Life Insurance for People Over 50: What You Need to Know

Turning 50 is a major milestone. For many people, it’s also a time to rethink financial priorities. Whether you’re considering retirement, caring for aging parents, or helping adult children get on their feet, life insurance can play a meaningful role in protecting your legacy.

While younger adults often buy coverage to safeguard young families, life insurance over 50 can be just as valuable and can offer support for loved ones. Life insurance for over 50 can help ease the burden of final expenses and supplement long-term planning.

Why Life Insurance Still Matters After 50

Some people assume that once the kids are grown or the mortgage is nearly paid off, life insurance is no longer necessary. But that’s not always true. In your 50s and beyond, coverage can serve new and important purposes, even if your financial obligations have shifted.

Common reasons people buy coverage at 50+

People in this age group often purchase life insurance to provide financial support for their spouse, help settle debts, or ensure loved ones aren’t left with end-of-life expenses. For some, it’s also about leaving behind a legacy or charitable gift. The best life insurance for over 50 depends on each person’s particular goals and budget.

Supporting adult children or final expenses

Even when children are grown, financial ties often remain. Some parents continue to assist with housing, healthcare, or education. An over 50s life insurance policy can help sustain that support or simply cover funeral and burial costs, which can average between $6,280 and $8,300.(1)

Life changes that trigger the need 

Retirement planning, new medical concerns, or lingering debts can prompt people to rethink their coverage needs. Life insurance can offer added security in case retirement income isn’t sufficient or unexpected expenses arise.

What Types of Life Insurance are Best for Over 50s?

As you age, your coverage needs may change – and so do your options. Here’s a look at the most common types of life insurance available to people in their 50s and beyond.

Term life insurance for people over 50

Term life insurance is often the most affordable option for older adults, especially those in relatively good health. It provides coverage for a set period (such as 10, 15, 20 or 30 years) and pays a benefit if you pass away during that time. It’s ideal for covering temporary needs like outstanding debts, income replacement, or providing for a spouse.

Many people over 50 choose term life to ensure loved ones are protected through retirement or until a mortgage is paid off. Policies are generally easy to apply for, and some (like those offered at Ethos) don’t require a medical exam-just answer a few health questions.

Whole life or guaranteed issue policies

For those seeking lifelong protection, whole life insurance offers permanent coverage with level premiums and a cash value component. It can be a good option for legacy planning or covering final expenses, especially if you’re concerned about outliving a term policy.

Guaranteed issue life insurance is another choice, designed for those with health issues who may not qualify for traditional coverage. It typically doesn’t require a medical exam,, but premiums are typically higher and coverage amounts can be smaller.

Pros and cons of each type

Here’s an easy reference to highlight the pros and cons of each type:

What’s different if you're 50 vs 60?

Your age significantly affects both pricing and availability. In your early 50s, you’ll generally have access to more options and lower rates, particularly for term policies. Once you reach your 60s, premiums increase and term lengths may be more limited. Guaranteed issue or simplified issue policies become more common for those with health conditions or budget concerns.

How Much Life Insurance Do You Need after Age 50?

Determining the right amount of coverage after age 50 depends on your financial picture, life goals, and the needs of your loved ones. While your priorities may shift in your 50s, life insurance can still play a critical role in protecting your legacy and easing burdens for your family.

Key factors to consider

If you’re not sure about life insurance for people over 50, ask yourself:

• Do you still earn income that others rely on? Life insurance can help replace it.
• Do you carry debt? A policy can cover mortgages, credit cards, or personal loans, preventing loved ones from taking on those obligations.
• Do others depend on you financially? That could include a spouse, adult children, or aging parents.
• Do you want to leave a legacy? Life insurance can fund charitable donations, inheritances, or final wishes.

Estimating coverage with simple formulas

The right amount of coverage can vary from person to person, but there are a few processes you can use to help you estimate your needs. One common approach is the “DIME” formula:

• Debt and final expenses: How much outstanding debt do you have, and what do you anticipate your family would need to pay your final expenses?
• Income replacement: Do you have people who rely on you financially? How much would they need if you were to pass away? (multiply your annual income by the number of years your family would need support)
• Mortgage balance: If your home still has a mortgage balance, factor in that amount as well.
• Education costs for children or grandchildren: Consider college tuition for four years for children or even grandchildren.

You can also use an online life insurance needs calculator to help you decide.

Adjusting your policy as you age

Your life insurance needs won’t stay the same forever. Consider:

• Lowering coverage once your mortgage is paid off or your children are independent.
• Switching to permanent coverage if you want to ensure funds for funeral costs or estate planning.
• Using riders or flexible policy types to adjust coverage levels without a full medical exam.
• Review your policy regularly (ideally every few years) to make sure it still fits your financial goals and family situation. 
• Making sure you’re regularly reviewing your needs and helping you find affordable life insurance over 50.

What’s the Cost of Life Insurance Over 50?

Life insurance premiums generally increase with age, but that doesn’t mean coverage has to break the bank. When you’re in your 50s and beyond, there are still affordable options, especially if you’re healthy and shop smart.

Average rates by age 

While specific quotes vary based on your health and the type of policy, term life insurance is usually the most budget-friendly option when looking for affordable life insurance over 50. In general, someone in their early 50s might expect to pay less than someone in their 60s or 70s for the same coverage amount. Whole life and guaranteed issue policies tend to cost more, especially for older applicants, but they also offer lifelong coverage and have other benefits.

How health, term length, and gender affect pricing

Your age is just one factor that influences cost. Insurance companies also look at:

• Health: Chronic conditions, medications, and smoking history can raise premiums or limit available policies.
• Term length: A 10-year policy is generally less expensive than a 20-year or 30-year term policy for similar coverage amounts.
• Gender: Women typically pay slightly less than men due to longer average life expectancy.

These risk factors help insurers set rates — so the better your health and the shorter your term, the more affordable your policy is likely to be.

Tips to find affordable coverage

Here are a few ways to manage costs when shopping for life insurance over 50:

• Compare quotes: Don’t settle for the first offer. Get multiple quotes to see what’s available.
• Buy sooner rather than later: Premiums increase with each passing year, so locking in a rate now could save you money.
• Choose the right type of policy: If your main goal is short-term protection, a term policy may offer the best value.
• Work with a trusted provider: Ethos helps you apply online with no medical exams - just a few health questions- , and connects you with policies backed by top-rated carriers.

How to Get the Best Life Insurance Over 50

Buying life insurance in your 50s or beyond doesn’t have to be complicated, but it does require a thoughtful approach. With the right strategy, you can find coverage that fits your needs and your budget.

Why shopping around matters

Rates and coverage options can vary significantly between providers. Shopping around gives you a clearer picture of what’s available and helps ensure you don’t overpay. This is especially important for older buyers, since premiums rise with age and health conditions may affect eligibility.

Even among policies with similar features, there can be differences in how they’re underwritten, what riders are available, and how long the application process takes.

Comparing quotes vs working with a provider like Ethos

You can collect individual quotes from multiple companies, or you can work with a platform like Ethos that simplifies the process. Ethos offers:

• An easy, 100% online application
• No medical exams-just a few health questions
• Policies backed by trusted, top-rated carriers

This streamlined approach can save time and effort, which is particularly helpful if you're unsure about what type of policy is best, or if you’re considering changing your existing coverage.

Avoiding common pitfalls for 50+ buyers

When shopping for life insurance after 50, watch out for these common missteps:

• Delaying too long: Rates increase every year you wait. Buying a policy sooner can save you money over time.
• Underestimating needs: Don’t assume you need minimal coverage just because your kids are grown. Factor in debts, end-of-life costs, and any legacy goals.
• Overbuying coverage: On the flip side, buying more insurance than you truly need can strain your budget. Estimate your coverage needs carefully.
• Not reviewing the fine print: Look closely at exclusions, renewability terms, and whether premiums are guaranteed to stay the same.

With a little planning, you can avoid these issues and find a policy that works well for your life stage.

Why Ethos is a Smart Choice for Over-50 Life Insurance

Life insurance needs don’t disappear after 50, and Ethos makes it easier than ever to get coverage that fits your life today.

No medical exam options

Ethos offers policies that don’t require a medical exam-just answer a few health questions , even those in their 50s or 60s. That means you can skip the doctor’s visit and still apply for coverage that meets your needs.

Fast online application

With Ethos, there’s no lengthy paperwork or in-person meetings. You can apply entirely online in just minutes, with instant decisions in many cases. Whether you’re tech-savvy or just looking for convenience, the streamlined process saves time and avoids hassle.

Policies that work for a wide range of ages and budgets

Ethos offers term and whole life options designed to fit different financial situations. Whether you're looking for a smaller policy to cover final expenses or a larger plan to leave a legacy, you'll find flexible coverage options, often with level premiums and terms tailored to older buyers.

FAQs on Life Insurance for People Over 50

Can I get life insurance at 55 or older?

Yes. Many insurers, including Ethos, offer policies to applicants well into their 60s or even 70s. You may have fewer options than younger buyers, but coverage is still available, especially if you're in reasonably good health.

H3: What’s the oldest age you can buy life insurance?

It varies by provider and policy type. Some term life policies cut off applications around age 65–70, while whole life and guaranteed issue policies may be available up to age 80 or beyond. Just keep in mind that premiums increase with age.

H3: What is the best over 50 life insurance?

It depends on your goals and your budget. Term life can be a great fit for people over 50, especially if you’re looking for affordable coverage for a set time, such as until retirement or until a mortgage is paid off. Whole life can be a good choice if you want lifetime coverage.

H3: Does life insurance get more expensive as you age?

Yes. Age is one of the biggest factors in determining your premium. The older you are, the higher the cost, especially if you wait until your 60s or 70s to apply. That’s why applying sooner typically saves money.

H3: What health conditions affect life insurance approval after 50?

Common conditions like high blood pressure, high cholesterol, or diabetes can influence your approval and rate. More serious issues (e.g., heart disease, cancer history) may limit your options, though some no-medical-exam or guaranteed issue policies may still be available.

H3: Do I need a medical exam for life insurance over 50?

Not always. Many companies, including Ethos, offer no-medical-exam policies to qualified applicants, even in their 50s and 60s. Instead, your coverage options may be based on health questionnaires and other data sources.

H3: Can you get life insurance if you’re retired?       

Yes. Retirement status doesn’t prevent you from getting life insurance. In fact, some retirees purchase policies to help cover final expenses, support a spouse, or leave behind a legacy for children or grandchildren.

H3: How long should a life insurance policy last after 50? 

It depends on your financial goals. If you want coverage through retirement, a 10- or 20-year term policy might work well. If you’re looking for lifelong protection or want to leave an inheritance, a whole life policy may be a better fit.

Life insurance after 50 can be a smart way to protect your loved ones, manage long-term financial goals, or leave behind a meaningful legacy. Whether you’re planning for retirement, covering final expenses, or simply looking for peace of mind, there are flexible options that meet your needs and budget.

Ethos makes it easy to explore those options with a quick online application, no medical exam -just answer a few health questions, and policies backed by trusted carriers. If you're ready to check out life insurance quotes over 50, get started today.