Term Life Insurance Rates: 50 Year Old Male Non Smoker

Term life insurance is more affordable than ever. How inexpensive can it be for a man, age 50? To show you how low the rates can be, I’m doing a blog series showing the insurance companies with the lowest term life rates at different ages. Term life prices are lower today because of advancements in health care, competition among insurance companies, and because we continue to live longer lives. You should review your life insurance needs with an agent each year. If you started a term life insurance policy a few years ago, it’s likely you can get lower rates now, or you may be able to get much more coverage for what you currently pay. This blog post shows you the five insurance companies with the best rates for a 20 year term life insurance policy with a $150,000 death benefit, over four health classes, for a fifty year old male non-smoker.

Hopefully, if you’ve been discouraged from purchasing life insurance because you think it’s too expensive for you, this blog article will change your mind about it. I am always updating my blog & site, to give you important information to find the best policies and prices for car, home, and life insurance.

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You may say to yourself, “Is term life insurance really inexpensive for someone as old as 50 years old?” It’s true it costs more than if you are in your twenties and thirties.

In a perfect world, people would not need term life insurance at age fifty. Hopefully, by the time people are fifty, they have saved money and built a financial nest egg to leave to their loved ones when they die. Their kids are grown, or close to being grown, and can take care of themselves financially in the next few years.

But life is unpredictable. Maybe you were not able to save enough money, or you had to take on debt, like a mortgage, you did not expect to be paying in your fifties and sixties. Maybe you decided to have more children later in life, which you couldn’t have imagined you would do when you were younger.

A lot of people bought term life insurance in their twenties and thirties, only to find they still have reasons to have term life insurance after their term life policies expire.

The cost to renew a twenty year term life insurance policy will probably be a lot more than if you buy a new term life insurance policy. The reason for this is the only people taking advantage of the guaranteed renewal option (if your policy has one) are people in poor health, who do not qualify to buy a new term life insurance policy with most, if not all, insurance companies. The cost to renew reflects the greater likelihood of having to pay the death benefit for these higher risk people.

Buying term life insurance in your fifties or sixties is not as inexpensive as when you were younger, but if you are in good health, it can still cost less than many people’s cable bill.

Even if you are in poor health, you may be surprised there are affordable life insurance options for you. If you are only concerned with a small policy to cover your final expenses, like burial costs, you can be close to your death bed, and still be able to get life insurance.

Term life insurance is best used to cover an insurance need existing for a limited time, such as until a mortgage is paid off, a child is out of college and employed on their own, or until you retire. You buy term life insurance with a very good chance you won’t need it. This is why term life insurance has such a low price.

If you are thinking about buying life insurance because you want the death benefit paid when you die, not if you die before a certain time, you should be seeking permanent life insurance, rather than term life insurance.

If at age 50, you buy a 20 year term life insurance policy because you feel certain you will be dead by age 70, you will most likely live longer. If there really is a very good chance, due to your health or family health history, you will die before age 70, insurance companies won’t accept you for a good term life policy, and you will need to look at permanent life insurance options if you want life insurance.

If you want life insurance to pass money to your loved ones at whatever age you die, discuss your life insurance needs with an independent life insurance agent specializing in all the major types of permanent insurance — whole life insurance and universal life insurance.

If you are in questionable health, or want a quicker application process without a medical exam, and you want only a small amount of life insurance money to cover your burial costs and last medical bills, talk to several final expense insurance agents.

If you know you won’t need life insurance after age 70, check out these term life insurance rates:

Male Age 50 Non Smoker Preferred Plus Rates

Cincinnati Life Insurance Company = $29.57 Per Month or $336 Per Year

Ohio National Life Assurance Corporation = $30.40 Per Month or $351.50 Per Year

Savings Bank Life Insurance Company of MA = $32.49 Per Month or $373.50 Per Year

North American Company for Life & Health = $34.04 Per Month or $389 Per Year

Midland National Life Insurance Company = $34.36 Per Month or $389 Per Year

I found these term life rates through a term life insurance quote comparison engine. There are a lot of these engines on the Web. Be aware the rates, companies, or life insurance policies may not be available in your state.

The Preferred Plus rates offer the best rates, and they are for the healthiest people. So, if you are in excellent health — you eat right, exercise regularly, and maintain a healthy body weight — these are the prices you pay, right? This may not be the case.

With car and homeowners insurance, agents frequently qualify you for the price you will pay at the time you contact them for a quote, or confirm the price at the time you make your first payment. Qualifying for and buying life insurance is a different process.

With life insurance, a good agent will determine the price you should pay, based on the answers to the health questions the agent asks you. Then, the agent helps you complete the application. The agent will submit your application to the insurance company for acceptance.

The company reviews your completed application, orders additional information, like your medical records, and requests a paramedical exam (a paramedic meets with you & gives you a physical, & takes a blood sample), to determine if you qualify for life insurance, & the proper rate to charge you if you are approved.

You may expect to qualify for the Preferred Plus rates at the time you complete the application. But, for example, you may be genetically predisposed to higher cholesterol than a normal, very fit person, which is discovered by the paramedic exam. Your life insurance policy will be issued at a higher price, due to the exam results.

With car & home insurance, it isn’t hard to shop based on price. With life insurance, you really can’t be sure of the rates you will pay before your application is approved. It’s smart to contact a few agents for price quotes, rather than trying to get quotes through on the Internet by yourself.

Look how the competitive positions change for the insurance companies, if you qualify for Preferred rates, instead of Preferred Plus rates:

Male Age 50 Non Smoker Preferred Rates

Cincinnati Life Insurance Company = $36.04 Per Month or $409.50 Per Year

Ohio National Life Assurance Corporation = $37.28 Per Month or $431 Per Year

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Savings Bank Life Insurance Company of MA = $37.85 Per Month or $435 Per Year

Transamerica Life Insurance Company = $38.78 Per Month or $459 Per Year

North American Company for Life & Health = $40.21 Per Month or $459.50 Per Year

Cincinnati Life, at $409.50 a year, has the lowest annual premium for the Preferred health rate class. But if you applied, and your policy is issued at the Standard Plus class, Cincinnati Life no longer has the lowest annual premium. Ohio National Life Assurance Corp. has the lowest annual premium, at $525.50 a year, for the Standard Plus health class. Cincinnati Life costs $526.50 a year at the Standard Plus rates. The difference in this case is only $1, but in many cases the additional cost is much more.

Should you have applied to Ohio National instead of Cincinnati Life, when you don’t think you will qualify for the Preferred health class? Probably not, because each insurance company has its own rules for health class placement.

For example, you may qualify for Preferred Plus rates with Midland National Life Insurance Company at $389 a year, but only the Preferred rates with Ohio National. Instead of paying $351.50 for the Ohio National Preferred Plus rate class, the policy is issued at $431 annual premium based on the Ohio National Preferred rates.

Midland National turns out to be the much better deal for you, even though Ohio National has a lower Preferred Plus rate, because you don’t qualify for the Ohio National Preferred Plus health class, but you do qualify for the Preferred Plus class with Midland National.

A good agent will try to quote you accurately, based on the health class you should qualify for with each company. Trying to figure out what you will pay on your own, and getting accurate term life insurance price quotes by yourself, without the help of a competent agent, is really difficult. Using an agent to buy term life insurance costs no more than buying direct from the company, so take advantage of the expertise a good agent can give you.

Male Age 50 Non Smoker Standard Plus Rates

Ohio National Life Assurance Corporation = $45.46 Per Month or $525.50 Per Year

Savings Bank Life Insurance Company of MA = $45.81 Per Month or $526.50 Per Year

Cincinnati Life Insurance Company = $46.33 Per Month or $526.50 Per Year

Transamerica Life Insurance Company = $48.05 Per Month or $568.50 Per Year

AAA Life Insurance Company = $53.33 Per Month or $606 Per Year

Notice the least expensive term life insurance companies in each health rate class have rates close in price to each other, but there is usually a bigger difference in price between health rate classes.

For example, Ohio National Life Assurance Corporation is $30.40 a month in the Preferred Plus category, $37.28 a month for the Preferred class, $45.46 a month for the Standard Plus class, and $53.50 a month for the Standard class.

This is why it’s good to use an experienced life insurance agent willing to work for you. A good agent will ask you questions, and use their knowledge of the rate classes & eligibility criteria of the insurance companies the agent represents, to find the best price for you. A good agent considers you, your needs & goals, your health, your family’s health history and your habits. when quoting you an accurate price, and recommending an insurance company’s product.

A bad agent quotes everyone the lowest rates, regardless if they are not likely to qualify for them, after asking too few questions. Some agents want to get your business by quoting you the lowest price possible, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will just pay it.

Below are the term life rates for the Standard health category. All four of these health classes are for healthy people. What if you have a minor medical condition, or you are over-weight by twenty pounds? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or for heavier people.

Male Age 50 Non Smoker Standard Rates

Savings Bank Life Insurance Company of MA = $52.85 Per Month or $607.50 Per Year

Cincinnati Life Insurance Company = $53.86 Per Month or $612 Per Year

Ohio National Life Assurance Corporation = $53.50 Per Month or $618.50 Per Year

New York Life Insurance Company = $57.14 Per Month or $642.50 Per Year

Transamerica Life Insurance Company = $54.77 Per Month or $648 Per Year

It pays to shop with several different life insurance agents. Most agents don’t represent all the best companies, and some agents represent only one company. Listed below are five life insurance companies, including some well known brands, with more expensive standard term life insurance rates for a 50 year old male non-smoker:

Ameritas Life Insurance Corporation = $61.98 Per Month or $720.50 Per Year

Primerica Life Insurance Company = $70.25 Per Month or $739.50 Per Year

TIAA-CREF Life Insurance Company = $66.41 Per Month or $595 Per Year

Pruco Life Insurance Company (Prudential) = $78.12 Per Month or $868 Per Year

Nationwide Life & Annuity Insurance Company = $93.58 Per Month or $1,051.50 Per Year

A 20 year term life insurance policy with a $150,000 death benefit at standard rates can be as low as $607.50 a year or as expensive as $1,051.50 or more a year. If you are in good health, rates can be as low as $336 a year. If you find you can’t afford the life insurance coverage you desire, you can choose a smaller death benefit, or a shorter term, to reduce the price. Some coverage is better than no coverage, so you can have life insurance fitting anyone’s budget.

If you want low term life insurance rates, a good policy, and a smooth process getting the coverage you need, comparison shop with several agents, so you can find a good agent offering the best life insurance options for you at a competitive price. Term life insurance is affordable, and a good agent can make getting it easy for you.

Remember to shop your auto & home insurance each year, too. Paying less & saving money on car & property insurance can help you afford to buy the life insurance you need. Don’t buy insurance you don’t need, and don’t pay more than you have to pay for the insurance you do need.

Have you looked at term life insurance rates lately? Why not? Tell me about it. Please leave a comment on my facebook page. Or, you can e-mail me at help@smartshopyourcarinsurance.com if you have questions and would like my help. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.