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

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.

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.

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.

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.

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.

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

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.

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.

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.