Life Insurance for a 50-Year-Old Woman?

life insurance for 50 year old woman

A lot of people are usually faced with the dilemma of whether to take out an insurance policy or not, especially when they hit the big 50. Even worse, deciding what the best coverage should be is usually the most daunting task. Oftentimes, having the right insurance agent will go a long way to helping choose the right coverage for you.

Generally, women pay lower insurance premiums all things being equal to men due to different reasons which include greater life spans than men, lower societal risk, and less dangerous occupations, just to mention a few.  

Premiums will vary of course depending on the type of coverage you choose and your insurer. That said, below are the different types of life insurance policies for a 50-year-old woman. 

Types of Life Insurance for a 50-year-old Woman

While it is true that you will pay higher premiums as you get older, it doesn’t mean that life insurance policies available to you are limited. A 50-year-old woman will have plenty of options to choose from, just as they would if they were younger. Below are some of the types of insurance policies.

Term Life Insurance

This is the most popular type of coverage. It is the most affordable and for many people it is all they need.

Term insurance has a specific duration stipulated for which the policy is to be in force and a premium is to be paid. Term life insurance is usually offered as a 10, 15, 20, or 30-year term. In the event of passing away before the insurance coverage expires, your beneficiary will receive the death benefit.

When the policy comes to the end of its level term period you may keep the policy. However, the rates will go up substantially at this time. For instance, if you buy a 20-year level term the premium will stay the same for 20 years. If you want to keep the policy in the 21st year often times you can, but the premium will go up substantially. Your other option if you still need coverage is to apply for a new policy either with the same or another company. Once you are approved, and the new policy is in place, you can then cancel the old policy.

Another important thing to understand is that if you buy a 30-year term policy, for instance, you are not required to keep the policy for the full 30 years. If your needs change in the future and you no longer need this much coverage you can cancel anytime. On the other hand, the insurance company is required to offer coverage at the same rate for the full length of the level term period. In this example for 30 years.

Guaranteed Universal Life

The guaranteed universal life insurance policy is sometimes referred to as a “permanent term.” This is because this type of coverage can sound a lot like a term policy in how it works. The main difference is that you can have coverage guaranteed for much more than 30 years if you want to. If you are 50 years old and you think that a 30-year term is not going to be enough for you because it will only last until you are age 80, a guaranteed universal life policy (GUL) might be the right choice for you. A guaranteed universal life (GUL) policy that will stay in force for a longer period of time. You can have it designed to stay in force until you are 90 or 100 perhaps, or even longer.

It is quite a bit more expensive than the normal term life insurance policy. The reason being is that if you own a term policy you may or may not pass away during the level term period. For instance, let’s assume you are 50 and buy that 30-year level term policy. If you live past the 30 years you will not have any more coverage. Therefore, there is a chance the insurance company will have to pay out the death benefit and there is a chance they will not.

On the other hand, you can have a guaranteed universal life policy (GUL) last until you are 121 years old if you want to which is certainly longer then you would live presumably. The insurance company will absolutely have to pay out the death benefit since we are all certain to pass away at some point.

So should you buy Term or GUL if those are your only options? This is truly the case of “it depends.” Talk through your situation with a knowledgeable agent so that you can make the best decision for you.

Whole Life Insurance

From the name itself, the whole life insurance policy stays in force as long as you are living. Once you pass away, the death benefit proceeds are paid out to your beneficiaries. Whole Life insurance policies also have a cash value component to them as well.

Whole Life is much more expensive than term and guaranteed universal life insurance. This is because of the cash value component. The extra money to fund the policy stays in the policy and can accumulate over time. This can come in handy in an emergency if you need the cash value that is available for whatever reason. Also, the money that is inside the policy can be used to pay premiums in the future if you accumulate enough of it.

No Exam Life Insurance

If you are in search of life insurance that requires no type of medical examination you might get policies that are either simplified issue or guaranteed issue life insurance.

For a simplified issue life insurance policy an application needs to be completed which will ask you all the medical questions. Depending on the insurance company you apply with you can often be approved in as little as 1-3 days. This is because some companies that do not require you do a medical exam also do not obtain your medical records either. The process of getting approved can happen very quickly.

Other companies no exam life insurance policies take longer to get approved since they will still want to obtain your medical records. This process of obtaining your medical records can easily take between 2 to 6 weeks on average. It completely depends on your doctor and how quickly they release the medical records to the insurance company.

Guaranteed issue life insurance, on the other hand, is the last resort option. You only want to apply for this coverage if you cannot get approved for anything else. There are no health questions and approval happens immediately which is a good thing. The downside is that the insurance company will not pay the full death benefit if you were to die within 2 years. Also, coverage is typically limited to $25,000.

Accident insurance is also part of a no medical exam type of life insurance. The policy covers the owner in the event of an accident occurring. Applicants for this type should be between the age of sixteen to sixty-nine years. The age requirement is all that is needed. Any other things like health and medical history are not considered.

Sample Life Insurance Quotes for a 50-year-old Woman

10-year term life insurance policy for a 50-year-old woman who does not smoke;

  • $250,000 worth of coverage: $20.90 monthly
  • $500,000 worth of coverage: $34.99 monthly

20-year term life insurance policy for a 50-year old woman who does not smoke;

  • $250,000 worth of coverage: $30.70 monthly
  • $500,000 worth of coverage: $55.30 monthly

30-year term life insurance policy for a 50-year-old woman who does not smoke;

  • $250,000 worth of coverage: $53.05 monthly
  • $500,000 worth of coverage: $95.15 monthly

As for smokers, the term life insurance policy rates will increase quite a bit when compared to what you would pay if you were a non-smoker.

Universal life insurance policy for a 50-year-old woman, coverage to age 100;

  • $250,000 worth of coverage: $157 monthly
  • $500,000 worth of coverage: $289 monthly

Whole life insurance policy for a 50-year-old woman;

  • $250,000 worth of coverage: $355 monthly
  • $500,000 worth of coverage: $705 monthly

How to Get Coverage

First, choose the policy type you want and that meets your needs. Calculate the death benefit for different options to determine how much income is paid out to your beneficiaries in the event of your death. Also, when applying for a policy, you need to figure out if you will need cash value insurance.

Ask as many questions as possible, including limitations for the chosen coverage and different circumstances with an exclusion, if any. Ensure to give all necessary information if needed and avoid specialized death policies. 

If you can do anything to keep the premiums low, then do so. For example, reducing alcohol consumption, cutting weight, quitting smoking, and going for regular check-ups are some of the ways of keeping your insurance policy premiums low.

When choosing your policy, select an insurance company you trust. Don’t assume that a company is financially stable, first do your research well before getting into business with them. Make a comparison of the different policy terms and choose the policy that suits you best. 

Life Insurance Companies

There are hundreds, if not thousands of different life insurance companies around the world. Each company offers unique policies tailored to favor different types of people based on independent factors. The following are some of the best life insurance companies that you may need to consider.


Operating in over 80 different countries, AIG, an abbreviation for American International Group was started in 1919. It’s headquarters are based in New York and the company is considered one of the biggest life insurance companies in the world. It offers retirement, life, and general insurance.

Protective Life

They were founded back in 1907 and are based out of Birmingham, Alabama. They have a wide range of life insurance products including both term and permanent life insurance.

Banner Life

Since its establishment in 1949, Banner Life has always offered comprehensive coverage packages to its customers. This, including flexibility, are some of the factors which make the company a unique insurer.

And More

Truth is there are quite a few life insurance companies out there that can offer you coverage. What you want to do is work with some experienced who can help you decide which company is right for you.

Bottom Line

There are a lot of myths about life insurance for older individuals. Also, most people will second-guess their decision to take out a life insurance over 50 years because they think that it may not be the best decision, and others are usually clouded by the fear of blowing away their money. Faced with such circumstances, it is important to consult an insurance expert or agent.

This article was designed to get you a breakdown of what you need, what is available and how to apply for your top insurance policy choice. Even at 50, there is still light at the end of the tunnel and you will find more options than you need to choose from. Understand your needs and evaluate different life insurance packages to determine what will work best for you.

Give us a call or run a quote on our website today and let us help you do the shopping, at no extra cost to you!