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Best Life Insurance for 50-Year-Olds in November 2023


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Fact Checked
Updated: Nov 22, 2023
5 Expert Contributions

At 50, life insurance 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, offering a 10-year, $250,000 term policy for $29 per month.

MoneyGeek Logo IconBestLife Insurance50-Year-Olds
2023

Best Life Insurance for 50-Year-Olds

Best Life Insurance for 50-Year-Olds

Nationwide earned a MoneyGeek score of 98, making it a top choice for 50-year-olds seeking life insurance. With an average monthly cost of $29 for a 10-year term policy with $250,000 in coverage, it offers affordability and reliability.

Best Overall: Nationwide

Nationwide

pros

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

cons

Financial stability score slightly lower than other metrics

Limited term lengths, maxing out at 30 years

Not the cheapest option

COMPANY HIGHLIGHTS

Nationwide earned an overall MoneyGeek score of 98, making it the top pick for those in their 50s seeking life insurance. It has an average monthly premium of just $29 for a 10-year term policy worth $250,000. Although this isn't the cheapest choice, 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 stands out for those in their 50s seeking high coverage amounts. The average monthly premium for a 10-year term policy with $1 million in coverage is $87.

Best for Whole Life and Final Expense Insurance for 50-Year-Olds

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.

For 50-year-olds looking for no-medical-exam life insurance, State Farm is also MoneyGeek's best pick, receiving a score of 99 for this category.

How was this MoneyGeek score calculated?

Best Whole Life and Final Expense Insurance: State Farm

State Farm

pros

A++ AM Best rating indicates top-notch financial stability

Extensive product offerings, including Limited Pay Whole Life

High customer satisfaction with low complaint rates

cons

Buying process score lags behind other metrics

No 24/7 online chat support available

Slightly higher monthly cost

COMPANY HIGHLIGHTS

State Farm is a top choice for 50-year-olds seeking whole life and final expense 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.

Best for Customer Satisfaction for 50-Year-Olds

GEICO, with a MoneyGeek score of 96, stands out as the top choice for customer satisfaction in life insurance. The average monthly cost for its coverage 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.

Best for Customer Satisfaction: GEICO

GEICO

pros

Exceptional customer satisfaction and minimal complaints

Cost-effective monthly premiums

Broad range of term life coverage, up to a maximum of $8 million

cons

GEICO outsources policy issuance to its partners

Limited variety in insurance products

Lack of diverse payment methods

COMPANY HIGHLIGHTS

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.

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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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Life Insurance Costs for 50-Year-Olds

Each insurance provider has different methods to determine the cost of life insurance policies. Quotes will vary depending on your 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.

Life Insurance Quotes for 50-Year-Old Males
Company
$250K Coverage
$500K Coverage
$1M Coverage

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

Progressive

$63

$113

$208

Fidelity

$63

$113

$208

Gerber

$145

N/A

N/A

Life Insurance Quotes for 50-Year-Old Females
Company
$250K Coverage
$500K Coverage
$1M Coverage

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

Gerber

$105

N/A

N/A

How Smoking Affects Costs

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:

  • A healthy, nonsmoking 50-year-old male who is 5 feet, 11 inches tall and weighs 175 pounds with a 10-year term policy
  • A 50-year-old male who smokes but is in otherwise good health with a 10-year term policy
Quotes for Healthy and Smoking 50-Year-Old Males
Description
Healthy Individual
Smoker

Average Cost per Year

$ 776

$ 1,811

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. 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-year or 20-year term plan with a coverage amount of $500,000.

Cost of a $500K Coverage Policy at Different Ages
Age
Average Cost Per Month
Average Cost Per Year
Total Cost Over Life Policy

50

$65

$776

$7,763

50

$106

$1,272

$25,436

60

$141

$1,693

$16,934

60

$286

$3,434

$68,687

70

$410

$4,922

$49,215

70

$1,481

$17,774

$355,484

How to Save on Life Insurance

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.

  • calendar icon

    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.

  • care icon

    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.

  • find icon

    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.

  • cigarette icon

    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.

  • heartWithPlus icon

    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 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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FAQ

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.

Expert Advice on the Best Life Insurance Policies for 50-Year-Olds

  1. Why is life insurance more expensive for people over 50?
  2. How can individuals aged 50 optimize life insurance into their estate planning strategies?  
  3. Are there specific features of life insurance policies that become essential when considering options for individuals beyond 50?
John Fisher
John Fisher

Vice President at Alera Group Wealth Services

Clay Hostetter, CPA/PFS, CFP®, CIMA®
Clay Hostetter, CPA/PFS, CFP®, CIMA®

Tax Planning Manager at Rhame & Gorrell Wealth Management 

Mark Struthers, CFA, CFP
Mark Struthers, CFA, CFP

Founder and Lead Advisor at Sona Wealth

Eric D. Brotman, CFP®
Eric D. Brotman, CFP®

CEO of BFG Financial Advisors

Sarah Kang
Sarah Kang

Financial Planner at UAK Diversified Wealth Management

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.