Best Life Insurance For People Over 50 Years of 2023

This article brings to the Best Life Insurance For People Over 50 Years of 2023. If you’re above 50 years old and looking for the best life insurance, you’ll want to make a good decision while selecting a life insurance policy.

Your age will play a vital role in the cost of insurance and the options available, and so will your health & financial goals.

To find the best life insurance for people above 50, companies have been evaluated in this article based on their terms and cash value policy features and rates.

Best Life Insurance Companies for People Above 50 Years

  • 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 Age 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

What do you think you should consider while selecting the best life insurance for people over 50 years old? See the following section below and find out.

How to Select the Best Life Insurance for People Above 50 Years

These are the things you should consider while selecting the best life insurance for people over 50:

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Policy Amount and Coverage

When searching for life insurance, you’ll need to add some numbers and find out how much life insurance you need. You should also make a decision if you want add-on coverage via life insurance riders. All these considerations on the few factors as follows:

  • Debt and Liabilities
  • End-to-life expenses
  • Financial Dependents
  • Income Replacement
  • Long-term care 

Financial Stability

The financial stability and strength of the company should be taken into account when comparing life insurance companies. You want to ensure that the company you select will endure for a long time and be able to settle claims when necessary.

Independent rating companies like AM Best, Standard & Poor’s, and Moody’s allow you to examine a company’s financial strength rating.

How Much Is Life Insurance For People Over 50?

According to other research, a $250,000 20-year term policy for a 60-year-old lady in good health costs $977 on average yearly. The exact same insurance plan would cost $1,370 a year for a healthy 60-year-old male.

Average Term Life Insurance Rates by Company: 20-year, $250,000 Policy

Companies Policy name Yearly average cost for female buyer aged 60 Yearly average cost for male buyers aged 60
Protective Classic Choice $874 $1,244
Principal Term life $874 $1,218
Symetra Symetra SwiftTerm $939 $1,295
Penn Mutual Term life $881 $1,245
Pacific Life PL Promise Term $987 $1,290
Corebridge Financial Select-a-Term $939 $1,295
Lincoln Financial TermAccel Level Term $939 $1,295
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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?

Given that term life insurance is more cost-effective than permanent life insurance and that people in their 50s may not require coverage for more than 30 years, persons in their 50s may be better off purchasing a term life insurance policy.

Permanent life insurance, however, could be an excellent choice for those 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.
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How Much Life Insurance Should a 50-Year-Old Have?

A 50-year-old should get enough life insurance to offer s sufficient financial safety net for those who need you.

The exact amount of life insurance you need is highly dependent on your financial obligations. Try a life insurance calculator to rapidly estimate your needs.

List your financial responsibilities, such as a mortgage, and then your assets that can be used to assist in paying for those obligations, such as savings, if you prefer a more manual approach.

After that, subtract your assets from your debts. The difference reflects a rough estimate of how much life insurance you require.