Term Life Insurance 50-59 Years Old

For the majority of 50-59 year olds, a 10-20 year term life insurance policy will suit their needs perfectly.  Most of my clients in their fifties won’t need coverage 10 to 20 years down the line when they stop working, since they are paying down their mortgage, with more of their payment going towards principal than ever before, and are contributing more to their 401(k) or IRA than ever before.  So if you only work another 10 to 20 years, and only need life insurance to replace lost income, term life insurance is probably best for you, rather than a more costly permanent insurance product.

Consider the difference in premiums in term life insurance vs. universal life insurance.

Term Life Insurance Quotes, 50-59 Years Old

Age                 $100,000     $250,000     $500,000     $1 Million
50 Year Old Male $14.44     $24.36     $42.20       $76.56
51 Year Old Male $15.22     $26.97     $48.05       $88.56
52 Year Old Male $16.08     $29.20     $52.32       $98.58
53 Year Old Male $17.11     $32.82     $59.57       $109.89
54 Year Old Male $18.40     $36.34     $66.22       $120.15
55 Year Old Male $19.69     $39.56     $72.67       $133.06
56 Year Old Male $21.16     $43.22     $79.98       $149.97
57 Year Old Male $22.88     $47.52     $88.58       $166.88
58 Year Old Male $24.94     $52.20     $98.90       $182.01
59 Year Old Male $26.80     $56.33     $107.45     $199.81

(Premium Rates based on healthy, non-tobacco using male, 10 year term life insurance quotes, as of 6/22/2010, subject to change)

Universal Life      $100,000    $250,000    $500,000    $1,000,000
50 Years Old            $74.08         $169.50        $328.50          $646.58

Which Type of Life Insurance Should I Buy?  Term or Whole Life

Compare the term life insurance quotes for a 50 year old male to universal life insurance premiums above (which can be structured to cover you for your whole life).  You can clearly see the significant increase in premium for a guaranteed universal life contract.  Permanent insurance certainly has its proper uses; all I’m saying is for this amount of difference, you better be sure you need permanent insurance rather than term if you’re going to be paying 5-9X the premium.  Many agents have pushed for their clients to purchase permanent, but then the policyholder allows the policy to lapse after they no longer need the coverage.

Understanding your term life insurance policy’s benefits is vital in deciding how long of a term you will choose.  You’ll most likely be selecting from 10 year term, 15 year term, or 20 year term life insurance contract.  A good agent will ask you information about your assets (home, investments, etc.), contributions to retirement plans, and review your debts.  This is one of the areas I feel I shine as a life insurance agent, since I’m a licensed investment advisor representative, and am experienced in advising how your life insurance policy should fit into your complete financial plan.

Why Purchase Term Life Insurance in Your Fifties

While the majority of my clients between the ages of 50 to 59 years old purchase term life insurance for income replacement purposes, I also have affluent clients (ages 50-70 mostly) who purchase life insurance for estate planning purposes.  In this case I don’t recommend term life insurance.  Instead, a survivorship life insurance policy or guaranteed universal life policy is usually the most suitable choice.

When shopping for term life insurance, it’s important to shop the rates and premiums at various insurance companies to find the best insurance plan for you.  There are many competing insurance carriers, and it’s best to use an agent who will know where to get you the best deal, particularly if you have previously been turned down for coverage or have any medical conditions.  Also be careful about who you select as your beneficiaries, especially if you have a child under the age of 18.  Then be sure to check your policy periodically to review your decision.  Your beneficiaries could change if you get married, divorced, or as your children get older.

INSTANT QUOTES FOR 10, 15, 20, 25, AND 30 YEAR TERM, ALONG WITH RETURN OF PREMIUM AND UNIVERSAL LIFE AVAILABLE TO THE RIGHT.

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