Life Insurance Quotes Over 50 Years of Age

The Life Insurance Options

There are two main types of life insurance policies, each of them has different subsets, but the two main categories are term life insurance and permanent life insurance.  Each type of policy has different pros and cons that you’ll have to weigh based on your particular circumstances.

There’s often a debate in financial circles as to which is better?  Term or Permanent?  The fact is that neither is better.

The question that should be considered is which one is most appropriate for the situation?  Which one fits? What is the specific reason or reasons you are buying the life insurance policy?

If and when you pass away who will be the beneficiary and what will they need the money for.

Knowing this will help you determine which type of policy you need.

Term Life Insurance

For most people term life insurance is going to make the most sense.

In fact, we estimate that term life insurance is the best solution at least 9 times out of 10.  Term life insurance insurance is typically the cheapest life insurance you can get.

Term life insurance policies are bought for a predetermined amount of time. They are usually sold as either a 10, 15, 20, or 30 year level term.  After the time period has expired, so has the plan, which means that it’s no longer effective and you’ll have to buy a new policy if you still need one.

Term insurance is very simple to understand. With a 10 year level term policy for example the premium will stay the same for 10 years.  After that you can actually still continue the policy, but you will find that your rate would have increased dramatically.

This is fine if you only need coverage for a certain period of time.

Perhaps you have a mortgage that will be paid off in 15 more years that you want to have paid off if you were to pass away.  If there is no need for life insurance beyond 15 years, then 15 year term would most likely be your best option.

Term life insurance is usually the best and most affordable option for income protection. In addition, it’s also often a good idea to buy term life insurance if:

• You have kids in college or still in high school and you want to make sure they can afford to pay for college without taking on massive student loan debt if you were too pass away.  Often a 10 year term policy will be a good fit here.  It will keep costs down and if you only need the policy for say 6 or 7 years for example you can cancel it at anytime.
• You own a business.  Perhaps you need life insurance to fund buy sell agreement or a key person life insurance policy.  Often times a term policy that will last just until you retire will be best policy to have.
• You take on any debt.  Again, perhaps you are a business owner and you take out a business loan.
• You need life insurance as part of divorce settlement.  You may just need to have a policy while you have to pay alimony or child support.  Since this is temporary requirement term life will do the trick.

Permanent Life Insurance

The other types are permanent life insurance plans.  As you can guess, these policies are designed to provide permanent coverage for their applicants. In other words, this is coverage that will last you entire life no matter how long you live.

There are various types of permanent life insurance plans.  Types of permanent life insurance plans include whole life, index life, universal life, and guaranteed universal life.

Some of these types of policies have a cash value component as well to it.  And certainly, policies that build cash value have their place.

However, if the main objective is to get the highest death benefit for the lowest possible cost then typically a universal life, or guaranteed universal life is the way to go.

A guaranteed universal life policy is not a term policy.  Having said that, it kind of works similar to a term policy.  For example, let’s say you are 53 years old.  You could buy a 30 year term policy.

However, if you need coverage for more than 30 years (past age 83) you might want to go with a guaranteed universal life policy instead. With a guaranteed universal life life policy you can get coverage for life.

You can get a policy that will cover you until you are either age 121, 110, 105 or 100.  With some companies you can even get a policy that will last just until you are 90 or 95 years old.

Generally speaking, the longer your policy is guaranteed for, the more it will cost.  If you are 55 years old and you choose to have a policy that is guaranteed until you are age 105 for example, then your premium would be guaranteed to stay the same for 50 years.

It’s not technically called a 50 year term policy.  Instead it’s called guaranteed universal life.  However, it does provide coverage for 50 years, and the premium stays the same for the duration.  As long as you keep paying the premium, the policy will stay in force for 50 years.

Deciding which plan is best for you can be a difficult process. There are several different things that you have to consider.

The most common reason to buy life insurance is for income protection.  For most people, a term policy is going to be the best option.

Because you’re getting closer to retirement, closer to paying off your mortgage, and likely closer to your kids being independent and having their own income, you aren’t going to need life insurance for much longer.

If you are 50 years old for example, and plan to retire at age 65 then a 15 year term policy might be just what you need if income protection is your concern.

Once you reach the age of 65 presumably you won’t need life insurance anymore.  With a term policy, you’ll be able to purchase the policy for perhaps 10, 15, or 20 years.

Then once that’s over, presuming you don’t have a need for life insurance anymore, you can save the money that you were needing to use to pay for life insurance before.

Remember this when buying life insurance for income protection…

Don’t buy any more life insurance than you have to, and by the same token make sure you buy as much as you need!

If your concern is not income protection, but instead you want to make sure that you can provide a life insurance benefit to perhaps a child, grandchild, or even charity when you pass away, then a term policy would probably not be the wisest option.  Instead you probably want to consider a universal life policy or guaranteed universal life policy.

Here’s why.

Imagine you are 56 years old.  You buy a 30 year term policy because you want to provide a legacy for your family.  You want to make sure your kids receive the life insurance death benefit when you pass away.

If you live past age 86 then the 30 year level term period will end and you will feel like you wasted all that money.  If you decided to try to get new coverage at that time there are very few companies that offer life insurance at age 86.

Even if you are still very healthy at that time the rates will be very high.  Most likely so high as to not be affordable.  Instead in this scenario buying a guaranteed universal policy would make better sense.

Since the goal is to make sure you can pass money along through a life insurance death benefit to your family when you pass away, you would want a policy that would definitely be in force no matter how long you live.

Often times we have found that people in their 50s and 60s that have accumulated a good amount of savings throughout their lifetimes are conflicted.

They want to be able to spend and enjoy the money that they have worked so hard for.  By the same token, they want to enjoy their lifestyle and not feel guilty about doing the things that they want to do, when they want to do them.  Also, many of these same people want to make sure to pass along some money to their children.

One way to do this is to buy a guaranteed universal life insurance policy for a specific amount.

Then, you can spend the rest of your money as you like knowing that a certain amount will be passed along no matter how long you live when you pass away through the life insurance death benefit.

It’s important to understand why you need insurance.  This will help determine the type of plan that makes most sense.  Then it’s about how do you get the cheapest rates possible!

What’s the conversion option?

Sometimes people are still not sure if they should buy a term or permanent policy.  Other times a permanent policy is what’s needed, but cash flow is a little tight when buying a life insurance policy.

One strategy is to buy term life insurance with a company that has good conversion options and historically has good permanent products that you can convert to if you want to in the future.

Converting your life insurance policy means to change your term life insurance policy to a permanent policy.  For example, you might buy a $250,000 term life policy.  Then if your policy allows you to, you can convert (change) the term policy to a permanent policy.

If you choose to convert you will not have to go through the underwriting process again and re-qualify.  That means that even if you had a heart attack the day before or were just diagnosed with any sort of health illness you will still be allowed to convert no matter what.  All it takes is the completion of some paperwork which your agent can help you with.

The conversion rules vary with each insurance company.  Many companies will allow you to convert up to the end of the level term period, but no later than age 65 or 70 typically.  Then there’s some term policies that only allow you to convert in the first five years.

Here’s two examples based on a company that allows you to convert during either the level term period or before reaching age 70.  Whichever comes first.

• Example #1 – A 50-year-old buys a 10 year level term policy.  He/she would need to convert before the end of the 10 year level term period.
• Example #2 –  A 50-year-old buys a 30 year level term policy.  He/she would be allowed to convert only up to their 70 birthday.

If you think you may want to convert your term life policy down the road, there are a few things you’ll want to consider.

First, when you do convert the cost you will pay for the permanent policy will be based upon your attained age.  So if you bought your term policy when you were 50 and you convert when you are 54 your rates will be based upon you being age 54.

Second, when you convert you will only be able to convert to the products that are available at that time and that the company allows you to convert to.

Some companies allow you to convert to all their permanent products that they have available at the time.  Some only have certain products available for conversion.

If you think you might want to convert at some point you’ll want to understand how the insurance company’s conversion options work. Also, you’ll want to take into consideration how good or not so good their permanent life insurance options have been historically.

Third, some companies allow for partial conversions, but some do not.

For example, let’s say you wanted to convert only $100,000 of the $250,000 term policy to a permanent policy.  With companies that allow for partial conversion you can do that.  It’s possible then to convert your $250,000 term policy to a $100,000 permanent policy and still continue the term policy with a coverage amount of $150,000.

Getting Affordable Life Insurance

This probably isn’t the first time that you’ve bought life insurance.  You might notice that the insurance quotes that you receive when you are in your 50’s or older are much higher than the last time that you bought coverage.  That’s because age is one of the biggest factors that the insurance company is going to look at when determining your rates.

You might have bought a 20 year term policy when you were in your 30’s.  If your current policy has come to an end, and you are looking at getting new coverage, you may find that a new 20 year term policy will likely cost quite a bit more.

Typically the cost will be at least double or triple if not more.

If your health has changed, and you now have developed even minor health problems, the costs could be even higher.  Just because you’re in your 50’s doesn’t mean that your plan has to break your bank.  There are several things that you can do to get the lowest insurance premiums possible.

Don’t Procrastinate

The first thing is to not wait any longer to apply for insurance. Yes, you’re in your 50’s, so insurance is going to be more expensive, but each year you delay the cost goes up.  The longer that you wait, the less affordable it’s going to be.

This tip is two-fold, not only will you get cheaper coverage, but you never know when tragedy is going to strike. Don’t drag your feet until it’s too late.

Get Healthy

Another thing you can do is to focus on your health and get in shape.  You wanted some motivation to get to the gym?!  Well, how about savings some money on your life insurance?  Aside from your age, your health is going to play a huge role in how much you have to pay for your life insurance policy.

If you want to save money on your insurance, it definitely helps to have a healthy diet and start getting regular exercise.  Both of these are going to drastically improve your health, and will help you get better results when completing a medical exam if you will be required to take one.

The better your results from the exam, the lower your premiums will be.  You’ll want to improve things like your weight, your blood pressure, your cholesterol, and your heart rate.

Not only will your doctor thank you, but your wallet will as well.

Stop Smoking

Another way to save money is by giving up smoking or using tobacco products.

Each company is going to view your tobacco usage differently, but in most cases, you’ll end up paying twice as much as a non-smoker.  A lot of it is going to depends on what type of tobacco you use and the company that you choose.

For example, some companies will allow the occasional cigar, while other companies will automatically lump you in with the smokers and hike your premiums up.  The same is true for other tobaccos like e-cigs or chewing tobacco.

It’s also true with marijuana as well. With some companies, you could get a non smoker rating while others are going to charge you smoker rates.

Should You Have Two Life Insurance Policies?

For some people the answer is yes.

The first thought most people have when we suggest that it might be a good solution is that we must be crazy.  You want to save money on your life insurance not pay extra and buy a second policy!

Here’s the idea.  Perhaps you have decided that you need to buy a $500,000 policy.  However, you are not sure how long you need the coverage for.  Perhaps you have a mortgage for $250,000 that is going to be paid off in 10 years.  Then once that mortgage is paid off you won’t need as much life insurance.

Instead of buying just a 10 year term or just a 20 year term for example,  you may want to consider purchasing a $250,000 10 year term policy and a $250,000 20 year term policy.

We refer to this as laddering your term policies.  Once the 10 year term policy ends you will still have $250,000 of total coverage that will last you for another 10 years.

Life insurance costs get more expensive the older you get.  This can be one way to help get the cheapest life insurance you can once you get over the age of 50.

Should you buy no medical exam life insurance in your 50’s?

Perhaps.  One of the nice things about no medical exam life insurance is the convenience factor.  Typically, you need to fast for about 8 hours before taking a medical exam.  The exam itself usually only takes about 20-25 minutes, but you have to make the time for it.

For people that are leading busy lives opting to skip the medical exam can make sense.  Other people, quite frankly, are uncomfortable with needles and would prefer not having their blood drawn if they don’t have to.

Some haven’t had a physical in a couple years or more, and are concerned as to what might show up in their labs that could increase the rates they get offered by an insurance company.

What does a medical exam consist of?  Typically, it includes…

• A blood draw
• A urine sample
• Check your blood pressure
• Check your pulse
• Check your height and weight
• Asking you a number of health questions to understand your medical history
• Obtaining the list of doctors you’ve seen recently

Your labs will look at how your heart and arteries, kidney, bladder, pancreas, and liver are functioning. They will also test for things like drug use and HIV.

The No Exam Option

The biggest downsides to no exam life insurance include:

• Cost is usually higher – sometime a little higher, sometimes a lot
• The amount of coverage you can get is limited
• Many insurance companies don’t have no exam life insurance

The biggest upsides to no exam life insurance include:

• No hassle, no needles, no having to fast for 8 hours
• It’s possible to get coverage in as little as just a few days
• Cost may not be much higher (depends on age , overall health, driving record, lifestyle habits, etc…)

Working with an Independent Agent

If you want to get the best rates possible, the best way to do that is by working with an independent agent like us.  Unlike a captive agent, independent agents can represent dozens of different highly rated companies across the U.S.

There are several advantages to working with an independent agent.  The first is the one that I’ve already mentioned, you’ll save money. I’ve helped thousands of applicants over the age of 50.  Because each company is different, it’s vital that you find the company that is going to view your application most favorably and is going to offer better rates to people over 50.

One company might offer better rates for people with diabetes, and another company might offer better rates for people with a history of certain heart problems.  I am able to match your profile to the company that will offer the best rates for you.

When I say your profile this includes such things as your medical history, prescription medications that you might take, your driving history, any unusual avocations, and more.

There could be a hundred or even thousand dollar difference between two companies.  It’s easy to see why working with an independent agent is a good idea for your wallet.

Understand that somebody that works for State Farm, Farmer’s, or Allstate for example is not an independent agent. They are what’s called a captive agent.  This means that the only products they can sell you are their company’s products.  Even if another company might be better for you, and would offer you much better rates, they can’t offer it to you.

This is why it’s so important to work with an independent agent as opposed to a captive agent.

Some companies are going to to be the better choice if you smoke cigars occasionally.  Some are better if you have a history of anxiety or depression.  Some are better for diabetics.  Some are better if your weight is a little higher than it probably should be.  Some are better if you have multiple speeding tickets or a DUI, and so on…

I am able to shop the market for you to find the best policy for you.

The other advantage to working with an independent agent is that it will save you time.  You could spend hours and hours calling different companies getting rates for your coverage.  Instead of having to collect all of the quotes yourself, I can bring all the rates directly to you.

No calling. No hassle.

Here’s the other thing.  The rates that the insurance company offers are their published rates.  You do not pay any more for your life insurance by going through an agency like mine.  Instead you get my help and years of experience without having to pay one cent more.

What Questions Will My Independent Agent Ask Me?

Here’s another difference between a captive agent and an independent agent.

Since a captive agent can only offer one companies products there isn’t nearly as much of a need to ask you a bunch of questions upfront.  Regardless of your medical history or anything else a captive agent is limited in the options they can offer you. Quite frankly, their only choice is to have you complete an application with their company and hope for the best.

In comparison , a good independent agent should ask you a number of questions upfront. If they don’t I suggest you run for the hills!

Imagine asking a medical doctor what prescription medication you should take without the doctor learning about your medical history and perhaps running some tests.

Talk about scary!

The important thing to know is that each insurance company will look at you differently based upon your background, medical history, and so on.  The questions below are some of the types of questions you should expect to be asked to help match you to to the carrier that will offer you the most affordable life insurance rates.

• How much life insurance are you needing?
• How long do you need the coverage?
• Do you use any tobacco or nicotine products?  If so, what and how often?
• What is your height?
• What is  your weight?
• What medications do you take, if any?  If you do take medications how long have you been taking them and for what reason do you take them?
• Have you ever been treated for diabetes, cancer, heart trouble, depression, any sleep disorders, or do you have any liver, lung, or kidney issues?
• Have had any hospitalizations or surgeries in the past?  If so, what and when?
• Has either your mom, dad, brother or sister passed away before age 60 due to any sort of heart disease, stroke, or cancer?
• Do you participate in any types of more dangerous activities such as scuba diving, hang gliding, sky diving, racing or aviation?
• Have you ever filed for bankruptcy?  If so, when?  What chapter?  When was it discharged?
• Have you ever had a DUI or suspension of your driver’s license?
• How many moving violations have you had in the last 5 years?
• Do you have any travel plans outside of the United States in the next 2 years?  If so, where, for what purpose, and for how long?

What you’ll pay

Ok – so here is how it works…

The better the rate class you are offered by the insurance company the lower your rates will be.  The best rate class is usually called either “preferred plus” or “super preferred”.  Different insurance companies will use different terminology.  The second best rate class is usually called “preferred.”  The third best rate is class is usually called “standard.”

However, some companies have a rate class that is in between preferred and standard and that is often called “standard plus.”

Here’s an example…

55 Year Old Male - Non Smoker - $500,000 20 year Level Term - Sample Monthly Rates

After standard are the table ratings.  This typically starts at table 2 with most companies, and with a lot of companies they will go to at least a table 8.  Some don’t go up to table 8. However, some go beyond table 8.  As you might imagine a table 2 rating will cost more than standard.  Table 3 will cost more than a table 2 rating etc…

Certainly there are many factors that go into determining the actual rates you will be able to qualify for.  Your health history, driving history, and lifestyle habits are all factored in.  Therefore, it’s difficult to give you a rough idea without speaking to you.

Having said that the following are sample life insurance rates that are based on a healthy male and female between the ages of 50-59.  The actual rates you would qualify for maybe higher or lower than this.  These are only generic numbers to give you an example.

We do find that life insurance tends to be cheaper and more affordable than most applicants think.

50 Year Old Healthy Male - Sample Monthly Rates

50 Year Old Healthy Female- Sample Monthly Rates

51 Year Old Healthy Male - Sample Monthly Rates

51 Year Old Healthy Female- Sample Monthly Rates

52 Year Old Healthy Male - Sample Monthly Rates

52 Year Old Healthy Female- Sample Monthly Rates

53 Year Old Healthy Male - Sample Monthly Rates

53 Year Old Healthy Female- Sample Monthly Rates

54 Year Old Healthy Male - Sample Monthly Rates

54 Year Old Healthy Female- Sample Monthly Rates

55 Year Old Healthy Male - Sample Monthly Rates

55 Year Old Healthy Female- Sample Monthly Rates

56 Year Old Healthy Male - Sample Monthly Rates

56 Year Old Healthy Female- Sample Monthly Rates

57 Year Old Healthy Male - Sample Monthly Rates

57 Year Old Healthy Female- Sample Monthly Rates

58 Year Old Healthy Male - Sample Monthly Rates

58 Year Old Healthy Female- Sample Monthly Rates

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59 Year Old Healthy Male - Sample Monthly Rates

59 Year Old Healthy Female- Sample Monthly Rates

Over 50 Life Insurance

If you have any questions about life insurance, the different policy types, or ways that you can save money on your insurance coverage, please contact me today.

Additionally, if you’re looking to get a quality and affordable life insurance policy, I can help connect you with the perfect plan to fit your needs.  There are millions of people that pass away unexpectedly every year, and their families are suddenly struggling to pay for simple expenses.

Don’t let your loved ones become one of these stories.  You don’t know what’s going to happen tomorrow.  You can’t predict what life is going to throw at you in the future, but you can always plan for the worst.

Life insurance is the best way to do that.