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Life insurance can still be worthwhile if you’re over the age of 50, even though your financial needs may be different than when you were younger. A policy can help financially protect loved ones like your partner or children in the event of your passing. Let’s dive deeper into life insurance for people over 50 so you can decide if it makes sense for your unique situation.
Life insurance for people over 50 is similar to life insurance for younger policyholders. In exchange for your premium payments, a life insurance company will pay your beneficiaries a death benefit payout if you pass away while the policy is active. Your beneficiaries can then use the death benefit to help cover virtually any expense and help reduce the financial burden they may be facing. Keep in mind that your life insurance company may limit the death benefit amount you can purchase.
Depending on the company and policy you choose, you might be required to undergo a medical exam when you apply for a policy. With some plans, however, you may be able to skip the exam and simply answer a few health-related questions. Additionally, you may enjoy a faster underwriting process.1
While it depends on the provider, there are typically plans for older ages. This means you can still get approved for life insurance if you’re over 50. But keep in mind that it will likely be more difficult to find coverage once you’re 80 or older.2 You can also expect to pay more in premiums than younger policyholders.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Here are several reasons you might want to consider investing in life insurance if you’re over 50:
With a life insurance policy, you can help ensure your loved ones are better financially protected if you suddenly pass away. It’s a viable way to help take a significant financial burden off their plates.
If you have debts, like a mortgage, car loan, or student loans, life insurance may come in handy. Without it, your family might be stuck trying to figure out how to pay them off after your passing.3
Burial and funeral costs, along with other end-of-life expenses, do not come cheap. A life insurance policy may help your loved one cover these final costs more easily.
A life insurance policy may be worthwhile if you’re a business owner and would like your venture to continue after your passing. The death benefit payout can help your business cover unforeseen operations and stay afloat.
The death benefit from a life insurance plan can leave a legacy for loved ones or organizations that are important to you. For instance, it can help pay for your children’s college education or support a charity, depending on whom you decide to designate as beneficiaries.
There are various life insurance policies you may want to consider if you’re over 50, including:
Term life insurance offers temporary coverage for a time period that typically lasts 10, 20, or 30 years. If you pass away before it expires, your beneficiaries will receive a death benefit. A term life policy tends to have lower premiums that other life policies.
Whole life insurance is a permanent life insurance policy that lasts your entire life. It includes a death benefit and a cash value component, which can build value over time. You can often tap into your cash value while you’re still alive by borrowing or withdrawing from it.
Also known as funeral or burial insurance, final expense life insurance helps your beneficiaries pay for end-of-life expenses upon your passing. These might include funeral and burial costs, in-home care, and medical expenses.
Although Aflac doesn't offer this type of plan, it may be worth considering. Since it doesn’t require a medical exam like other life insurance policies, simplified issue life insurance may be easier to get. Your application will likely be accepted as long as you pass the short health questionnaire. But keep in mind that you may have to pay higher premiums for coverage.
If you’re over 50, the best life insurance policy depends on your unique situation and coverage needs. To find the ideal option, consider your budget and what you hope to accomplish. Final expense life insurance may be a solid choice if your primary goal is to help cover funeral costs after you pass away. On the other hand, if you’d like lower premium costs, a term life policy may be worthwhile.
Aflac offers a variety of life insurance policies for people over 50, such as term life insurance and whole life insurance. You can apply quickly and enjoy extensive coverage at reasonable rates. Start chatting with an agent today to discuss your options and figure out which plan can help meet your financial goals.
1 Investopedia - Best Life Insurance Companies for People Over 50. Updated March 6, 2023. Accessed April 23, 2024. https://www.investopedia.com/best-life-insurance-for-people-over-50-4846582.
2 SmartAsset – Age Limits and Impact on Life Insurance. Updated May 16, 2023. Accessed April 23, 2024. https://smartasset.com/life-insurance/age-limits-and-impact-on-life-insurance.
3 Forbes Advisor - Best Life Insurance For People Over 50 Of 2024. Updated January 3, 2024. Accessed April 23, 2024. https://www.forbes.com/advisor/life-insurance/best-life-insurance-over-50/.
Aflac insurance coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage underwritten by American Family Life Assurance Company of New York.
Life – 68000 Series - In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. Term/Whole Life – B60000 Series – In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Group Whole Life - Q60000 Series - In Arkansas, Policy Q60100CAR. In Delaware, Policy Q60200M. In Idaho Policy Q60100CID. In Oklahoma, Policy Q60100COK. In Oregon, Policy Q60100COR. In Texas, Policy Q60100CTX. Group Term Life Q60000 Series - In Delaware, Policies Q60200C. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent. Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
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