Life Insurance for people after 50: What You Need to Know
People over 50 generally seek the same guarantees when it comes to life insurance as they do at any age. However, premiums increase with age, and needs often change as children become financially independent.
Based on extensive research, Nationwide stands out as the best life insurance company for people over 50. It offers a wide range of policies and riders, competitive rates, and excellent final expense coverage. A total of 45 insurers were evaluated across 70 criteria, including customer satisfaction, financial strength, and product diversity.
Best Life Insurance Companies for Ages 50 and Over
Best Overall Choice, Best Lifetime Benefits, Best Final Expense Coverage: Nationwide
Best Whole Life Insurance: Lafayette
Best Term Insurance: Protective
Best Financial Strength: State Farm
Best No Medical Exam Insurance: Penn Mutual
Best Rates for Seniors: Thrivent
Best Dividend Share: MassMutual
Why Trust Investopedia?
Investopedia's rankings are based on rigorous data collection and analysis. For this list, experts compared 45 insurers, drawing on 3,150 data points from various sources: official websites, rating agencies (AM Best, NAIC, J.D. Power), media representatives, and customer service tests. The six main categories were weighted as follows:
Policy features and options: 34%
Ease of application and online services: 20%
Types of policies offered: 16%
Costs: 14%
Customer satisfaction: 10%
Financial stability: 6%
Why buy life insurance after 50?
Even after age 50, life insurance can be essential, especially if you have a spouse, children, or other dependents. It can be used to:
Help loved ones pay off a mortgage
Cover funeral expenses
Support a charitable cause
Fund your grandchildren's education
However, the older you get, the more expensive insurance becomes. Age, health, gender, medical history, and other factors directly influence insurance premiums. A healthy individual in their thirties will therefore pay much less than someone aged 50 or older.
Types of life insurance for those aged over 50
🔹 Term Life Insurance
Covering the insured for a fixed term (often between 10 and 30 years). If death occurs during the coverage period, a lump sum is paid to the beneficiaries. It is ideal for covering short-term needs, such as a mortgage or the period leading up to retirement.
➡️ Advantage: Lower cost than permanent insurance
➡️ Bonus: Some policies are convertible to permanent insurance without a new medical exam.
🔹 Whole Life Insurance
Offers lifetime coverage, with a guaranteed death benefit and an accumulated cash value. The latter can be used as savings or to pay premiums.
➡️ Advantage: Stable premiums and benefits
➡️ Ideal for: passing on an inheritance or covering final expenses
🔹 Final Expense Insurance
A form of permanent insurance with a lower benefit amount (often between $10,000 and $50,000), designed to cover expenses related to death.
➡️ Often no medical exam required
➡️ Fixed premium, cash surrender value included
🔹 Universal Life Insurance
Similar to whole life insurance, but with more flexibility: premiums and the death benefit can be adjusted over time. It includes a cash surrender value, and premiums increase with age.
➡️ Less expensive than whole life insurance
➡️ Suitable for people looking for permanent coverage with some budget control
Pros and Cons of Life Insurance After 50
✅ Pros:
Access to policies offering significant benefits
Wide selection of contracts (term, whole life, universal, etc.)
Possibility of obtaining benefits during your lifetime (critical illness benefits, long-term care, etc.)
❌ Cons:
Higher premiums due to age
Potentially less favorable health, which can complicate enrollment
Longer procedures (medical exams, tests, exclusions based on pre-existing conditions)
Conclusion
Purchasing life insurance after 50 not only remains possible, but can also be very relevant depending on your personal situation. Thanks to a wide range of products and options, it is entirely possible to find coverage that suits your needs.
