Life Insurance Over 50, Should I Get Coverage?

Life insurance is an essential need for everyone. Whether you are in the prime of your health or drifting towards old age, life insurance is the surest way you can go to sleep without having a troubled mind. For young people who are great in health, life insurance is not a big issue. 

However, it gets difficult to obtain a favorable quote as you age.

Insurance involves underwriters accepting responsibilities for any eventuality concerning an insured life. In your fifties, it is not uncommon to experience failing health. Underwriters consider a potential policyholder’s age and health to arrive at the cost of coverage. Therefore, it follows that anyone who is 50 years of age or more faces the possibility of paying much more to access coverage by life insurance companies. 

Oftentimes, people need life insurance coverage to enable them to continue to provide for their dependents when they can no longer provide for whatever reason. It gets interesting, therefore, when one hits 50 and all dependents are grown and independent. This then begs the question; does one need life insurance in their fifties when there are no people depending on him/her? The answer to this question is that “it depends.”

Scenario 1: When you need life insurance coverage over 50 years

Getting life insurance is not all about being able to provide for dependents. On the contrary, this kind of coverage could be an investment. However, viewing life insurance coverage as an investment is not the only incentive to sign up. Obtaining this coverage for a 50-year-old and above offers financial protection.

The truth about being in this age group is that death is not far away. Therefore, you might need funds to finance your funeral expenses. In the US, funeral costs average to more than $11,000. This could be a lot of money if you die unexpectedly, and most people die unexpectedly. This cost will be much more inflated if there are hospital bills to be settled. 

Considering the case above, it is important that you have coverage in place to help offset some of the expenses. Now that it is clear you need life insurance coverage, what should you consider when getting the coverage?

  • The type of coverage

First and foremost, it is important to be clear on the type of life insurance coverage you would like to sign up for. While life insurance coverage in the US comes in many forms, the two most common ones are term policy and permanent policy according to

Term life insurance is the more basic of the two. This policy is sold for a given term, say ten years, and does include savings. As such, the premiums which one pays for this kind of policy are quite low. The term of the policy is determined by your health condition and your age. 

On the other hand, whole life or permanent life insurance does not expire until you die. As such, you will pay much more in terms of premiums. Oftentimes, this policy comes with a cash value component where a policyholder can receive additional funds for things like supplementing retirement income.

  • The cost of coverage

The cost of coverage will depend on the type of coverage you opt for. Other factors which might influence the cost of your life insurance quote is your gender, actual age, pre-existing medical conditions, occupation, and the kind of lifestyle you lead. 

Scenario 2: When you do not need life insurance coverage 

We get life insurance to make life easier for our dependents. What if there are none? Well, in this case, what you should do is spend your money on daily living and avoid insurance. However, this might not always be the case. 

Life insurance coverage might not be helpful if you need long term care. Here, you will only need to sign up for long term care insurance to help you manage the costs of nursing homes. When you are 50 years or above, your chances of needing long term care are high, according to the US Department of Health and Human Services. 

Finally, if you are moneyed enough such that you have billions in your bank account, there is really no need for insurance. 


Life insurance is essential at all ages. Ultimately, everyone wants to live in peace and ensure that their dependents are peaceful after death. Before signing up for any policy, ensure that you know your needs and you understand what factors might affect the cost of the coverage. 

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