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Buying Life Insurance in Your 50s

Buying Life Insurance in Your 50's

This article is focused on helping our clients find the best life insurance rates by age available for age 50 plus. When seeking life insurance in your 50’s one of the most important things to decide is what company will give you the best chance at obtaining the lowest price coverage. At TermLife2Go we work with both the top ten best life insurance companies and the best no medical exam companies in the U.S. It is through our intimate knowledge of the best carriers in the marketplace that allows us to best serve you.

Buying life insurance 50+

This article is intended to provide those who are in their 50s with the know how they’ll need to fortify their family and legacy with the absolute best life insurance coverage available in the marketplace!

As someone in their 50s, you might also be interested in how life insurance can benefit your estate plan or simply trying to provide for your family’s basic needs.

Therefore, whether you currently have life insurance coverage in place and are simply considering purchasing some additional coverage, or you’re just beginning to look for your first life insurance policy, the information you’ll find below will certainly provide you with what you’ll need to know so that you’ll be sure to get the right type of life insurance coverage—because the time to buy life insurance coverage in your 50s is now!

Life insurance in your 50’s by age

Life insurance age 50; Life insurance age 51; Life insurance age 52Life insurance age 53Life insurance age 54Life insurance age 55Life insurance age 56Life insurance age 57Life insurance age 58Life insurance age 59

6 Reasons Why Buying Life Insurance In Your 50s is so Important

 1. Price

Of all factors dealing with the price of life insurance the most crucial factor is age. And unfortunately, once you hit your 50’s the price for your life insurance is going to increase dramatically from year to year. The good news is, if you are relatively healthy, a million dollar life insurance policy is still within reach.

And for the primary breadwinner of the household and/or for a business owner, getting life insurance now can be a huge cost savings. What better way to save on life insurance than by buying it today while you are still relatively young and healthy?

For example, it’s not uncommon for a 55 year old in perfect health to have to pay nearly 50% more for their insurance than a 50 year old would! This same age difference during you’re 40’s would only result in a 33% price increase.

So you can see that for every year that you wait to purchase your life insurance in your 50s, regardless of your health, you’re going to be paying more! So the take away should be, DON’T WAIT!

Sample Male Life Insurance Quotes Over 50

All quotes are based on a preferred best rate class with a 10 year term

Age
$50,000
$100,000
$250,000
$500,000
50
$11
$14
$24
$42

51
$11
$15
$26
$47

52
$12
$16
$29
$52

53
$12
$17
$32
$58

54
$13
$18
$35
$65

55
$13
$20
$39
$72

56
$15
$21
$42
$78

57
$16
$22
$46
$86

58
$17
$24
$50
$94

59
$18
$26
$55
$103

 

Sample Female Life Insurance Quotes over 50

All quotes are based on a preferred best rate class with a 10 year term

Age
$50,000
$100,000
$250,000
$500,000
50
$10
$13
$20
$36

51
$10
$13
$22
$39

52
$10
$14
$24
$42

53
$11
$15
$25
$45

54
$11
$16
$27
$49

55
$12
$17
$30
$53

56
$13
$18
$32
$57

57
$14
$19
$34
$61

58
$14
$20
$36
$65

59
$15
$22
$39
$71

 

Life insurance quotes over 50 provided by: Minnesota Life, Mutual of Omaha, Protective Life, Banner Life, Lincoln Life, AXA Equitable, North American, AIG, Principal Financial

2. You’re Not Getting Any Younger!

Now they say that 50 is the new 30, and for many of us it’s true, but let’s also be realistic.  Most 30 year olds aren’t necessarily going to be worried about the cholesterol count, and most 30 year olds probably haven’t had a serious discussion with their doctor about getting a prostate exam… RIGHT?!

Which means that even though you as an applicant looking to purchase life insurance in your 50’s may not be worried about having:
– High blood pressure,
– High cholesterol,
– Elevated blood sugars, (see diabetic life insurance)
– Etc, etc…

Your agent who knows that little things like high blood pressure, high cholesterol, and elevated blood sugars, could have some serious effects on your life insurance application and should be trying to determine which life insurance company is going to give you the best chances for success!

3. Knowledge is Everything!

For many people, it’s not until they reach 50 that they really begin to understand the importance of life insurance. During one’s 50s is usually when one has:
– Matured in their career,
– Is facing the realities of just how much it cost to put a child through college,
-Has taken on a mortgage or two, and
-Will usually have acquired some serious debt.

We’ve also probably begun to have friends and family who are beginning to show signs of their age!  You may have even noticed that you find yourself paying more and more attention to some of those “non-stop”, prescription medication commercials!

Now the good news is that with age, also comes wisdom. For example, just think about how much $100,000 seemed like when you were young.  Now think for a moment, how long would $100,000 last for your family if you died today?

And if you died tomorrow, how much would your family need to get by? Or better yet, thrive?

Would you need to:

  • Replace an income?
  • Pay off a mortgage?
  • Cover school tuition?
  • Or just take care of medical bills/final expenses?

Typically, these are easier questions to answer for someone in their 50’s then they are for someone much younger that may not own a home, have a family or have developed a career. Regardless of the reason you are looking for life insurance in your 50s, choices are the key to finding the lowest priced policy.

4. Choices, Choices, and more Choices!

When it comes time to purchase life insurance during your 50s its nice to know that you’ll have choices. In fact what many people don’t realize is that, as you age, many of the very popular term life insurance options, specifically no medical exam term life insurance, will disappear. This is why it’s important to not only to have an idea of how much insurance you need today, but also what you’ll need in 10, 20, or 30 years from today.

Sound confusing? Don’t worry about it, the professionals at TermLife2Go will walk you through it!

But With So Many Choices, what Company Should I Choose?

The real answer to this question will always be, it depends. The factors that determine which company you should choose include:

Chances are, if you find yourself speaking with a life insurance agent that doesn’t ask you these types of questions, you’re either:

  • Not going to get an accurate quote. Which unfortunately happens all the time especially if the agent that you’re working with has certain sales quotas he or she must meet each month… AKA, call center agents.
  • Or, it might also be the case that your agent is what is call a “Captive Agent” meaning that they can only write life insurance policies with one or two companies. If this is the case, knowing all the answers to these questions up front may not make a big difference because they only have one or two options to begin with!

5. Conversion Option — What Does that Mean?

Another great thing about buying life insurance in your 50’s, prior to being diagnosed with any serious medical conditions, is the “Conversion Option”!

Now while not something that most people consider when initially looking for a life insurance policy for their family, purchasing a term life insurance policy with a conversion option should be something that everyone should take seriously.

Fortunately, nearly every life insurance policy that we offer here at TermLife2Go has an option to convert a term life insurance policy to a permanent policy before the policy ends or by age 70. So if you choose to go the cheaper route and buy term life insurance, you can always convert the policy to a permanent policy and keep the coverage for the rest of your life. However, you convert the insurance at the rate class you originally qualified at.

What that means is that if you are 65 years old and have cancer but originally qualified at a preferred plus rate class, you will be able to convert your policy at a preferred plus rate class despite the fact that you have cancer. That means you are essentially buying life insurance now as a protection that you can choose to utilize down the road if necessary. At the same time you are paying lower premiums for term than you would for whole life insurance. That is a great way to save on life insurance in your 50s!

6. Accelerated Death Benefit

The majority of the companies we work with offer an accelerated death benefit. What that means for you is this: if you are diagnosed with a terminal illness and given 12 months or less to live, you can take up to 50% of your life insurance death benefit. That means if you have $500,000 of life insurance, you can take a check for $250,000 to pay for final expenses, burial plans, or simply a trip around the world—your choice!

What it means for your loved ones is you have the ability to prepare them for life without you. That is a priceless gift that comes standard on most of the term and whole life insurance companies we work with.

TermLife2Go

TermLife2go is an agency that works with dozens of life insurance companies. Our #1 priority is to find you the best company at the best price…for you! That means we tailor a policy specifically to you because no two clients are alike. Let us leverage our expertise for you and see if we can’t save you thousands of dollars on life insurance.

We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!

Lastly…

We’d like to take a moment and acknowledge that at age 50, life can become really complicated and really expensive.  Which is why we fully understand just how difficult it can be first qualify for a great term or whole life insurance policy and then be able to pay for it!

After all…

Who wouldn’t want to purchase a 100 million dollar term or whole life insurance policy on ourselves so that our loved ones will be forever taken care of should we pass away too soon, but when it comes down to choosing a place to live over an excessive life insurance policy, well it’s pretty obvious what most people are going to choose!

This is why…

We’ve also chosen to write several articles sharing some of the knowledge that we have acquired over the years working with 1000’s of clients concerning how they make a living.

You see…

Just about every time we complete a life insurance application for one of our clients, one of the first questions that we have to ask is:

“what do you do for a living?” and “what would you estimate your annual income as?

Which means that over the years, we’ve become really familiar with a wide range of different career paths and opportunities that a person can take.

Some of which you would probably never think of on your own!

And because…

Our number one goal here at TermLife2Go is to help individuals and families secure their own financial security and independence, we wanted to share with you what we’ve learned.

So, after you’ve had a chance to visit our Life Insurance Quotes page feel free to check out our 100 Ways to Make Money Fast and our Top 23 Apps That Will Make You Money.

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Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.