Skip to content

Cheap Life Insurance for Seniors Over 50

Cheap Life Insurance for Seniors Over 50

It is possible today, unlike the traditional, to obtain an cheap life insurance policy. It is that has the best rates and that is affordable. Also, you could get a policy that does not need medical exams. Because most older adults do not like this option. You can get more than 55 quotes by researching the best insurance companies on the world wide web.

As with many other financial strategies. Buying life insurance is one of those things that is ideally done when you are young. This is because purchasing a policy can become more difficult and considerably more expensive as you age.

Cheap Life Insurance for Seniors Over 50

However, there are many reasons why you may find yourself looking for new life insurance coverage later in life. You could lose your employer-sponsored coverage due to a job change or retirement. Come to the end of a term policy purchased years earlier. Or simply find you need more coverage (as was the case with 31% of baby boomers surveyed) .

No matter the reason, there is a very real chance that you will find yourself looking for an insurance policy later than expected. We’ve compiled this guide outlining the best life insurance for people 50 and older based on price, coverage, and more.

Life Insurance Coverage

Cheap Life Insurance for Seniors Over 50
Cheap Life Insurance for Seniors Over 50

About life term insurance. For people over 50 but younger than 80.

it is possible to get cheap term life insurance. In this type of insurance, the premiums are low and it is easy to qualify for them.

This is a temporary insurance, that is, when the specified term ends.. This policy ends or its rates will skyrocket. Get comprehensive life insurance and universal life insurance quotes.

This is different from all cheap life insurance over 50 to 80 where. If the payment of the premium is stopped, it is guaranteed that part or even all of the coverage will remain in force throughout its life.

Affordable Life Insurance For Elderly

Universal insurance is known for its low price compared to all life. In addition, it offers greater value in cash. This type of insurance offers a lot of flexibility with the payment of premiums. However, this requires medical examinations for people older than 75 years.

cheap life insurance for senior citizens

On the other hand, cheap life insurance for senior citizens is the best when it comes to final expenses. This is due to the provision of incorporated cash. With this, many companies will not offer medical exams until a certain age as 55.

If you or your parents probably need a plan that is good, that will take care of all your final expenses, including burial costs, this is the best type sure to go by.

Best Overall: Mutual of Omaha

Whether you’re looking for standard term insurance or something unique like cancer or heart attack insurance, all with extended age ranges for admission, Mutual of Omahas products.

  • Life policies are available to people ages 45 to 85
  • Term policies can be issued between the ages of 18 and 80
  • Offers renewal of term life insurance up to age 95
  • Whole life policies have a two-year gradual death benefit
  • Whole life policies have low minimum death benefits ($ 2,000)
  • Larger policies will need to be purchased directly through an agent.

Mutual of Omaha Term Life Insurance

Which first opened its doors in 1909, has been providing a variety of financial services to its clients for more than a century. They are trusted by almost five million insurance clients and have an A + (Superior) financial stability rating from AM Best.

In terms of life insurance, Mutual of Omaha offers a range of products that include term life, whole life, universal life and accidental death policies. Mutual of Omaha is available in all 50 states and the District of Columbia, although not all products and policy options are available in all states.

Term life insurance policies are available to clients between the ages of 18 and 80. Once the initial period expires, renewals can be done in one-year increments, not to exceed 94 years. This offers peace of mind until old age. The terms are 10, 15, 20 or 30 years with coverage starting at $ 100,000.

Life Insurance For Seniors

It is available for ages 50 to 85 (or 50 to 75 in New York) and for coverage between $ 2,000 and $ 25,000. No medical exams or health questions are required for lifetime coverage and acceptance is guaranteed. If death occurs within the first two years of a lifetime policy, beneficiaries will receive 110% of the premiums paid instead of the full death benefit.

Underwriting guidelines for Mutual of Omaha life insurance policies may vary. However, if you are purchasing a whole life or universal life policy, there is no need for a medical exam or health questionnaire.

Best Final Expense Insurance: AIG

With guaranteed acceptance offered to clients through age 85, AIG’s final expense life insurance can provide up to $ 25,000 in coverage for a variety of final expenses. With no health questions or medical tests to worry about, this is the best option from our review for final expense policies with a hassle-free purchase at age 50 and beyond.

Guaranteed life insurance is available with no waiting or the need to speak to an agent.

No medical examination required

Coverage is available from $ 5,000 to $ 25,000

Not offered in New York

Two-year Gradual Death Benefit

From humble beginnings in 1919 to the present day, AIG has grown to provide life insurance coverage in 80 different countries and jurisdictions.

Final expense insurance coverage is provided by AIG’s guaranteed issue total life insurance policy. As the name suggests, this policy is available with guaranteed acceptance for customers ages 50 to 85, with coverage ranging from $ 5,000 to $ 25,000. There are no health questions to answer and you will not be subject to a medical exam to purchase this coverage.

AIG’s guaranteed issue whole life policies are underwritten by American General Life Insurance (AGL) in all states except New York. Also, it’s important to note that AIG’s guaranteed issue policies come with a two-year gradual death benefit. This means that if death occurs within the first two years of the policy, beneficiaries will receive 110% of the premiums paid, not the full death benefit.

Best Term Life Insurance: Haven Life Issued by MassMutual

For customers in their 50s and 60s, Haven Life makes applying for term life insurance easy. The limits are as high as $ 3 million and with Instant Term, customers up to age 59 can get a real-time decision for up to $1 million in coverage. For these and other reasons, Haven Life term life insurance is our first choice for people over 50.


  • Backed by MassMutual, a trusted name since 1851
  • Policies offered from $ 100,000 to $ 3 million in coverage
  • Qualifying applicants age 59 and older can purchase coverage up to $ 1 million with instant approval
  • Available in all 50 states and the District of Columbia


  • Term life coverage cannot be purchased after age 64
  • Not available to active duty military or those currently enlisting

Best for Estate Planning: Principal Life Insurance

Principal offers some of the highest coverage limits, while allowing clients to purchase policies up to age 80.

Term policies are available from $ 200,000 to $ 5 million

10, 15, 20 and 30 year term

Term coverage can be issued between the ages of 20 and 80

Policies are renewable annually up to 95 years

Four types of permanent life insurance available

Offered in all 50 states

Buying a policy involves calling or meeting with an agent

Low Coverage Options Not Available

Currently, Principal offers five whole life insurance products: term life insurance and four permanent options: universal life insurance, indexed universal life, variable universal life and survivor insurance. They serve more than 18 million customers worldwide and are rated A + (Superior) by AM Best.

However, clients can purchase up to $ 5 million in life insurance protection through the company. This makes a primary life insurance policy a viable option for creating generational wealth, financing a family trust, or even establishing an endowment for an important cause. And because policies can be purchased from ages 20 to 80, and temporary coverage can be renewed in one-year increments up to age 95, the peace of mind these policies provide is long-lasting.

Best Indexed Life Insurance: Transamerica

Transamerica is our best option for index life insurance coverage because it offers new policies up to age 85, along with the option for a terminal illness rider. This rider allows you to access funds prior to your death if you are diagnosed with a qualifying illness, up to 100% of your policy’s death benefit.

Available in all 50 states and DC

Offers indexed life insurance coverage up to age 85

Coverage offered from as low as $ 25,000

Certain factors, such as a history of heart disease, cancer or diabetes, weigh heavily on the elementary classes and will exclude you from coverage.

If you want to make changes to the beneficiaries in your policy, you will need to submit a paper form

Transamerica Index Life Insurance Policy

You can buy a Transamerica Index life insurance policy, called the Transamerica Financial Foundation IUL (FFIUL) up to age 85, or up to age 75 if you are in Florida. Coverage is available from $ 25,000 to $ 500,000 and up, depending on your age group.

When purchasing a FFIUL policy from Transamerica, you can customize your coverage with the addition of optional riders. Options include the Income Protection Option (IPO), a guaranteed insurability rider, an accelerated terminal illness benefits rider, and even a disability waiver of a rider, just to name a few.

Best for a Quick Decision: Fidelity Life

Some life insurance companies begin to limit products and coverage options once clients reach age 50 or older, often taking weeks or months to underwrite.

Offers a variety of policies including term life, whole life, accidental death and final expenses

Two different policy options for final expense coverage

Term life policies are only available with coverage up to $ 500,000

Accidental death coverage is only available up to age 59

Some Senior Policies

Since its inception in 1896, Fidelity Life has provided a variety of life insurance coverage options to clients throughout the United States. The company is licensed in all 50 states and the District of Columbia (although some products may not be available in certain states) and has an A- financial stability rating from AM Best.

The life insurance products offered by Fidelity Life include term life, whole life, accidental death and permanent life, each with a variety of optional riders to choose from. With term life, final expense and permanent life policies, Fidelity Life offers the RAPI Decision® feature. This feature provides applicants with fast coverage, in days, rather than weeks or months, often without the need for a medical exam.

Senior Whole Life

For example, RAPIDecision® Senior Whole Life is available for people ages 50 to 85 and in coverage amounts ranging from $ 10,000 to $ 150,000. However, RAPIDecision® Senior Life Term is available for people ages 50 to 70, with terms between 10 and 30 years and coverage between $ 10,000 and $ 150,000.

In addition to offering so many different products to people over 50, Fidelity Life is also competitively priced. A healthy 50-year-old could buy up to $ 250,000 in term life coverage for 20 years for just $ 46 a month.

What is Life Insurance for Those Over 50?

In essence, life insurance for people 50 and older provides the same financial benefits as life insurance policies purchased by people in their 20s and 30s. The difference, of course, is that as you age, your financial needs change, so you may intend for your life insurance to cover very different things.

When it comes to purchasing 50+ life insurance, it’s also important to note that it is typically harder (and more expensive) to get. Many life insurance companies set age limits for purchasing certain policies, and premiums increase with each birthday.

Why do You Need 50+ Life Insurance?

By purchasing life insurance at a younger age, you may intend to protect your children until they reach adulthood or your spouse until you reach retirement. You can plan for that death benefit to pay off the shared debt. This or even cover the mortgage on the family home.

However, once you reach 50, you are in a different stage of life. As your spouse approaches retirement, your home pays for itself, or your children grow older, life insurance takes on new meaning. Instead, you can now intend for those benefits to cover your final expenses. It will also protect your wealth, or even fund a charitable donation.

How easy is it to get 50+ life insurance?

While you can certainly buy insurance in your 50s and over, it gets harder with each passing year. That happens for a number of reasons.

The first is that as we age, our chances of developing certain health problems will increase. For example, obesity, heart disease, cancer, high blood pressure, diabetes, and high cholesterol. Thiscan lead to higher premiums or even denials of coverage.

The Average Life Expectancy

Another reason it is harder to buy life insurance in your 50s. It is that it poses a higher risk to the insurance company. this is with each passing year. The average life expectancy in the United States at this time is 78.6 years; The closer you are to that number, the greater the risk an insurer takes in offering you coverage.

What are The Expected Costs of Life Insurance for More Than 50 Years?

The cost of life insurance will vary. Whether you are over 50 or not, based on a number of personal factors. Everything from your age to your health, your family history, your job / hobbies, and even your location. This can influence the premiums you’ll pay for coverage.

With that said, here’s a look at what a non-smoking 50 year old. It is in good health might expect to pay for term life insurance:

Low Cost Life Insurance Over 50 to 80

The types of senior life insurance over 50 to 80 mentioned depend on your various personal needs and goals. You should ask the specific insurance provider for all your affordable life insurance questions. In addition to this, you should review your various objectives.

You should also get an agent to help you get a plan to help you. It means that you have to be honest with this agent to get the best out of him. This will let you know exactly what plan you are going to take and get the best life insurance for over 50 to 80 years old.

  • Cheap Life Insurance for Seniors Over 50 to 80 Years Old Age.