Best Life Insurance for People Over 50 In 2024- See Basic Details

Best Life Insurance for People Over 50 In 2024 – If you’re over 50 and looking for the best life insurance, you’ll want to make an informed decision when choosing a life insurance policy. Your age will play a major role in the cost of insurance and options available, but so will your health and financial goals.


To find the best life insurance for people over 50, we evaluated companies based on their terms and cash value policy features and rates.

Best Life Insurance Companies for People Over 50

  • Lincoln Financial: Great for Estate Planning
  • Pacific Life: Best for Variable Universal Life Insurance
  • Protective: Best for Universal Life Insurance
  • Penn Mutual: Best for Seniors Aged 75+
  • Corebridge Financial: Best for Choices of Term Length
  • Principal: Great for High Issue Age for Term Life
  • Symetra: Great for Low Term Life Insurance Quotes Over Age 50

How to Choose the Best Life Insurance for People Over 50

Policy Type

Start by choosing what type of life insurance policy you need. There are many options available, but initially, you’ll need to choose between two main types: term life or permanent life. Both policy types have pros and cons to consider.

Term Life Insurance for People Over 50

Term life insurance offers a locked-in rate for a specific period, or “term,” typically between 10 and 30 years. If you pass away during the term, your beneficiaries receive the death benefit. If you outlive the term and don’t choose to renew, the policy expires with no payout. If you decide to renew, expect rates to increase significantly with each renewal.

Term life insurance generally has lower premiums than permanent life insurance, making it more affordable.

Permanent Life Insurance for People Over 50

Permanent life insurance (such as whole life insurance), on the other hand, provides lifelong coverage as long as the premiums are paid. If you pass away at any point while the policy is in force, your beneficiaries receive the death benefit.

Permanent life insurance also generally has a cash value component that grows over time. You can borrow against this cash value, withdraw from it, or use it to help pay your premiums. Any outstanding loans from the cash value at your death will reduce the death benefit.

Policy Amount and Coverage

When shopping around for life insurance, you’ll also need to crunch some numbers and determine how much life insurance you need. You should also decide if you want add-on coverage through life insurance riders. These considerations will be based on a few factors, including:

  • Debts and liabilities. You should have enough life insurance coverage to ensure your family isn’t financially burdened by debts, such as a mortgage, car loan, college tuition, or credit card debt.
  • End-of-life expenses. You’ll also need to consider costs associated with end-of-life care and funeral expenses and ensure you have enough coverage to prevent them from financially burdening your loved ones.
  • Financial dependents. Consider who relies on you financially, such as a spouse, minor children, adult children with disabilities, or even aging parents.
  • Income replacement. If you’re still working and some people depend on your income, it’s important to calculate how much money would be needed to replace your income and maintain your family’s current lifestyle.
  • Long-term care. It’s becoming increasingly common for older adults to require long-term care, such as a nursing home or assisted living facility. Some life insurance policies offer riders that can help cover these costs.

Financial Stability

When comparing life insurance companies, the financial strength and stability of the company is an important factor to consider. You want to make sure the company you choose will be around for the long term and can pay out a claim if necessary. You can check a company’s financial strength rating through independent rating agencies such as AM Best, Standard & Poor’s, and Moody’s.

Why Is Life Insurance More Expensive for People Over 50?

Age is one of the most significant factors that affect life insurance rates. The older a person is, the shorter their life expectancy becomes, which means the more likely the insurance company is to have to pay out a claim.

People over 50 are generally more likely to develop serious health conditions such as heart disease, diabetes, or cancer, which increase the risk of death. So older adults will typically pay more for life insurance because there’s a higher likelihood the insurance company will need to pay out.

What Type of Life Insurance Is Best for a 50-Year-Old?

People in their 50s may be better off buying a term life insurance policy since it’s a more affordable option than permanent life insurance, and people in their 50s may not need coverage beyond 30 years.

On the other hand, permanent life insurance could be a good choice for people over 50 if you:

  • Have lifelong dependents who will rely on a life insurance payout no matter when you pass away.
  • Want a cash-value life insurance policy that accumulates money you can tap into while you’re alive? It can take many years to build significant cash value, but some policies are set up to accumulate cash value more quickly during the early years of a policy.
  • Want your policy to pay out no matter when you die, such as those who want to provide for funeral costs.

Another option to consider is burial insurance, a type of permanent life insurance with a small benefit designed to cover funeral expenses and final bills. This could be a good choice for those who don’t have savings set aside for these costs, but it won’t provide much of a payout beyond them.

Because there are many different types of life insurance available, it’s prudent to work with an experienced life insurance agent who can help you select the right one.

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