Term Life Insurance Age 50 – 59 Review: The Best Rates for People Age Fifty through Fifty-Nine (and older)

This term life insurance age 20 – 29 review will show you the best prices for people in their fifties. Using the pricing information in this review can help keep you from overpaying for your term life insurance. However, if you are age 50 years or older, you should question whether you should be looking to buy term insurance or a permanent life insurance policy. If you follow anyone writing about personal finance, almost all of them say the only type of life insurance anyone should buy is term life insurance. This may be the best strategy for many people in their 20s, 30s, & 40s, trying to “buy term and invest the difference.” When you are younger, term life insurance is inexpensive, so you can buy enough term life insurance to cover you during your working years, and use the money you would have used to buy the more expensive permanent life insurance, to invest in the stock market to get a better return. For example, say you buy a $750,000 30 year term life insurance policy at age 32. By the time the policy expires when you are 62, your kids are grown, your mortgage is paid off, and the 30 years of investment returns has built a large retirement account your spouse can use should you die.

However, when you are age 50 or older, and have a need for life insurance, the cost difference between permanent and term life insurance is not as much. Also, if you are 15 or 20 years away from retirement, you don’t have multiple decades of compounding returns to build a large retirement account, and the risk of the stock market over a shorter period may mean you lose money rather than make money. If you need life insurance when you are older than 50 years old, you may want to consider at least a combination of permanent & term life insurance, if not a permanent life insurance policy alone. If you are buying life insurance to help out your spouse after you die, there is a very good chance your spouse will still need the life insurance after the term has expired. This review shows you the best standard term life insurance rates, but if you are in good health, the cost for a permanent policy with the same amount of coverage may be less expensive. If you have health issues, you may not qualify for term life insurance, but you may be able to qualify for a permanent policy.

Still, term life insurance sometimes fits the bill for people in their 50s. Term life is perfect for people with a temporary need for life insurance. Maybe you need a term policy for 10 to 15 years, to cover your peak earning years until retirement, in case early death prevents you from saving enough for your loved ones. Maybe you want a term policy to pay off a debt or a mortgage in case you die before it’s paid. Maybe you have dependent children you need to provide for over the next ten years. If you qualify for a term life insurance policy costing much less than a permanent life insurance policy for the same death benefit, it might be the right option for you. Whether you are looking for term or permanent life insurance coverage, the rates shown in this review can help you decide which type of policy provides you with the better value.

When shopping for life insurance, your goal, in addition to getting the amount and type of policy you need, should be to get the best price for which you qualify, based on your health and health history. When you shop, speaking with experienced, honest life insurance agents can help you determine the health rating class & price you’ll qualify for with each company the agents represent. However, once you have received term life insurance quotes from several agents, you can use the rate information in this review, to see which agents quoting you represent companies with competitive rates for your situation. Without referring to this review of term life insurance rates, the lowest rate you are quoted may still be a lot more than it should be. Some life insurance companies charge a lot more for the same coverage and type of policy than other companies. Using the pricing information in this review will tell you if you need to keep shopping to find an agent representing a company with the better life insurance rates for you.

Term Life Insurance Age 50 – 59 Review: How to use the pricing information in this review to find the best life insurance rates.

Term life insurance quotes about the same rate or less than the prices in this review are competitive. The better health rate class for which you qualify, such as standard plus, preferred, or preferred plus, the lower your quote should be below the best standard rates shown in this review. For example, the best standard rate for a $250,000 ten year term life insurance policy for a male 55 year-old non-smoker is $822.50 a year with Primerica Life Insurance Company. But the price is lower, at $530 a year, with Savings Bank Life Insurance Company of Massachusetts, if you qualify for preferred rates with that company. Keep in mind, if all the life insurance companies are quoting you standard rates higher than the $822.50 rate I show in this review for this age, sex, length of term, & death benefit, you’ll know you should keep shopping.

Here’s the pricing information, current as of the publishing date of this review, for 1. Male Non-smokers, 2. Female Non-smokers, 3. Male Smokers & 4. Female Smokers:

1. Male Non-smoker, Age 50 to 59

The Best Standard Rates for a $100,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $265 If paying monthly: $22.92

Age 51 If paying annually: $283 If paying monthly: $24.48

Age 52 If paying annually: $300 If paying monthly: $25.95

Age 53 If paying annually: $327 If paying monthly: $28.29

Age 54 If paying annually: $355 If paying monthly: $30.71

Age 55 If paying annually: $385 If paying monthly: $33.30

Age 56 If paying annually: $421 If paying monthly: $36.42

Age 57 If paying annually: $457 If paying monthly: $39.88

Age 58 If paying annually: $495 If paying monthly: $42.90

Age 59 If paying annually: $535 If paying monthly: $46.28

The Best Standard Rates for a $250,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $562.50 If paying monthly: $48.87

Age 51 If paying annually: $610 If paying monthly: $52.77

Age 52 If paying annually: $652.50 If paying monthly: $56.44

Age 53 If paying annually: $720 If paying monthly: $62.28

Age 54 If paying annually: $775 If paying monthly: $68.30

Age 55 If paying annually: $822.50 If paying monthly: $73.95

Age 56 If paying annually: $882.50 If paying monthly: $80.50

Age 57 If paying annually: $960 If paying monthly: $86.84

Age 58 If paying annually: $1,055 If paying monthly: $93.84

Age 59 If paying annually: $1,157.50 If paying monthly: $102.16

The Best Standard Rates for a $500,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $1,060 If paying monthly: $91.69

Age 51 If paying annually: $1,145 If paying monthly: $99.04

Age 52 If paying annually: $1,230 If paying monthly: $106.40

Age 53 If paying annually: $1,330 If paying monthly: $115.91

Age 54 If paying annually: $1,415 If paying monthly: $126.56

Age 55 If paying annually: $1,510 If paying monthly: $140.56

Age 56 If paying annually: $1,615 If paying monthly: $153.43

Age 57 If paying annually: $1,760 If paying monthly: $167.20

Age 58 If paying annually: $1,945 If paying monthly: $181.71

Age 59 If paying annually: $2,145 If paying monthly: $195.06

2. Female Non-smoker, Age 50 to 59

The Best Standard Rates for a $100,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $206 If paying monthly: $17.82

Age 51 If paying annually: $219 If paying monthly: $18.94

Age 52 If paying annually: $232 If paying monthly: $20.07

Age 53 If paying annually: $248 If paying monthly: $21.45

Age 54 If paying annually: $264 If paying monthly: $22.84

Age 55 If paying annually: $281 If paying monthly: $24.31

Age 56 If paying annually: $298 If paying monthly: $25.78

Age 57 If paying annually: $318 If paying monthly: $27.51

Age 58 If paying annually: $334 If paying monthly: $28.89

Age 59 If paying annually: $355 If paying monthly: $30.71

The Best Standard Rates for a $250,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $387.50 If paying monthly: $34.88

Age 51 If paying annually: $415 If paying monthly: $37.35

Age 52 If paying annually: $442.50 If paying monthly: $39.83

Age 53 If paying annually: $470 If paying monthly: $42.30

Age 54 If paying annually: $497.50 If paying monthly: $44.78

Age 55 If paying annually: $530 If paying monthly: $47.70

Age 56 If paying annually: $630 If paying monthly: $56.01

Age 57 If paying annually: $697.50 If paying monthly: $60.33

Age 58 If paying annually: $737.50 If paying monthly: $63.79

Age 59 If paying annually: $790 If paying monthly: $68.34

The Best Standard Rates for a $500,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $700 If paying monthly: $63

Age 51 If paying annually: $755 If paying monthly: $67.95

Age 52 If paying annually: $810 If paying monthly: $72.90

Age 53 If paying annually: $865 If paying monthly: $77.85

Age 54 If paying annually: $920 If paying monthly: $82.80

Age 55 If paying annually: $985 If paying monthly: $88.65

Age 56 If paying annually: $1,185 If paying monthly: $103.37

Age 57 If paying annually: $1,305 If paying monthly: $112.88

Age 58 If paying annually: $1,395 If paying monthly: $120.67

Age 59 If paying annually: $1,500 If paying monthly: $129.75

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Term Life Insurance for Smokers in their 50s

For smokers age 50 and older, I think its best to compare these term rates to the cost of a permanent life insurance policy with the same dollar amount of death benefit. I think many people will find the permanent policy is a better deal.

3. Male Smoker, Age 50 to 59

The Best Standard Rates for a $25,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $223.75 If paying monthly: $20.70

Age 51 If paying annually: $244.50 If paying monthly: $22.62

Age 52 If paying annually: $265 If paying monthly: $24.51

Age 53 If paying annually: $284.50 If paying monthly: $26.32

Age 54 If paying annually: $303 If paying monthly: $28.03

Age 55 If paying annually: $321.50 If paying monthly: $28.22

Age 56 If paying annually: $350 If paying monthly: $30.63

Age 57 If paying annually: $377.25 If paying monthly: $33.01

Age 58 If paying annually: $404.75 If paying monthly: $35.42

Age 59 If paying annually: $432 If paying monthly: $37.80

The Best Standard Rates for a $50,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $413 If paying monthly: $37.17

Age 51 If paying annually: $438.50 If paying monthly: $39.47

Age 52 If paying annually: $465.50 If paying monthly: $41.90

Age 53 If paying annually: $495 If paying monthly: $44.55

Age 54 If paying annually: $527.50 If paying monthly: $47.48

Age 55 If paying annually: $563.50 If paying monthly: $50.72

Age 56 If paying annually: $603 If paying monthly: $54.27

Age 57 If paying annually: $646 If paying monthly: $58.14

Age 58 If paying annually: $693 If paying monthly: $62.37

Age 59 If paying annually: $745.50 If paying monthly: $67.10

The Best Standard Rates for a $100,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $689 If paying monthly: $60.29

Age 51 If paying annually: $736.87 If paying monthly: $64.48

Age 52 If paying annually: $788.07 If paying monthly: $68.96

Age 53 If paying annually: $842.82 If paying monthly: $73.75

Age 54 If paying annually: $901.37 If paying monthly: $78.87

Age 55 If paying annually: $964 If paying monthly: $84.35

Age 56 If paying annually: $1,037.20 If paying monthly: $90.76

Age 57 If paying annually: $1,115.97 If paying monthly: $97.65

Age 58 If paying annually: $1,200.71 If paying monthly: $105.06

Age 59 If paying annually: $1,291.90 If paying monthly: $113.04

4. Female Smoker, Age 50 to 59

The Best Standard Rates for a $25,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $178.25 If paying monthly: $16.49

Age 51 If paying annually: $187.50 If paying monthly: $17.34

Age 52 If paying annually: $196.50 If paying monthly: $18.18

Age 53 If paying annually: $205.25 If paying monthly: $18.99

Age 54 If paying annually: $213.50 If paying monthly: $19.75

Age 55 If paying annually: $221.50 If paying monthly: $20.49

Age 56 If paying annually: $235.75 If paying monthly: $21.81

Age 57 If paying annually: $250 If paying monthly: $23.13

Age 58 If paying annually: $263.75 If paying monthly: $24.40

Age 59 If paying annually: $276.50 If paying monthly: $25.58

The Best Standard Rates for a $50,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $339.50 If paying monthly: $30.56

Age 51 If paying annually: $355.50 If paying monthly: $32

Age 52 If paying annually: $372.50 If paying monthly: $33.53

Age 53 If paying annually: $391 If paying monthly: $35.19

Age 54 If paying annually: $411 If paying monthly: $36.99

Age 55 If paying annually: $433 If paying monthly: $38.97

Age 56 If paying annually: $456 If paying monthly: $40.26

Age 57 If paying annually: $464.50 If paying monthly: $40.88

Age 58 If paying annually: $502 If paying monthly: $44.22

Age 59 If paying annually: $525 If paying monthly: $46.95

The Best Standard Rates for a $100,000 10 Year Term Life Insurance Policy

Age 50 If paying annually: $515 If paying monthly: $45.06

Age 51 If paying annually: $546.66 If paying monthly: $47.83

Age 52 If paying annually: $580.27 If paying monthly: $50.77

Age 53 If paying annually: $615.94 If paying monthly: $53.89

Age 54 If paying annually: $653.81 If paying monthly: $57.21

Age 55 If paying annually: $694 If paying monthly: $60.73

Age 56 If paying annually: $737.73 If paying monthly: $64.55

Age 57 If paying annually: $784.22 If paying monthly: $68.62

Age 58 If paying annually: $833.63 If paying monthly: $72.94

Age 59 If paying annually: $886.16 If paying monthly: $77.54

Thanks for reading this term life insurance rates review for people in their 50s. Like auto & home insurance, you’ll see some term life insurance companies charge more than double the price of other companies for the same term life insurance coverage. No single life insurance company has the best term rates for everyone.

What do you think about this term life insurance rates review for people in their fifties? Comment on my facebook page. If you have questions and would like my help, you can reach me at help@smartshopyourcarinsurance.com. Follow me on Twitter for important insurance consumer news & new blog entries at CarInsWatch.