Typical Costs of a $50,000 Life Insurance Policy
The best way to get the most favorable rates on a $50K life insurance policy is to compare costs among many insurers. The days of an agent coming over your home and giving you quotes from only one company are done with, now everything is done online.
"You get the best rates when many companies quote you"
Insurance companies are not all the same, that's why it's good to quote several insurers. Some are more familiar with certain situations, for example, diabetes, and are able to offer better rates than others.
Because it's so easy to get a few quotes online, it's worth it to shop around in order to get the best rates for your situation.
$50K is not a huge amount of money, so being approved may be fairly easy. Plus, you could always go with a guaranteed issue policy that gets approved without a medical exam or visit from a medical professional - usually a nurse. These policies are perfect to pay for final expenses like a funeral and paying off some debts.
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What Factors Affect Life Insurance Costs?
The life insurance premiums will vary a lot depending on some major factors, like your health, your age, tobacco or drug use, previous medical conditions, family history of disease.
- Age: As you can imagine, this is the most important factor - the older you are, the more money you will pay in premiums.
- Health: Your health status is also very important in determining your rates. If the insurance company knows you have a medical condition that will lower your life expectancy, your rates will be high, or you can be denied coverage.
- Tobacco use: If you smoke or chew tobacco, expect to pay 3-4 times more that someone that does not use tobacco products.
- Previous health conditions: If you had certain health problems like heart disease, cancer, anxiety, insurance companies are hesitant to insure you.
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Average costs for a $50,000 10 year term life insurance policy for a woman in good health and non-smoking:
| Age | $50,000 |
|---|---|
| 65 year old woman | $40.25 |
| 66 year old woman | $43.40 |
| 67 year old woman | $45.85 |
| 68 year old woman | $50.20 |
| 69 year old woman | $53.84 |
| 70 year old woman | $58.92 |
| 71 year old woman | $64.90 |
| 72 year old woman | $68.35 |
| 73 year old woman | $75.63 |
| 74 year old woman | $84.55 |
| 75 year old woman | $94.18 |
Typical premiums for a 10-year life insurance term policy for a senior male, non-smoker, in good health:
| Age | $50,000 |
|---|---|
| 65 year old man | $54.35 |
| 66 year old man | $59.13 |
| 67 year old man | $61.79 |
| 68 year old man | $67.65 |
| 69 year old man | $72.58 |
| 70 year old man | $79.27 |
| 71 year old man | $87.72 |
| 72 year old man | $92.20 |
| 73 year old man | $102.47 |
| 74 year old man | $113.83 |
| 75 year old man | $128.20 |