Life Insurance for Anyone Over 50

Written by Jeff Root

As you age your needs change. Someone who is in their twenties might only require limited burial insurance coverage to make sure their parents don’t have to pay for outstanding school debt and a funeral if they pass away unexpectedly.

Someone in their forties with a dependent spouse and three kids still living at home might need a comprehensive life insurance policy to make sure that the spouse would be able to pay off any remaining debt and have access to regular income in their absence.

Banner Life Insurance for Seniors

If you are a high-risk individual this company is best. They are a leader among life insurance companies with great customer service and they have a net worth of 415 billion dollars.

They have been working since 1949 and they provide term and permanent life insurance policies. In fact, their term policies allow users to apply for coverage up to 95 years of age.

Most companies, by comparison, have a cut off twenty or thirty years lower. They also have some of the highest Financial ratings from Standard & Poor’s, A.M. Best, and Fitch Ratings. They also have some of the best life insurance rates for seniors on the market.

Lincoln Financial Group Life Insurance for Seniors

Lincoln Financial Group has been around since 1907 and is currently a Fortun 250 Company.  They manage over $14 Billion in assets and serve millions of Americans with their life insurance coverage.

Lincoln Financial also has very high financial ratings and offers some of the cheapest life insurance rates for seniors on the market.

They do not offer life insurance without a medical exam, so seniors in less than optimal health may want to shop around for other options.  However, for those that are healthy, Lincoln Financial term life insurance that is convertible to whole life until age 70 at a very affordable rate.

One additional upside to Lincoln Financial’s life insurance coverage is that they offer great riders such as:

  • Disability Rider – receive part of your death benefit early if you are disabled
  • Child Protector Rider – protect a child with your life insurance policy as well
  • Accelerated Death Benefit Rider – receive part of your death benefit early if you are diagnosed with a terminal illness
  • Accidental Death Benefit Rider – receive a multiple of your death benefit early if you are killed in an accident

Each one of these offers additional coverage, and are commonly available for many other insurance companies, though not all are always offered.

Mutual of Omaha Life Insurance for Seniors

Mutual of Omaha has been one of the best life insurance companies for over 150 years.  During this time, they have come to manage over $42 Billion in assets, are a Fortune 500 Company, and provide life insurance to over 3.5 million Americans.

Mutual of Omaha is known for their affordable term life insurance for seniors and people in other stages of their life. Where most life insurance companies only offer term life coverage to age 70 or 75, Mutual of Omaha covers until age 80. They also offer a very affordable Guaranteed Universal Life insurance policy which you can apply to up until age 85, and covers through age 121. Both their term and guaranteed universal life are some of the best life insurance for seniors on the market, in terms of price and coverage.

Protective Life Insurance for Seniors

Protective Life was founded in 1907, and today has grown to manage over $75 Billion in assets, offering life insurance to all 50 United States.

Protective Life is notorious for their low-cost life insurance for all age ranges and term life coverage options.  For seniors, Protective Life offers one of the best term life insurance policies on the market in terms of affordability. On top of this, they have policies that are specifically geared towards people in their senior years of life like their Survivorship Universal Life policy, which provides for both you and your spouse at the same time.  In the event of your death, your spouse is still covered under your life insurance.

Protective also offers child life insurance, which is extremely cheap and can be used in creative ways to help grow a college tuition fund for grandchildren.  Over time, the policy continues to appreciate cash value.  Coverage is offered from 0-17 and up to $100,000 of coverage is available.

AIG Life Insurance for Seniors

AIG is the best option for its company size. People who might be pushed into a lower-class rate because of size will find that this is a better option.

AIG provides a life insurance policy to over 90 million people worldwide and they have been operating since 1919 providing term and permanent policies.

AIG offers very affordable term life insurance as well as guaranteed universal coverage for seniors. Their whole life insurance products are well known for their great returns and affordable rates.

Best Life Insurance Rates for Seniors

Now that we have learned a bit about the best life insurance companies for seniors, let’s take a look at some of the best life insurance rates for seniors for a few different scenarios.

Note that for the tables below, applicants were in good health and non-smokers looking for policies with $500,000 of coverage.  Rates will change based on health and smoking habits, and certain coverage may not be available to people with specific health complications.

Best Life Insurance rates for males over 50:

Age Policy Type Male Female
50 10 Year Term $41/mo. $33/mo.
20 Year Term $74/mo. $55/mo.
30 Year Term $125/mo. $97/mo.
Whole Life $627/mo. $451/mo.
55 10 Year Term $70/mo. $51/mo.
20 Year Term $119/mo. $89/mo.
30 Year Term $239/mo. $173/mo.
Whole Life $979/mo. $660/mo.
60 10 Year Term $112/mo. $75/mo.
20 Year Term $205/mo. $139/mo.
25Year Term $372/mo. $254/mo.
Whole Life $1,344/mo. $900/mo.
65 10 Year Term $198/mo. $124/mo.
20 Year Term $394/mo. $254/mo.
Whole Life $2,376/mo. $1,488/mo.
70 10 Year Term $322/mo. $200/mo.
15 Year Term $495/mo. $284/mo.
Whole Life N/A N/A
75 10 Year Term $647/mo. $424/mo.
15 Year Term $1,177/mo. $723/mo.
Whole Life N/A N/A
80 10 Year Term $1,514/mo. $1,159/mo.
Whole Life N/A N/A
85 10 Year Term N/A N/A
Whole Life N/A N/A

As you can see, life insurance only becomes more and more expensive as you get older.  Due to this, it is recommended that you get life insurance as early as you can. 

When life insurance is needed for seniors who cannot afford this coverage or people who do not have as many financial dependents, there is another option: burial insurance.  We will elaborate more on the types of life insurance available for seniors next.

Best Policy Types for People Over 50

Once you turn 50 your needs might change. You can accomplish different goals with different types of policies.

Permanent Life Insurance 

Permanent life insurance lasts your whole life. Naturally, with a guaranteed payout, the rates are higher.  The older you are, the less time you have to pay premiums, the more expensive premiums become.

Permanent life insurance policies have some unique qualities, including the ability to be invested and make gains based on portfolios and index performance in the stock market.

Policies accumulate cash value and are able to be borrowed against on a no interest basis. Additional cash values are paid out to beneficiaries and can sometimes be used to pay premiums.

Whole life insurance is a type of permanent life insurance.  These policies can be useful, but become very expensive later in life.  These are not recommended for those looking for small coverage amounts, or who are on a limited budget.

Term Life Insurance 

Term life insurance is offered for a specific period of time, usually, terms are 10, 15, 20, 25, and 30 years long. For seniors, many companies stop offering term life insurance coverage beyond age 75, with a few companies ranging out into the 85 and 95 age group.

With term life insurance, it is best to secure rates as young as possible to keep them low.

For seniors with health complications, or who are 75+ term life insurance is probably not the best bet, but for those who are between the ages of 50 and 70, it may be best for you if you are not looking for coverage that lasts the rest of your life, or if you do not expect to outlive the term of your policy.

For those in poor health, term can be expensive, guaranteed issue whole life, or what is often called burial insurance may be best for you.

Burial Life Insurance

Burial insurance is a type of guaranteed acceptance life insurance is life insurance that is guaranteed to cover anyone until the end of their life. Based on your health and your need for coverage, burial may be best for you.  Burial insurance is a no medical policy, meaning it does not require a medical examination.  Often times just a few questions are asked related to health.

While burial insurance only covers $10,000 to $100,000, policies are relatively cheap when compared to term life insurance and larger whole life insurance policies.

These policies are perfect for seniors looking for small coverage amounts at affordable rates.

Best Life Insurance Companies for Over 50

Figuring out which company provides the best life insurance is not nearly as simple as you might think. Just because you receive quotes from top rated providers doesn’t mean that you have chosen the best policy for your age.

Company Policies Offered A.M.Best Customer Reviews
Banner Life
  • Term Life Insurance
  • Universal Life Insurance
A+ 4.5 / 5
Lincoln Financial
  • Term Life Insurance
  • Universal Life Insurance
  • Variable Life Insurance
A+ 4.2 / 5
Mutual of Omaha
  • Term Life Insurance
  • Universal Life Insurance
  • Whole Life insurance
  • Indexed Universal Life Insurance
A+ 4.1 / 5
Protective Life
  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Survivorship Life Insurance
  • Variable Life Insurance
  • Child Life Insurance
A+ 4.3 / 5
  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
A+ 4.2 / 5

Other Requirements As You Age

As you age the underwriting requirements for each life insurance company changes. The tests which are required medically get more expansive.

The older you are the more likely it is that you will have to undergo medical tests and the more likely it is that you will have to undergo more medical tests.

If you are applying for $500,000 worth of coverage at age 44, you might have to take a blood test and a urine test. By comparison, if you reach a certain cut off and you now are 45, you might have to take that same blood and urine test along with an EKG to verify the health of your heart.

This is simple business again because as you age you are more likely to have serious health complications.

Compare the Best Life Insurance Rates For
People Over 50

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About Best Life Insurance Companies
About Best Life Insurance Companies

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