Life Insurance Costs For Men and Women Over 50
Often, women and men in their fifties think that it is difficult to get life insurance coverage, or it is no longer affordable, because they are over 50 years of age. This is not the case at all.
With the life expectancy going up every year, life insurance companies have no problems insuring a person over 50 at very affordable rates, being it a man or woman, smoker or non-smoker, in excellent health or not.
Because medicine is so advanced and life expectancy has improved over the years, it is very common to live into the eighties and beyond, especially if you are a woman.
A 50 year old man, on average, will pay around $27 for a 20-year term $100,000 life insurance policy, and around $54 for a $300,000 policy. By comparison, a 50 year old woman will pay approximately $21 for $100K coverage and $43 for $300K coverage.
Get A Quote On These Common Amounts of Life Insurance:
Finding The Best Rates
If you are over fifty, the surest way to find the best rates and most affordable premiums on life insurance, is to compare rates among a few insurance companies, and there isn't a better way to do that then using an online resource like us.
The days of an agent representing only one life insurance company visiting your home are gone. Why should you only have one company to choose from?
The reasons to get life insurance coverage are plenty: Your family will have money to pay off the mortgage, money for your children's college tuiton, money for funeral expenses, etc.
Why Life Insurance is So Important
Life insurance is an essential component of a secure financial future, especially when you are getting to your senior years. It provides invaluable peace of mind for those who are in the second half of their lives, with more family and financial responsibilities than ever before.
While it can be confusing to purchase life insurance at this stage of your life, there are several providers that offer attractive policies for those over 50, such as Haven Life, AIG, Mutual of Omaha, New York Life, plus many more A+ rated companies.
Whole life insurance is the recommended option for those in this age group since it provides permanent coverage and builds cash value over time. However, term life insurance is still an affordable and dependable option for many people over 50.
Penn Mutual and Guardian offer attractive term life plans specifically designed with older customers in mind. In addition, Nationwide and Protective may have the best whole life policies, due to their competitive rates and good ratings from independent agencies.
When purchasing life insurance at 50 or older, you should consider the cost carefully. The typical cost of a $500,000 20-year term policy would range from $71/month for a female applicant to $93/month for a male. There are also ways to get your quotes without spending any money upfront; utilizing online resources can help you find out how much you would pay for any given policy before you make a commitment. Although prices tend to be higher as you get older, there are still ways to secure affordable coverage no matter your age.
On average, a 55 year old man will pay approximately $61 for a 20-year term $200,000 life insurance policy, and around $131 for a $500,000 policy. By comparison, a 50 year old woman will pay around $53 for $200K coverage and $204 for $500K coverage.
Choosing the Best Life Insurance for People Over 50 - Expert Advice
With so many different life insurance options available, it can be hard to figure out which company and plan best fits your individual needs — especially if you’re unfamiliar with insurance terms and underwriting. This is where a knowledgeable life insurance broker can help.
A life insurance broker will help you understand all the different policy types available, as well as any riders or extra coverages that may fit your specific situation.
They are well informed of the various insurance companies offering life insurance and can determine which one would offer the best coverage and rates based on your age, health condition, lifestyle, and other factors that could impact the kind of policy you qualify for.
The insurance agent you choose should have access to multiple life insurance carriers so he or she can provide competitive quotes from many different companies for you to compare.
Additionally, ask about their estate planning services and whether they are able to provide advice in other areas such as whole-life or disability income insurance.
A knowledgeable agent can provide not only guidance about the best life insurance options but also give valuable additional advice about how to effectively protect your family against various risks.
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Protecting Your Loved Ones
Having life insurance after you turn 50 provides a range of benefits including financial protection, coverage in the event of death, affordable coverage and peace of mind knowing that your family is provided for.
There are various types of life insurance available for those over 50. Traditional life insurance policies offer a range of death benefits, such as funeral expenses, unpaid debts and college tuition costs, while term life insurance policies provide coverage for a specified period of time (usually 10-30 years).
Other forms of life insurance include whole-life policies, which can provide coverage throughout one's lifetime, as well as universal life policies, which provide flexible benefits that can be tailored to meet individual needs.
It's important to compare different plans in order to find the best option. Review factors such as cost and coverage levels before committing to any one policy. It's also helpful to examine any riders or add-ons offered by a particular insurer, such as waiver of premium riders or accelerated death benefit riders.
By doing this research upfront, individuals over 50 can ensure they are selecting the most suitable plan possible for their needs.
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What Are The Two Main Types Of Life Insurance And How Do They Work?
The two main types of life insurance available for men and women over fifty are term life insurance and whole life insurance.
Term life insurance provides death benefits to a policyholder's beneficiary if the policyholder passes away within the designated term of coverage - typically in 10, 15, 20, or 30 years.
The premiums paid on a term life policy are guaranteed and will not change during the term period.
Whole life insurance is designed to provide lifelong coverage and has a cash value component that helps make coverage last indefinitely.
This cash value grows over time, tax-deferred, and can be borrowed against or used to help pay premiums. Whole life insurance policies typically have higher premiums than those of term life policies due to their lifelong coverage.
When making a decision about which type of life insurance is best for them, individuals should consider all their options including permanent life insurance products like universal or variable universal policies.
Permanent life insurance does come with higher premiums than term but can also be an important estate planning and wealth building tool for policyholders. It's important to review all aspects of any life insurance product, including death benefit amounts, premium costs, and additional benefits before making a purchase decision.
For people over 50, taking out life insurance is the responsible way to ensure that their families and loved ones are protected after they're gone.
A few examples of life insurance rates for people over 50:
- A 10 year level term policy for a 55 year old man, non smoker, in good health, in the amount of $500,000 will cost around $80 per month - from a A+ rated company.
- A 20 year level term policy for a 52 year old woman, non smoker, with no health problems, in the amount of $200,000 will cost an average of $43 per month.
- A 20 year level term policy for a 55 year old woman, smoker, in fair health, in the amount of $500,000 will cost around $105 per month.
- A 50 year old man will pay on average $27 per month ($324 per year) for a 20-year term policy in the amount of $100,000.
Not surprisingly , if you are a smoker the price of a policy will go up a great deal, on average, it will double.
Monthly average costs for a 20-year life insurance policy for a man in his fifties, in good health, non-smoking:
| AGE | $100,000 | $200,000 | $300,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 50 year old man | $27.31 | $46.43 | $54.49 | $89.82 | $170.22 |
| 51 year old man | $28.71 | $49.62 | $58.34 | $97.42 | $186.07 |
| 52 year old male | $31.25 | $54.22 | $64.62 | $106.52 | $204.89 |
| 53 year old man | $32.82 | $59.52 | $67.61 | $116.52 | $226.42 |
| 54 year old male | $35.51 | $61.57 | $71.67 | $118.85 | $231.82 |
| 55 year old man | $37.23 | $67.19 | $78.22 | $131.01 | $256.09 |
| 56 year old male | $41.61 | $72.36 | $86.50 | $142.79 | $283.21 |
| 57 year old man | $45.42 | $81.54 | $94.32 | $156.46 | $309.23 |
| 58 year old male | $51.92 | $97.90 | $120.52 | $196.82 | $387.47 |
| 59 year old male | $57.65 | $108.52 | $137.49 | $223.19 | $434.22 |
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Monthly average costs for a 20-year life insurance policy for a woman in her fifties, in good health, non-smoking:
| AGE | $100,000 | $200,000 | $300,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 50 year old woman | $21.87 | $37.17 | $43.62 | $71.88 | $136.20 |
| 51 year old female | $22.99 | $39.72 | $46.70 | $77.96 | $148.88 |
| 52 year old woman | $25.02 | $43.40 | $51.72 | $85.24 | $163.94 |
| 53 year old female | $26.28 | $47.64 | $54.11 | $93.24 | $181.16 |
| 54 year old woman | $28.43 | $49.28 | $57.36 | $95.10 | $185.48 |
| 55 year old female | $29.81 | $53.78 | $62.60 | $104.83 | $204.90 |
| 56 year old woman | $33.31 | $57.91 | $69.22 | $114.26 | $226.59 |
| 57 year old female | $36.36 | $65.26 | $75.48 | $125.19 | $247.41 |
| 58 year old woman | $41.56 | $78.34 | $96.44 | $157.48 | $310.00 |
| 59 year old female | $46.14 | $86.84 | $110.02 | $178.58 | $347.40 |
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I'm 50 and a Smoker, What are my Costs?
Are you over 50 and a smoker? If so, you may be concerned about the cost of your life insurance policy. In general, life insurance premiums increase as you age, particularly for those who are considered high risk due to factors such as smoking. However, there are ways to manage costs while still obtaining the life insurance coverage that you require.
It's true smokers will pay higher life insurance premiums than non-smokers. The exact amount of your premium will depend on a multitude of factors including lifestyle choices, medical history, and the type and amount of coverage you select.
Just because you are a smoker in your 50s does not mean you should expect to pay an exorbitant fee; it all depends on your individual situation.
When shopping for life insurance as an older smoker, consider policy types such as term or no-exam policies that may reduce the overall cost of coverage. Additionally, taking steps to maintain or improve your health can lead to lower premiums regardless of age or policy type.
For example, quitting smoking can significantly reduce the cost associated with a traditional permanent or whole life policy.
Keep in mind that although these tips are for men and women over 50 who have a “high risk” behavior like smoking, it's important to remember that all life insurance policies will cost more with age than when purchased at a young age.
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Life Insurance Over 50 With No Medical Exam
If you are denied a typical life insurance coverage, you can always look into a no-medical exam or guaranteed policy.
There are many options for those over 50 who are looking for life insurance with no medical exam involved.
One type of policy available to seniors is called burial insurance or final expense insurance, which provides coverage for funeral costs.
Burial insurance policies can have limits of up to $25,000 and often don’t require a medical exam. Policies are typically fairly affordable and easy to get approved, so they’re ideal for those looking for immediate protection and wanting to avoid the hassle of having an examination done.
Another option is term life insurance without the need for a medical exam. These policies can cover up to over one million in coverage and are available until the applicant reaches age 65. For example, Nationwide offers coverage up to $1 million in term life insurance with no medical exam required if you’re between ages 50 and 60.
While these policies may not provide the same long-term security as other types of life insurance, they’re an excellent option for seniors looking for quick and easy coverage without having to answer questions about their health or take an examination.
For seniors over 50 who want coverage but don't want to deal with a medical exam, there are many options that provide protection without any physical exams or intrusive questions regarding health status.
Burial Insurance or Final Expense Insurance is one such great choice that will provide protection without needing any physical examinations or intrusive questions beyond what is necessary in the application process, while Term Life Insurance policies offer more extensive coverage but with some limitations on availability based on age range.