Life Insurance in Your 50s: What To Know

Life insurance is often associated with young families and early career planning, but securing a policy in your 50s can be just as important. Whether you’re looking to provide financial security for loved ones, cover outstanding debts, or supplement retirement plans, life insurance for over 50 comes with unique considerations. Learn about your options, costs, and key factors to keep in mind when choosing coverage.

At What Age Should I Get Life Insurance?

The best time to get life insurance is when you’re young and healthy, as premiums are typically lower. However, many people don’t seriously consider life insurance until their 40s or 50s. While it’s ideal to lock in a policy earlier, there are still plenty of reasons to get life insurance for over 40 or 50.

Some common life events that prompt people to buy life insurance include:

• Getting married – Protecting a spouse from financial hardship
• Having children – Ensuring dependents have financial support
• Buying a home – Covering mortgage payments if something happens to you
• Starting a business – Providing funds to maintain business operations
• Planning for retirement – Using life insurance as an estate planning tool

Even if you haven’t purchased life insurance by 50, it’s not too late. Many insurers offer policies specifically designed for older applicants, making life insurance for seniors a viable option.

How Much Is $100,000 in Life Insurance Per Month?

The cost of a $100,000 life insurance policy depends on several factors, including:

• Age – The older you are, the higher the premium
• Health status – Chronic conditions or high-risk lifestyles increase costs
• Policy type – Term policies are generally more affordable than whole life insurance
• Smoking habits – Smokers pay significantly higher premiums

For a 50-year-old non-smoker in good health, a $100,000 term life policy might cost around $20 to $40 per month, depending on the provider. A whole life insurance policy for the same coverage amount could cost between $100 and $300 per month, as these policies provide lifelong coverage and accumulate cash value.

Shopping around and comparing rates from multiple insurers can help you find the most affordable policy.

Should I Get Life Insurance If I’m Single?

Many people assume life insurance is only necessary for those with dependents, but it can still be beneficial for single individuals. Here’s why:

• Covering Final Expenses – Funeral and burial costs can be expensive, and life insurance can help prevent this financial burden from falling on relatives.
• Paying Off Debt – If you have co-signed loans or outstanding debts, a life insurance payout ensures they’re taken care of.
• Leaving an Inheritance – A life insurance policy can serve as a way to pass wealth to family, charities, or friends.
• Planning for Future Dependents – If you expect to have children, aging parents, or other dependents in the future, securing coverage now ensures protection at a lower rate.

Even without a spouse or children, life insurance for over 50 can serve as a useful financial tool.

What Happens to Whole Life Insurance After Age 85?

Whole life insurance is a permanent policy, meaning it doesn’t expire as long as premiums are paid. However, after age 85, several things may happen depending on the policy:

• Guaranteed Payout – The death benefit remains intact and will be paid to beneficiaries whenever you pass away.
• Cash Value Growth – If you’ve been paying into a whole life policy, it may have accumulated significant cash value that can be borrowed against or withdrawn.
• Paid-Up Status – Some policies become “paid-up” after a certain number of years, meaning no further premiums are required, but coverage remains in place.
• Policy Maturity – Some whole life policies mature at a certain age (often 100 or 120), at which point the insurer may pay out the policy’s face value.

For those looking into life insurance for seniors, understanding policy terms and payout structures is crucial.

Types of Life Insurance for Over 50

If you’re purchasing life insurance in your 50s, here are the most common options:

• Term Life Insurance – Covers a set period (e.g., 10, 20, or 30 years) and is generally the most affordable option.
• Whole Life Insurance – Provides lifelong coverage with a cash value component that grows over time.
• Guaranteed Universal Life Insurance – A middle-ground option between term and whole life, offering long-term coverage at lower rates.
• Final Expense Insurance – A small, permanent policy designed to cover funeral costs and medical bills.

Each type of policy serves a different purpose, so choosing the right one depends on your financial goals.

How to Find the Best Life Insurance for Over 50

If you’re considering life insurance in your 50s, follow these steps to find the best coverage:

1. Assess Your Needs – Determine how much coverage is necessary based on debts, dependents, and financial obligations.
2. Compare Policies – Look at different types of insurance to find the best fit for your goals.
3. Check Health Requirements – Some policies require a medical exam, while others offer no-exam options at higher rates.
4. Look for Discounts – Bundling with other insurance products or maintaining good health can help lower premiums.
5. Work with an Agent – A financial advisor or insurance broker can help navigate the best options.

Taking the time to research and compare policies ensures you get the best life insurance for over 50 at the most affordable price.

What’s Next?

Life insurance remains a valuable financial tool well into your 50s. Whether you need coverage for family protection, debt repayment, or estate planning, there are plenty of options available. If you’re considering a policy, start by exploring term and whole life insurance options to find the best fit for your financial future.