for No Medical
    Exam for 50-Year-Olds

    N/A

    $20k–$1.5M

    • Term Life
    • Guaranteed Issue Whole Life
  • MassMutual

    Best for Whole Life
    for 50-Year-Olds

    84.5

    $100k–$3M

    • Term Life
    • Whole Life
    • Universal Life
    • Variable Universal Life
    • HealthBridge
    • Long-term Care (CareChoice)
  • Transamerica

    Best for High Coverage
    ($1,000,000)

    80

    $25k–$1M

    • Term Life
    • Whole Life
    • Universal Life
    • Final Expense Life
    • Trendsetter LB
    • Trendsetter Super

Compare Life Insurance Rates

Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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Insurance Rates

Life Insurance Quotes for 50-Year-Olds: How Much Does a Policy Cost?

Each insurance provider has different methods to determine the cost of life insurance policies. Quotes will vary depending on your age, overall health, BMI and other important details. Before deciding on a policy, consider other factors like customer satisfaction, flexibility, added perks and benefits or whether you’re required to take a medical exam.

For men and women, the cheapest insurance across all coverage options is Transamerica. On average, policies for women cost less than those for men by around 25%.

Life Insurance Quotes for 50-Year-Old Males

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  • Policy Cost - Males
    $250k Coverage
    $500k Coverage
    $1M Coverage
  • 1.
    Transamerica
    $41.28
    $73.53
    $135.88
  • 2.
    Nationwide
    $47.69
    $86.63
    $164.94
  • 3.
    State Farm
    $50.02
    $90.94
    $169.69
  • 4.
    Mass Mutual
    $51.12
    $93.53
    $176.18
  • 5.
    Mutual of Omaha
    $51.82
    $92.67
    $179.78
  • 6.
    AAA
    $56.98
    $106.48
    $203.28
  • 7.
    Progressive
    $98.53
    $182.70
    $361.49
  • 8.
    Prudential
    $110.62
    $100.21
    $198.92

The cost information above was generated from 20-year policy quotes for a 50-year-old male who is 5’10”, 175 pounds, a nonsmoker and in good health.

Life Insurance Quotes for 50-Year-Old Females

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  • Policy Cost - Males
    $250k Coverage
    $500k Coverage
    $1M Coverage
  • 1.
    Transamerica
    $31.39
    $56.33
    $98.04
  • 2.
    Nationwide
    $36.75
    $64.75
    $119.44
  • 3.
    State Farm
    $38.94
    $67.44
    $122.69
  • 4.
    Mass Mutual
    $39.16
    $69.61
    $127.46
  • 5.
    Mutual of Omaha
    $40.21
    $69.02
    $132.53
  • 6.
    AAA
    $43.78
    $79.20
    $148.72
  • 7.
    Progressive
    $76.34
    $143.12
    $271.88
  • 8.
    Prudential
    $102.29
    $100.21
    $198.92

The cost information above was generated from 20-year policy quotes for a 50-year-old female who is 5’4”, 125 pounds, a nonsmoker and in good health.

Life Insurance Quotes in Your 50s if You Smoke or Have a High BMI

Your life insurance premiums will cost more if you use tobacco or have a high BMI. Smoking is considered to shorten your life expectancy because it is linked to health complications like cancer. If you have a higher BMI, you may be at a higher risk of heart diseases or weight-related issues which may incur the insurance company more costs.

Smokers typically pay almost three times more than a healthy individual, as seen in the table below.

Quotes for Healthy, Smoking and High-BMI 50-Year-Old Males

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  • Healthy Individual
    Smoker
    High-BMI
  • Avg. Cost per Year
    $782.42
    $2,090.70
    $756.14

The costs of the policies shown above ($500k coverage) were generated using three profiles:

  • A healthy, nonsmoking male who is 5'11" and 175 pounds
  • A male who smokes but is in otherwise good health, who is 5'11" and 175 pounds
  • A healthy, nonsmoking male who is 5'11" and 250 pounds
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MONEYGEEK EXPERT TIP

Life insurance financially protects your loved ones even when you’re gone. Invest in policies and added benefits that you know will best support you and your beneficiaries.

Compare Life Insurance Rates

Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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Should You Buy a Policy in Your 50s?

Only you can determine when it's the right time to purchase an insurance policy. However, many 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. Thus, it may be more difficult to acquire insurance policies as you age because you become more prone to health complications.

As you get older, the total cost of your policy will become much more expensive. If you are 50 years old, the annual cost of a 20-year term policy is around $2,185.56 less than a 60-year-old purchasing the same policy.

Cost of a $500k Coverage Policy at Different Ages

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  • 20-Year Term Policy (50-Year-Old)
    30-Year Term Policy (50-Year-Old)
    20-Year Term Policy (60-Year-Old)
  • Avg. Cost per Year
    $1,240.04
    $2,213.40
    $3,425.60
  • Total Cost Over Life of Policy
    $24,800.70
    $66,402.00
    $68,511.90

The policy cost details above are an average policy cost for 50- and 60-year-old men who are nonsmokers in good health, purchasing 20- or 30-year coverage of $500,000.

How Can You Save Money on Life Insurance in Your 50s?

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.

1

Buy sooner than later.

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 insurance shoppers.

2

Get your policy reevaluated if you improve your health.

Several insurance providers may consider giving you lower rates if you are working toward improving your health. But you may need to submit new medical records and let time pass first.

3

Shop around.

Although prices are important, consider the value you’ll get for your money and if the policy you’re considering will fit exactly what you need. When comparing companies, consider factors like customer satisfaction, complaints and the likelihood to payout claims.

4

Kick the habit of smoking.

Among other factors, insurance providers also look at your life expectancy. Therefore, smoking will increase the cost of your insurance. If you’re looking to quit, different companies have varying time durations until they no longer count you as a smoker or tobacco user. Typically, you have to wait at least a year before you’re eligible for non smoker rates.

5

Maintain a healthy weight and exercise.

It’s also equally important to have a balanced diet to pair with your regular exercise. Your overall health will affect your premiums, so it’s best to maintain a normal BMI to make sure you get the best rates possible.

Compare Life Insurance Rates

Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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FAQs About Life Insurance Policies for 50-Year-Olds

There are many factors to consider before purchasing an insurance policy that works best for you. Understanding the answers to some frequently asked questions about life insurance for 50-year-olds can help you choose the right plan for your needs.

Methodology

We go the extra mile so that you can feel confident about life insurance content from MoneyGeek. Our life insurance ranking for 50-year-olds incorporates a significant number of data points from insurance industry research companies and from our unique research, including real policy quotes for people who are 50 years old and analysis of policy details. For more details see our methodology page.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.