When considering life insurance, one of the most important questions most people consider is how much term life insurance they need and what it will cost them. For 50-year-olds, understanding the basics of term life insurance, as well as taking into account such considerations as age and health condition, are key to making an informed decision
With this article, GetSure provides a detailed overview of term life insurance for 50-year-olds, outlining the factors that can influence policy cost and the type of coverage available.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $24 |
| 50 | Men | No | 20 Years | $50,000 | American Amicable | $33 |
| 50 | Men | No | 20 Years | $100,000 | American Amicable | $60 |
| 50 | Men | No | 20 Years | $250,000 | American Amicable | $141 |
The table above is a sample of life insurance costs for a 50-year-old man who is a non-smoker and is looking to purchase a 20-year term life policy. The companies represented in the table are Mutual of Omaha and American Amicable
For a $25,000 coverage, the monthly rate is $24 with Mutual of Omaha. For the same term and no smoking status, the cost for a $50,000 coverage with American Amicable is $33. This rate increases to $60 for a coverage of $100,000
Finally, for a coverage of $250,000 the monthly rate with American Amicable is $141. These rates should be taken as an indication only, as each individual's life insurance rate will vary depending upon their personal information and other company-specific factors.
30-Year Term Life Rates (Male; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Men | No | 30 Years | $25,000 | Mutual of Omaha | $32 |
| 50 | Men | No | 30 Years | $50,000 | American Amicable | $42 |
| 50 | Men | No | 30 Years | $100,000 | American Amicable | $77 |
| 50 | Men | No | 30 Years | $250,000 | American Amicable | $180 |
For this article, we are focusing on the term life insurance rates for a 50-year-old male. According to the table, Mutual of Omaha can offer a 30-year term life insurance policy with a coverage of $25,000 at a monthly rate of $32
American Amicable can offer the same term life insurance policy but with a coverage of $50,000 with a monthly rate of $42. If a 50-year-old male is interested in a higher coverage of $100,000, the monthly rate would increase to $77, and if he wants a coverage of $250,000, the monthly rate would be $180.
20-Year Life Insurance Pricing (Male Tobacco; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Men | Yes | 20 Years | $25,000 | Americo | $40 |
| 50 | Men | Yes | 20 Years | $50,000 | Foresters | $71 |
| 50 | Men | Yes | 20 Years | $100,000 | Foresters | $136 |
| 50 | Men | Yes | 20 Years | $250,000 | Foresters | $333 |
This table indicates that monthly rates vary significantly depending upon the amount of coverage desired. For a 50-year-old male smoker, the monthly rate for a 20-year term life insurance policy with a $25,000 coverage amount from Americo is $40
Increasing the coverage amount to $50,000, the same policy from Foresters takes the rate to $71, and from there the rate increases to $136 for $100,000 coverage and $333 for $250,000 coverage. Thus, when considering how much a certain term life insurance policy will cost, age and coverage amount should both be taken into account.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Men | Yes | 30 Years | $25,000 | Mutual of Omaha | $45 |
| 50 | Men | Yes | 30 Years | $50,000 | Mutual of Omaha | $85 |
| 50 | Men | Yes | 30 Years | $100,000 | Mutual of Omaha | $164 |
| 50 | Men | Yes | 30 Years | $250,000 | Mutual of Omaha | $403 |
The table above shows the cost of a 30-year term life insurance policy for a 50-year-old male smoker through Mutual of Omaha. The data shows that at this age, $25,000 of life insurance coverage would cost $45 per month, whereas $100,000 of life insurance coverage would cost $164 monthly
$50,000 of coverage costs $85 per month, and $250,000 of coverage is $403 monthly. Thus, the greater the amount of coverage, the higher the monthly cost will be.
20-Year Term Premiums (Women; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $23 |
| 50 | Women | No | 20 Years | $50,000 | American Amicable | $25 |
| 50 | Women | No | 20 Years | $100,000 | American Amicable | $43 |
| 50 | Women | No | 20 Years | $250,000 | American Amicable | $97 |
The table captures the cost of 20-year term life insurance for women age 50. It considers the smoker status for each individual since the premiums for smokers are typically much higher than for non-smokers
It also looks at the coverage amounts for $25,000, $50,000, $100,000, and $250,000. For the 50-year-old non-smoker, Mutual of Omaha's offering provides $25,000 in coverage with a $23 monthly rate. American Amicable offers $50,000 in coverage at a rate of $25, $100,000 in coverage at a rate of $43, and $250,000 in coverage at a rate of $97.
30-Year Term Policies (Women; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Women | No | 30 Years | $25,000 | Mutual of Omaha | $31 |
| 50 | Women | No | 30 Years | $50,000 | American Amicable | $28 |
| 50 | Women | No | 30 Years | $100,000 | American Amicable | $49 |
| 50 | Women | No | 30 Years | $250,000 | American Amicable | $111 |
For a 50-year-old woman who does not smoke and is looking for a 30-year term life insurance policy, the monthly rate can vary greatly depending on the coverage amount. For example, for $25,000 of coverage, Mutual of Omaha offers a rate of $31 a month, while for $50,000 of coverage, American Amicable offers a rate of $28 a month
Rates increase significantly with coverage amounts, too; for instance, a $100,000 coverage policy through American Amicable charges $49 a month and a $250,000 coverage policy charges $111 a month. To summarize, the more coverage purchased, the more expensive the monthly rate.
20-Year Term Monthly Premiums (Women Smokers; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $39 |
| 50 | Women | Yes | 20 Years | $50,000 | Foresters | $58 |
| 50 | Women | Yes | 20 Years | $100,000 | Foresters | $110 |
| 50 | Women | Yes | 20 Years | $250,000 | Prosperity Life | $265 |
In the table above, you'll find that term life insurance for women who are smokers and aged 50 can vary in cost depending on the coverage amount and the company chosen. For a coverage amount of $25,000 from Mutual of Omaha, the monthly rate is $39
For a coverage amount of $50,000 from Foresters, the monthly rate is $58. For a coverage amount of $100,000 from Foresters, the monthly rate is $110. And finally, for a coverage amount of $250,000 from Prosperity Life, the monthly rate is $265.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 50)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 50 | Women | Yes | 30 Years | $25,000 | Mutual of Omaha | $44 |
| 50 | Women | Yes | 30 Years | $50,000 | Foresters | $58 |
| 50 | Women | Yes | 30 Years | $100,000 | Foresters | $111 |
| 50 | Women | Yes | 30 Years | $250,000 | Foresters | $269 |
For a 50-year-old female smoker looking to purchase a 30-year term life insurance policy, the costs and companies vary depending on the coverage requested. The table indicates that Mutual of Omaha offers a $25,000 policy with a monthly rate of $44, while Foresters offers policies of $50,000, $100,000, and $250,000 for $58, $111, and $269, respectively.
