Life Insurance Cost in Your 50s
Real rates for term life, whole life, and final expense coverage. We shop 25+ carriers to find you the best price.
The Short Answer
How Much Does Life Insurance Cost in Your 50s?
Life insurance in your 50s typically costs $60 to $150+ per month, depending on the type of policy, your health, and how much coverage you need. A healthy 50-year-old male can get $250,000 in 10-year term coverage for around $60 per month. Women generally pay 20% to 30% less than men for the same coverage.
Your 50s are a pivotal decade for life insurance. Rates are noticeably higher than in your 30s or 40s, but still very manageable for most coverage types. This is also the decade when final expense insurance becomes especially relevant, allowing you to lock in permanent coverage at rates far lower than you would pay in your 60s or 70s.
The most important thing you can do right now is compare quotes from multiple carriers. Rates vary significantly from one company to the next, and an independent comparison can save you hundreds of dollars per year.
Pricing Factors
What Affects Your Life Insurance Cost at This Age
Your 50s introduce a few factors that have a bigger impact on pricing than they did in earlier decades. Understanding these factors helps you make a smarter buying decision and avoid overpaying.
Health Conditions Matter More Now
In your 50s, pre-existing conditions like high blood pressure, diabetes, high cholesterol, or a history of heart disease carry more weight in the underwriting process. A healthy 50-year-old qualifies for preferred rates that are dramatically lower than standard or substandard rates. If you have managed conditions, the good news is that many carriers still offer competitive pricing. The key is working with an independent brokerage that knows which carriers are most favorable for your specific health profile.
Tobacco Use Has a Major Impact
Tobacco use can nearly double your life insurance premium at any age, but the impact is especially noticeable in your 50s because you are already paying more due to age. If you have quit tobacco, most carriers will reclassify you as a non-tobacco user after 12 to 24 months of being tobacco-free. This single change can cut your premium significantly.
Coverage Amount and Term Length
How much coverage you buy and how long you need it directly affect your monthly cost. A 10-year term is considerably cheaper than a 20-year term at this age because the risk to the insurance company increases over longer periods. If you only need coverage until your mortgage is paid off or your kids graduate college, a shorter term can save you a substantial amount each month.
Term vs. Permanent Coverage
This is the decade when many people begin considering permanent coverage alongside or instead of term life. Term life is still the most affordable option for large coverage amounts, but it expires at the end of the term. Whole life and final expense policies cost more per month, but they last your entire life, lock in your rate permanently, and build cash value. Many people in their 50s choose a combination: a term policy for their primary coverage needs and a smaller permanent policy for lifetime protection.
Recommended Coverage
Best Coverage Types for People in Their 50s
In your 50s, you have several strong options depending on your financial goals and family situation. Here are the three coverage types that make the most sense at this stage of life.
Term Life Insurance
Term life remains the most affordable option for large coverage amounts. If you need $100,000 to $500,000 or more to protect your family's income, pay off a mortgage, or cover your children's education costs, a 10-year or 20-year term policy is your best value. Rates are higher than they were in your 40s, but still very competitive for healthy applicants. This is especially true if you compare quotes across multiple carriers.
Final Expense Insurance
Your 50s are an ideal time to lock in a final expense policy. This is permanent whole life coverage designed to cover funeral costs, medical bills, and other end-of-life expenses, typically ranging from $5,000 to $50,000. Most plans require no medical exam and offer approval in as little as 24 hours. The rates you lock in now will never increase, and the coverage lasts your entire life. Waiting until your 60s or 70s means paying significantly more for the same protection. Learn more about final expense insurance.
Whole Life Insurance
If you want permanent coverage with a cash value component, whole life insurance is worth considering. Your rate is locked in for life, and the policy builds cash value that you can borrow against if needed. Whole life is more expensive than term, but for people in their 50s who want to leave a legacy or ensure their family has guaranteed protection no matter when they pass, it provides peace of mind that term coverage cannot.
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How to Get the Lowest Rate in Your 50s
Even though rates are higher in your 50s than in earlier decades, there are several proven ways to keep your premium as low as possible.
1. Compare Quotes From Multiple Carriers
This is the single most effective way to save money on life insurance at any age. Rates vary dramatically from one carrier to the next, especially for applicants in their 50s with health conditions. Asurgo shops 25+ carriers to find you the lowest available rate, so you know you are getting the best deal without calling a dozen companies yourself.
2. Consider a Shorter Term
If you do not need coverage for 20 or 30 years, choosing a 10-year or 15-year term can cut your premium significantly. Think about what you actually need the coverage for: paying off a mortgage, covering your kids until they are independent, or bridging the gap to retirement. Match your term length to your actual need and avoid paying for extra years you do not require.
3. Lock In Your Rate Now
Every year you wait, your rate goes up. A 50-year-old pays significantly less than a 55-year-old for the same coverage, and the difference only grows as you approach 60. If you are thinking about life insurance, the best time to apply is today. The rate you lock in now stays the same for the entire life of your policy.
4. Explore No-Exam Options
If you have health conditions that might result in a higher rate through traditional underwriting, no-exam policies can sometimes offer a more favorable outcome. Many final expense and simplified-issue term policies skip the medical exam entirely and base your rate on a health questionnaire. While no-exam policies may cost slightly more for perfectly healthy applicants, they can actually save money for people with certain health conditions.
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Frequently Asked Questions About Life Insurance in Your 50s
Can I still get affordable life insurance in my 50s?
Yes. While rates are higher than in your 30s or 40s, life insurance in your 50s is still very affordable. A healthy 50-year-old can get $250,000 in 10-year term coverage for around $60 per month. Final expense plans start at $35 per month or less. The key is comparing carriers, because rates vary significantly from one company to the next. Asurgo shops 25+ carriers to find you the lowest available rate.
Is term or whole life better in your 50s?
It depends on your goals. Term life is more affordable and works well if you need coverage for a specific period, such as until your mortgage is paid off or your kids are financially independent. Whole life costs more but lasts your entire life, builds cash value, and locks in your rate permanently. Many people in their 50s benefit from a combination: term life for larger coverage needs and a smaller whole life or final expense policy for permanent protection.
Do I need a medical exam for life insurance at 50?
Not always. Many final expense policies and some term life plans offer no-exam options with simplified underwriting. You will answer health questions on an application, but no blood work or physical is required. No-exam policies may cost slightly more or have lower coverage limits, but they offer faster approval, sometimes within 24 hours.
What is the cheapest life insurance for someone in their 50s?
A 10-year term life policy is the most affordable option for large coverage amounts. For example, a healthy 50-year-old male can get $100,000 in 10-year term coverage for around $30 per month. If you need smaller, permanent coverage, final expense insurance starts at $28 to $35 per month for $10,000 in coverage. Comparing quotes from multiple carriers is the single best way to find the lowest rate.
Should I consider final expense insurance in my 50s?
Yes, your 50s are actually an ideal time to lock in a final expense policy. Rates are lower than they will be in your 60s or 70s, and the coverage lasts your entire life with a rate that never increases. Final expense insurance covers funeral costs, medical bills, and other end-of-life expenses so your family is not left with a financial burden. Most plans require no medical exam and offer approval in as little as 24 hours.