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Affordable life insurance over 50 is one of the fastest growing demographics in the life insurance industry and many coverage options exist. In your 50’s many different things are starting to change, and your financial obligations may be the highest in your lifetime. To protect your income and assets for your family it is important to have the safety net which life insurance provides. The good news is when you are looking for affordable life insurance over 50 you still have many different affordable options, and not all of them include an AARP advertisement.

In the past, many people felt people in their 50’s had no need for life insurance because the majority already had children out of the house. However, many financial needs are lasting longer in life and without life insurance these could be left as a financial burden in the event of your death. This post will describe some of the most common uses of affordable life insurance over 50, and why being over 50 makes it a great time to purchase life insurance.

Can You Still Find Affordable Life Insurance Over 50?

As I mentioned, multiple people have expressed in the past once your kids are out of the house, you no longer have a need for life insurance. I would be the first to argue this point, simply because of the high amounts of people we help who are looking for affordable life insurance over 50 to cover other substantial financial needs.

The purpose of affordable life insurance over 50 differs slightly on a case to case basis because nobody has identical needs, but some trends do emerge why someone over the age of 50 would still need life insurance. Some of the most common reasons include:

Mortgage Protection

One of the most common reasons for those searching for affordable life insurance over 50 is to protect a mortgage which could be hard to fulfill in the event of the death of the insured. A mortgage is a huge financial obligation, and is often paid by two spouses, and would be hard to continue payment on in the death of one.

If you and your spouse have a home, would they be able to pay the mortgage in the event of your death? If you have any questions, then you need a life insurance policy which would provide the necessary funds. Many people in their 50’s are also taking on second mortgages for vacation homes, and this additional obligation must be planned for.

Income Protection

Individuals peak earning years includes their 50’s. If you were to pass away during these years your family could miss out on many years of income which goes to paying the bills and all of the other things you provide for your family. The income portion of the life insurance need for someone in their 50’s is often the greatest need of all.

Retirement Preparation

If you are looking for affordable life insurance over 50, I’m sure retirement is also starting to creep up in your mind. Many people start to realize the closer they get to retirement they may be reduced the benefits which they have through work. Often times, this includes life insurance. If you are considering retirement, it is important to check on your insurance benefits, and it may be necessary to purchase a personal life insurance policy if you are going to have a gap when you lose coverage through work.

Legacy Planning

As you age, you begin the think about the legacy you are leaving for others, including a financial legacy. One of the pillars of legacy is planning is the use of life insurance. Life insurance allows you to leverage your current dollars to leave a larger amount of money for your heirs, generally in a tax free manor. Life insurance can also be used in legacy planning to aid in estate taxes which can be a burden for sizable estates.

Final Expenses

When most people think about what life insurance is used for, they think of final expenses and burial. Although life insurance can have many uses, this is one of primary uses. Most people do not have $20,000 sitting around waiting to pay burial expenses, which is why you can leverage a monthly payment into a death benefit with life insurance. Final expenses can not only include burial expenses, but they can also include any medical bills or any other outstanding nursing care.

Who Would Be Financially Impacted If You Passed Away

The most obvious person who would be impacted upon your death would most likely be your spouse. Many people will speak with over the age of 50 are still paying off their mortgage on the primary residence, and some have recently taken on a new mortgage on a second home. Many of these mortgage payments could not be met with the income of only one spouse. If one spouse were to pass away the last thing anyone would want to occur would be for the remaining family members to have to sell the house. In this situation, it may make sense to purchase a term life insurance policy which matches your coverage amount to your mortgage amount, and your term duration to your mortgage duration.

In the event of the passing of one spouse, the other spouse would receive the life insurance proceeds and be able to pay off the house.
When most people think of life insurance, they think of using the money to be buried. This is just one of the many uses of life insurance, but is definitely one which should not be overlooked.

How To Apply

Most of our clients who are in their 50’s already have owned some type of life insurance. But, many of these policies were 20 year term policies they purchased in their 30s and are now expiring. This leaves a gap in life insurance coverage, when they possibly need it most. This is why we are approached by so many people in their 50’s still searching for term life insurance policies. They are usually pretty surprised with the affordable life insurance policies which are still available.

If you are over 50, and are looking for affordable life insurance, we would be happy to provide you with quotes for affordable rates. We offer policies from over 50 life insurance carriers.

Our online life insurance quoter allows you to compare quotes and rates in less than one minute. The premiums are all displayed, and you don’t have to call multiple companies in order to get rates. Once you find the policy you are looking for, you can even start the application process online.

If you have any questions when searching for a policy, we are happy to assist you.


Jason Fisher

Jason Fisher is the founder and CEO of, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.