Updated: December 3, 2024
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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.
Nationwide ranks as the best life insurance company for 50-year-olds in MoneyGeek's study. It offers a 10-year, $250,000 term policy for $29 monthly.
BestLife Insurance50-Year-OldsBest Life Insurance for 50-Year-Olds
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.
Coverage costs and company information for life insurance providers were updated in 2024.
Nationwide earned a MoneyGeek score of 98, making it a top choice for the best life insurance for 50-year-olds. With an average monthly cost of $29 for a 10-year term policy with $250,000 in coverage, it offers affordable life insurance over 50 and reliable service.
Comprehensive product range, including term and whole life options
Exceptional customer service with 24/7 online chat support
Has a mobile app for account management
Financial stability score slightly lower than other metrics
Limited term lengths, maxing out at 30 years
Not the cheapest option
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 just $29 for a 10-year term policy worth $250,000. Although there are cheaper choices than this, it's still more affordable than some competitors. The insurer offers various products, including term and whole life, and even specialized plans like final expense insurance. Customer service is another highlight, as the company features 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.
The company also offers the best life insurance 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 in this category.
The company is also MoneyGeek's top pick for no-medical-exam life insurance over 50, receiving a score of 99 for this category.
How was this MoneyGeek score calculated?
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 a final expense life insurance policy 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. The company below has the highest score among the companies that offer these policies.
A++ AM Best rating indicates top-notch financial stability
Extensive product offerings, including Limited Pay Whole Life
High customer satisfaction with low complaint rates
Buying process score lags behind other metrics
No 24/7 online chat support available
Slightly higher monthly cost
State Farm is the best whole life insurance 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 the absence of 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 MoneyGeek's leading choice for life insurance based on customer satisfaction.
Exceptional customer satisfaction and minimal complaints
Cost-effective monthly premiums
Broad range of term life coverage, up to a maximum of $8 million
GEICO outsources policy issuance to its partners
Limited variety in insurance products
Lack of diverse payment methods
GEICO is one of MoneyGeek's top picks in the customer satisfaction category, earning a score of 96. While its policies are issued by its collaborators, such as Ladder, GEICO's financial stability is unquestionable, verified by an A++ AM Best rating.
The company excels in keeping its customers content, as seen in the low volume of complaints. Offering term life insurance at an attractive monthly rate of $25 for 50-year-olds, GEICO provides coverage options ranging from $100,000 to $8 million. With nearly nine decades of experience and a convenient mobile app, GEICO delivers dependable, straightforward life insurance solutions.
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.
Each insurance provider has 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 details. Before deciding on a policy, consider other factors like customer satisfaction, flexibility, added perks and 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. 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 for men over 50 from different insurers.
| Allstate | $24 | $40 | $69 |
| Transamerica | $24 | $40 | $70 |
| 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 |
Below are the average monthly costs of life insurance for a 50-year-old woman from various providers.
| Transamerica | $20 | $34 | $57 |
| Protective | $22 | $35 | $62 |
| Allstate | $24 | $40 | $69 |
| Mutual of Omaha | $24 | $42 | $78 |
| Nationwide | $24 | $40 | $70 |
| GEICO | $25 | $40 | $70 |
| Prudential | $28 | $49 | $80 |
| AAA | $29 | $48 | $85 |
| State Farm | $32 | $50 | $81 |
| Haven | $36 | $64 | $122 |
| Bestow | $42 | $74 | $142 |
| Fidelity | $48 | $87 | $159 |
| Progressive | $48 | $87 | $159 |
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.
Guaranteed life insurance for those over 50 provides a reliable solution to secure financial protection. Despite its cost, the assurance of acceptance makes it particularly valuable for those with significant health concerns or older applicants who need coverage.
Below is a table detailing the average monthly costs of guaranteed life insurance for 50-year-olds for coverage of $10,000 and $25,000 from different providers.
| Ethos | $14 | $30 |
| Mutual of Omaha | $36 | $88 |
| Gerber Life | $44 | $109 |
| AIG | $56 | $137 |
| AAA | $59 | $128 |
| AARP | $59 | $146 |
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 healthy individuals, as the table below displays. The costs of the policies ($500K coverage) are based on two profiles:
| Average Cost per Year | $ 776 | $ 1,811 |
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
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.
Health
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.
Lifestyle Choices
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.
Gender
Women tend to have a longer lifespan than men, which may result in slightly lower costs of life insurance for a 50-year-old woman than for a man of the same age.
Policy Duration and Amount
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.
Family Medical History
If there is a history of hereditary diseases in your family, insurers might consider you at higher risk, potentially increasing your premiums.
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. Acquiring insurance policies 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 more expensive. If you are 50, the annual cost of a 20-year term policy is around $2,162 less than a 60-year-old purchasing 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.
The policy cost details below 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 $500,000.
| 50 | $65 | $776 | $7,763 |
| 60 | $141 | $1,693 | $16,934 |
| 70 | $410 | $4,922 | $49,215 |
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 family's needs.
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.
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.
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.
Get your policy re-evaluated if you improve your health
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 let time pass first.
Shop around
Although prices are important, consider the value you’ll get for your money and if the policy you’re considering will supply exactly what you need. When comparing companies, consider factors like customer satisfaction, complaints and likelihood of claims payouts.
Kick your smoking habit
Among other factors, insurance providers 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. You typically must wait at least a year before you’re eligible for nonsmoker rates.
Maintain a healthy weight and exercise
It’s 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 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 provides distinct advantages, premium rates and policy conditions that might align with your specific needs as you age. Delving into 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 method ensures you find a policy that offers both value and security.
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.
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 $1,272 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 along with added perks. It’s best to shop around and determine what kind of policy you need and how much you’re willing to invest. Taking these steps can help ensure you're getting the best life insurance for 50-year-olds based on your specific 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 largely on their specific family and financial situations. Parents might consider life insurance for people over 50 that offers flexibility in terms of adjusting benefits as their financial responsibilities change over time. Policies that include options for early payouts in cases of critical illness or long-term care can also be particularly 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 that's about 10-15 times your yearly income. Adjust this amount based on debts, future expenses and financial goals to ensure that life insurance for the over-50s effectively meets your needs.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
