Best life insurance for over 50 of July 2024
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BLUEPRINT
Published 5:00 a.m. UTC July 1, 2024
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Protective is the best life insurance company for people over 50 in 2024, based on our analysis of rates, cost, financial strength, policy illustrations and cash back value. Learn about the top-rated life insurance for over 50, how much life insurance costs if you start a policy later in life and tips for choosing the right type of coverage.
Best life insurance over 50
- Protective: Best life insurance over 50.
- Pacific Life: Excellent for term life insurance rates.
- Penn Mutual: Good for whole life insurance.
- Lincoln Financial: Great for reliable policy illustrations.
- Mutual of Omaha: Great for historic portfolio performance.
Why trust our life insurance experts
Our team of life insurance experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 9,000+ life insurance policies evaluated.
- 38 million data points analyzed.
- 5 levels of fact-checking.
Top-rated life insurance over 50
Compare life insurance for over 50
Use the table below to compare example monthly rates for a $500,000, 10-year term life insurance policy.
| COMPANY | LIFE INSURANCE OVER 50 RATING | COST FOR FEMALE AGE 55 | COST FOR MALE AGE 55 | LEARN MORE | ||||||
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 Protective | $50 | $67 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Pacific Life | $50 | $67 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Penn Mutual | $51 | $68 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Lincoln Financial | $50 | $68 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Mutual of Omaha | $63 | $87 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Midland National | $55 | $72 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Transamerica | $50 | $67 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 State Farm | $67 | $90 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Nationwide | $54 | $71 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Mass Mutual | $58 | $78 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Guardian | $55 | $84 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Ameritas | $57 | $71 | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Symetra | $50 | $68 | Compare Quotes Compare quotes offered by participating partners | |||||||
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Monthly rate examples are for 55-year-olds in good health who are shopping for a $500,000, 10-year term life insurance policy.
How to find the best life insurance over 50
Before shopping for life insurance, answer these questions to determine how much life insurance you need:
- What debts do you have? Think about your mortgage, car loan, student loans and credit card debt and how many years you have left to pay them off. To figure out how much life insurance you need, add up the financial obligations you want to cover and subtract existing assets that could be used to pay the bills.
- How will your end-of-life expenses be covered? Have you priced out your burial and funeral expenses? Do you have money set aside for this, or will your family need to handle this cost? If this is the only cost you’re worried about covering, a guaranteed issue life insurance policy might suffice.
- When will you retire? In your early 50s, you’re likely planning to work another 15 or 20 years. How would your spouse or dependents cover expenses if they suddenly lost that income? Also, think about how much of your paycheck is going to a retirement fund right now — how will your retirement benefits be affected if you pass away and can no longer contribute money to the account for the next decade?
- Are you prepared for the potential cost of long-term care? According to Capgemini’s World Life Insurance Report 2023, 60% of individuals 65 and older don’t have a financial plan for aging well. If you don’t have the savings or retirement funds to cover increased health care costs in retirement, consider a life insurance policy with a long-term care rider.
“As one grows older, it’s crucial to consider the evolving value that a policy can provide. What would happen if you fell critically ill and required medical assistance, in-home care or assisted living? Do you have any insurance protection for long-term care? Do you have enough money in the bank to manage costs associated with cancer or assisted living facilities?”
Samantha Chow, Global Leader for Life, Annuity and Benefits Sector, Capgemini
Because the life insurance industry is complex and confusing, we recommend working with a trusted agent or financial advisor to review your financial situation and your goals. They’ll be able to identify the best type and amount of coverage for your circumstances.
Average cost of life insurance over 50
At age 50, the average cost of a $500,000, 10-year term life insurance policy is:
- $36 per month, or $432 a year for a healthy woman.
- $44 per month, or $528 a year, for a healthy man.
At age 55, the average cost of a $500,000, 10-year term life insurance policy is:
- $54 per month, or $648 per year, for a healthy woman.
- $74 per month, or $888 per year, for a healthy man.
As you age, the cost of buying a life insurance policy increases. Other factors will also affect your rates, such as your health and medical history and nicotine use status.
Average annual rate for a $500,000 10-year term life insurance by age
| COMPANY | AGE 50 | AGE 55 | AGE 60 | AGE 65 | ||||||
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| Protective | $440 | $596 | $1,090 | $1,863 | ||||||
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| Pacific Life | $441 | $596 | $1,090 | $1,863 | ||||||
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| Transamerica | $441 | $597 | $1,247 | $2,017 | ||||||
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| Symetra | $435 | $596 | $1,208 | – | ||||||
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| Penn Mutual | $441 | $608 | $1,222 | $1,878 | ||||||
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| Midland National | $483 | $655 | $1,180 | $2,025 | ||||||
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| Lincoln Financial | $474 | $604 | $1,103 | $1,885 | ||||||
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| Nationwide | $486 | $651 | $1,213 | $2,355 | ||||||
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| Mass Mutual | $514 | $694 | $1,261 | $2,161 | ||||||
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 Minnesota Life | $462 | $623 | $1,151 | $1,973 | ||||||
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| State Farm | $632 | $809 | $1,498 | $2,560 | ||||||
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| Mutual of Omaha | $557 | $761 | $1,416 | $2,250 | ||||||
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| Guardian | $469 | $654 | $1,341 | $2,065 | ||||||
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| Ameritas | $504 | $682 | $1,195 | $1,887 | ||||||
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Rates reflect the average annual cost of a $500,000 10-year term life insurance policy for healthy, non-smoking males and females at 50, 55, 60 and 65.
Why does life insurance get more expensive for people over 50?
The cost of life insurance increases as you age, to help insurers to offset the risk of insuring an older policyholder. Older policyholders generally have a shorter life expectancy than younger ones, which increases the risk that an insurance company will need to pay out a death benefit.
See how rates increase as you age: Best senior life insurance
Is life insurance worth it after 50?
Getting life insurance at 50 or older can be worth it if you want to:
- Provide financial support to a spouse or dependent after you die.
- Ensure a mortgage or other debt is paid off if you pass.
- Provide a loved one with an inheritance.
- Cover the cost of a funeral or other end-of-life expenses.
- Secure a death benefit for a beneficiary as well as living benefits, such as long-term care, for yourself.
Expert tip: Not all types of life insurance include living benefits, or those that can provide coverage if you need long-term care or are diagnosed with a critical illness. If these benefits are important to you, speak to an agent to discuss your options and compare life insurance quotes and policies from multiple insurers before making a move.
Methodology
Our life insurance experts evaluated each company’s term life and permanent life insurance to determine the best life insurance over 50. For term life insurance rate analysis, we used our research and data provided by AccuQuote, a national online life insurance agency. For cash value life insurance analysis, we used data provided by Veralytic, an independent life insurance research and analytics publisher.
Each life insurance company included in our evaluation had the opportunity to earn up to 100 points, based on the following factors:
- Term life insurance rates: 40 points. Since term life insurance is often the most affordable coverage option, we evaluated rates for both 30- and 40-year-old males and females for term lengths of 10, 20 and 30 years and coverage amounts of $250,000, $500,000, $1 million and $2 million.
- Cost competitiveness of cash value policies: 20 points. Most permanent life insurance policies have a cash value component, but not all are created equal. We looked at internal policy costs, such as administrative fees and policy charges, to determine the competitiveness of permanent life policies offered by insurance companies in our review.
- Historical performance: 20 points. The growth of cash value policies depends on several factors, including the historical performance of an insurance company’s investments. Our analysis took into account this metric to determine how an insurance company’s performance and, therefore, cash growth potential compared to others.
- Reliability of policy illustrations: 10 points. Permanent life insurance companies should provide an illustration to show how the cash value is projected to grow over time. We evaluated the accuracy of each insurer’s policy illustration to determine which companies provided the most reliable outlooks.
- Financial strength: 10 points. There are four major rating agencies — AM Best, Fitch, Moody’s and Standard and Poor’s — that evaluate an insurer’s financial strength, a factor that indicates an insurer’s ability to pay out a claim years from now. We considered these life insurance company ratings to account for the likelihood an insurance company is able to fulfill claim obligations.
If you’d like to dig in deeper, head over to our life insurance ratings methodology page.
Frequently asked questions (FAQs)
Follow these steps when shopping for life insurance:
- Consider your coverage needs.
- Decide on the type and amount of life insurance you need.
- Get life insurance quotes from at least three different companies.
- Compare life insurance quotes, companies and policies, including features and benefits, such as long-term care riders.
Life insurance is just one piece of your financial health. If you’re purchasing life insurance over 50, consider working with a financial advisor who can determine the best path forward based on your overall financial situation.
Life insurance companies often have a certain age at which they will no longer issue policies, though that age varies by company. Some will issue policies for individuals up to 80 years old, while others may stop issuing policies at a younger age, such as 65, 70 or 75.
You can buy life insurance well into your 60s and even your 70s, with some companies offering senior life insurance for older individuals. Each life insurance company has its own restrictions and thus its own maximum age for buying life insurance. Once you are in the 80-to-90 range, you may have trouble qualifying anywhere.
Older Americans with chronic health conditions may have trouble qualifying for traditional life insurance policies, especially those with life insurance medical exams. But guaranteed issue life insurance is just that: guaranteed. There are no-medical exams required.
Just note that with this type of policy, the death benefit will be much lower, such as $25,000, and coverage per dollar is often more expensive when compared to other types of life insurance.
Guaranteed issue life insurance is a suitable option if:
- You’ve been diagnosed with a medical condition that prevents you from getting coverage.
- You want a low-coverage life insurance policy to help beneficiary’s pay for end-of-life expenses, such as a burial or funeral.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
