Since 1994
By the Termco teamLicensed life insurance agents since 1994Updated
Do you still need coverage after 50?
Ask the same question as at any age: would anyone struggle financially without your income? Common reasons people in their 50s buy term life include a mortgage with years left on it, kids still in school or college, a spouse who would depend on your pension or Social Security, business debts, or retirement savings that aren't yet large enough to carry a surviving spouse.
What it costs
Example estimates from Termco's own pricing model (the same one behind our quote tool) for $250,000 for a non-smoker in excellent health. They are not quotes from any insurer. Actual rates are set by the insurer after underwriting.
| Age | Man, 10-year | Man, 20-year | Woman, 10-year | Woman, 20-year |
|---|---|---|---|---|
| 50 | $26.43–$34.12/mo | $41.67–$54.70/mo | $22.48–$28.79/mo | $34.98–$45.66/mo |
| 55 | $40.59–$53.24/mo | $67.81–$90.00/mo | $34.09–$44.46/mo | $56.41–$74.61/mo |
| 60 | $66.18–$87.80/mo | $116.65–$155.96/mo | $55.08–$72.81/mo | $96.46–$128.70/mo |
| 65 | $112.30–$150.08/mo | $207.89–$279.18/mo | $92.89–$123.88/mo | $171.28–$229.74/mo |
Prices rise faster with each year in your 50s and 60s than they did in your 30s, which is why it often pays to apply sooner rather than later.
Which terms are available
Insurers limit how old you can be for each term length. As a rough guide, many insurers offer 10-year terms well into your 70s, 20-year terms to about 65 or 70, and 30-year terms only to about 50 to 60. Exact limits vary. For many people over 50, a 10, 15 or 20-year term lines up neatly with the mortgage payoff or retirement date. Our term length guide explains how to choose.
Underwriting after 50
Expect more questions and, for larger amounts, a medical exam. Common conditions at this age, such as high blood pressure, high cholesterol, type 2 diabetes and sleep apnea, don't rule you out. What matters is how well they're controlled. Insurers differ a lot in how they treat the same history, so comparing matters more after 50 than at any other age. See our guides on blood pressure, diabetes and sleep apnea.
Tips for buying in your 50s and 60s
- Gather your health details first: medications and doses, recent lab results and your doctor's contact information.
- Don't cancel existing coverage (including a group policy at work) until the new policy is approved and in force.
- Size it to the gap: by now, savings may cover part of the need, so the right amount may be smaller than it was at 40. See how much you need.
- Consider conversion rights if you think you may want lifelong coverage later. See converting term to permanent.
- Think about long-term care too. Many people in their 50s also plan for the cost of care later in life. Ask your Termco agent about long-term care protection.
See estimates for your age; online prices are available through age 85.
About the prices on this page. Every price shown is an example estimate from Termco's own pricing model, the same one behind our quote tool. It's calibrated to typical published term rates from insurers rated A- or better, but it is not a quote from any insurer, not an offer of insurance, and not a guarantee. Your actual rate depends on the insurer and its underwriting of your full application.
See estimates for your age and health
Eight quick questions, no account needed. A licensed Termco agent confirms your exact rate before you apply.
Frequently asked questions
Can I get term life insurance at 55 or 60?
Yes. Many insurers offer term life well into your 60s, though the longest terms may not be available. Ten, 15 and 20-year terms are common choices at these ages.
How much is term life insurance for a 55-year-old?
In Termco's estimate model, $250,000 of 20-year term for a 55-year-old non-smoking man in excellent health is about $67.81–$90.00/mo, and for a woman about $56.41–$74.61/mo. These are estimates, not insurer quotes.
Is it worth buying life insurance after 50?
It is if someone would still depend on your income, or if you have a mortgage or other debts you don't want to leave behind. If your savings would comfortably support your family, you may need less coverage, or none.
Will I need a medical exam after 50?
Often, especially for larger amounts, but some insurers can approve healthy applicants in their 50s without one. It depends on the insurer, your age, the amount and your health answers.
Related guides
- What Disqualifies You From Life Insurance? Common Reasons for a Decline
- How Is Term Life Insurance Priced? The Factors That Set Your Rate
- How Much Is $500K Term Life Insurance for a 40-Year-Old?
- Term vs. Whole Life Insurance: Which Do You Need?
- Term life insurance by state
This page is general information, not medical, legal, tax or underwriting advice. Underwriting decisions are made by each insurer and vary by insurer and individual.