How much does life insurance cost for a 50 year old?

Curious about life insurance costs for a 50-year-old and over?

Your fifties mark a transformative period, bringing financial considerations like retirement, mortgage completion, and children’s education. As life events shift, so do your needs for financial planning and protection. Whether you’re exploring life insurance for the first time or looking to update coverage, understanding the costs is crucial.

Discover what term life insurance entails for those in their 50s and why considering it now is a smart move.

life insurance over 50

What is the average cost of term life insurance for age 50 and over?

The average price for life insurance in your 50s is $80-125 per month for about $500,000 worth of 20 year term life insurance coverage. This is an average price range—the exact monthly premium that you would pay depends on your specific personal and policy profile. 

Term life insurance premiums are based on various factors like your specific health, gender, and lifestyle. Other factors, like your smoking status, having pre-existing health conditions, or participating in any extreme sports, can have an influence on your monthly cost of life insurance. Additionally, the type of policy you choose has an impact on the cost of your insurance.

Take a look at the chart below to understand what the average premiums are for a term life insurance policy in your fifties.

Life Insurance Premiums – Male, 20-Year Term Life Insurance

Age $250K $500K $1MM
50 $72 $124 $235
51 $81 $144 $274
52 $91 $163 $311
53 $101 $181 $346
54 $113 $201 $385
55 $127 $223 $427
56 $142 $257 $495
57 $160 $290 $559
58 $179 $324 $638
59 $201 $358 $696

*Representative values, based on regular health

The story is similar for women in their fifties. The 20-year term life insurance rates for women who are 50-59 years old are lower than men’s at this age. 

Life Insurance Premiums – Female, 20-Year Term Life Insurance

Age $250K $500K $1MM
50 $52 $86 $162
51 $57 $98 $187
52 $63 $110 $212
53 $70 $124 $239
54 $77 $140 $267
55 $85 $155 $300
56 $96 $179 $349
57 $107 $202 $393
58 $120 $227 $440
59 $135 $251 $488

*Representative values, based on regular health

These are estimated prices for 20-year term life insurance rates for ages 50 and over based on representative data and will still vary depending on factors like health and medical exam results, smoking status (not just cigarettes), family medical history, and more. You may also want a higher death benefit or a longer year term depending on your financial situation, life insurance coverage needs, and all the other things that accompany life in your 50s.

Only you know how much coverage you require and can reasonably afford, but these numbers give an over-arching view of what the average cost of 20-year term life insurance for people who are 50 years old and over might pay for such coverage.

To get an exact quote, check out our easy quoting tool below! Simply enter your information and you’ll get a quote in seconds!

Why should I get life insurance in my 50s?

The reasons at this age vary. While you won’t take advantage of the low rates offered to someone in their 20s or 30s, life insurance is still relatively inexpensive for someone in their 50s who is in good health. And actually, if you find yourself not having suffered any critical or recurring illnesses yet, it might be time to secure a great rate. And if you happened to have developed any health concerns, you may want to think about exercising options available within your existing coverages and/or asking an experienced insurance broker to guide you through new plans you may want to establish. Luckily, the best online insurance broker in Canada can help.

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How much life insurance does someone in their 50s need?

Before figuring the cost of life insurance at 50 years old and over, you need to know how much life insurance you should buy. Of course, the amount of life insurance you need at 50 years old depends entirely on your own personal situation – as we mentioned above.

However, there are some clear indicators of whether you need life insurance at the age of 50 and over:

  • You are the main earner for your family, with dependents like your children, grandchildren, partner, or elderly parents
  • You and your partner plan on spending the rest of your life together as you approach retirement
  • You have children or grandchildren of any age
  • You are paying for their education and plan to continue to pay for some of their education costs over the next few years
  • You have a mortgage, or plan on buying or renovating your home in the near future
  • You have other forms of debt like credit cards or a line of credit
  • You are accumulating assets that you want to be able to transfer efficiently to your dependents

It makes sense that a Canadian in their fifties, with a remaining mortgage, children, and a partner also earning an income would need at least $500,000 in coverage to cover the last of the house payments, cost of living, and children’s education costs (or grandchild to spoil) in the next 20 years. However, like the Bermuda shorts you’ll need post-retirement, this isn’t one-size-fits-all. To find your specific life insurance coverage needs, try out our easy-to-use life insurance calculator

With all this considered, let’s take a look at what 20 year term life insurance costs for a 50-year old for some representative amounts.

Which is the best life insurance at age 50 and over?

While you may have coverage through a group plan at your work – retirement is looming or you might find yourself in line for a final career change or promotion before you pack up the RV and live your twilight years sitting in a lawn chair in Arizona. In this case, you could find yourself with a gap in coverage or no coverage at all depending on your future plans. If you are dependent on group benefits for your life insurance at the moment, you should read why group plans can be lacking in life insurance coverage.

You may already have life insurance you purchased in your thirties or forties, but the plan, benefits, and options no longer suit your evolving needs. Be it marriage, children branching out on their own, or maturing mortgages, your financial and protection needs can change dramatically as you approach retirement age and consider life insurance as a senior – especially for such needs that are temporary in nature. Whether for full first-time coverage or to augment your existing insurance plans – the best term life insurance is simple and flexible insurance that can suit any of these situations.

How do I buy the best life insurance in my 50s?

You now have an idea of what term life insurance might cost as you approach this exciting stage of your life – but everyone’s situation is different. If you have 5 minutes to spare, you can determine your needs and get customized term life insurance quotes for a 50 year old instantly with PolicyAdvisor’s online term life insurance quote tool

Still need help with your coverage needs? Try our life insurance needs calculator now. Otherwise, our licensed advisors are always here to chat.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
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How to save money on mortgage insurance

If you are looking at houses, then you must also be looking how to save money on mortgage insurance. This is especially true when there are fees and costs, like mortgage default insurance, that are unavoidable depending on your down payment.

For instance, many potential homeowner are wondering if they qualify for the federal government’s First Time Home Buyer incentive. Through this program, they can potentially get a top up on the downpayment for their new home. Unfortunately, that new home will also have to include CMHC insurance rolled into the mortgage loan costs. Something you hope to avoid, if possible.

However, those looking to save some bucks do have options.

How to save money on mortgage insurance right now

BetterDwelling reports that big banks and lenders are already taking a disproportionate amount of your hard earned dollars. Do you want to give them even more for an insurance product when there are better and less expensive options available?

If you read our guide – like all discerning readers should – you know mortgage protection is much better served through term life insurance. Having this choice sounds great – we know – but what does it look like in real life?

Let’s look at an example. We want to insure a mortgage in the amount of $500,000 (the principal) over a term of 25 years. The chart below shows the cost of doing so through your favourite bank’s mortgage insurance versus choosing life insurance for 30- and 40-year old applicants.

Mortgage protection through term life insurance vs lender-provided mortgage insurance*

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Cost for 30-year old man
Cost for 40-year old woman
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Wow. By shopping around instead of going with the product offered by your bank, you can save a ton of cash over 25 years, better spent on renos, furniture, and creating memories in your new home.

For the amateur mathematicians out there, if you were the 30-year old man, who decided to go for term life insurance, you would save $5,700 over the 25-year term, just in monthly cash outflow. And wait for it – if you were the 40-year old woman making the right insurance choice, you would save a whopping $18,400 by going with term life insurance over that 25-year term.

You could save tens of thousands of dollars by choosing mortgage protection through term life insurance.

Oh boy! We haven’t even factored in the cost of mortgage insurance premiums going up over time as you renew your mortgage rates. Or even still, that you could get even lower term life insurance rates if you were in good health, or that you could invest your monthly cash savings. You know where we could go with this!

Just like with mortgage rates, it pays to shop around for your mortgage insurance. Luckily we know of a place you can do that online, and within minutes. You shouldn’t need Scully and Mulder to find out the truth about mortgage protection. The lenders and banks have nowhere to hide.

*Bank mortgage premium reflects average of 4 major bank lenders with published rates.

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The benefits of shopping for life insurance online

You know what would be ironic? Getting hit by a bus on the way to buy life insurance. Unless you’re using your iPhone in the crosswalk, there’s virtually no chance of that happening when you buy life insurance online. Of course, avoiding motor vehicle collisions is not the only advantage of buying life insurance online in Canada. Here are a few more we think you should know about before you start inviting insurance companies and brokers to your home for life insurance rates.

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Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Your time is valuable

So, what you’re after is life insurance, right? And what are you wasting when you sit in some insurance company’s office looking at oily magazines waiting for an overdressed insurance agent to show up? Life. That’s what. When you buy life insurance online, every part of the process is faster and easier – letting you live the very thing you’re looking to insure.

You can get online term life insurance quotes in a matter of a few minutes and speak with an advisor without getting your formal wear from the dry cleaner. And, we know a tool that even lets you apply for term life insurance online, without ever leaving the comfort of your home or office. The only thing you need is internet access.

Check out PolicyAdvisor's life insurance calculator.

Convenience counts

Searching for the best online life insurance gives you access to the best insurers in Canada. Forget pounding pavement all over town or calling a dozen different offices that happen to be near your home. Forget all that. Go online and access information on term life insurance quotes from the best life insurance companies in Canada from the convenience of your laptop, iPad, Galaxy S Infinity or your other favourite device – wherever you might be.

You get more options

When you compare life insurance companies online, finding the best life insurance quote is like finding a haystack. No needle, just a great big pile of insurance companies to choose from. You’ll be able to see everything each company offers without having to ask a bunch of questions from an agent representing only one company. The only real challenge you’ll encounter might be writing everything down so you can easily compare term life insurance premiums, what the insurance covers, and other policy quirks and differences.

If you’re good with spreadsheets, you’re all set. If not, a pad of paper with lines and columns will do. Even better –  we know a tool that saves all that info for you; you don’t even need to do any note-taking. Find the company with the best policies and prices at your leisure.

More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!
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Low-pressure sales

Don’t you hate it when salespeople get in your face?

Fortunately, when you shop for the best online life insurance, you’re in control of the conversation. You’re blocking pop-ups, spiking banner ads, and minimizing those annoying fake health-remedy flash videos. You choose from what’s on offer in your time, with zero pressure from a salesperson hoping to earn a commission cheque. And if you still have questions, just schedule a call at your own time with the insurance advisor on the other side.

Shopping for life insurance online means unlimited price comparisons

The great thing about looking for the best insurance companies in Canada online is that you choose what price you want to pay and how much coverage you want – without all that sales pressure we mentioned above. You can evaluate different life insurance coverage amounts, change your insurance coverage term, and the type of product you want to buy as many times as you want. Just sit back and let the insurance calculator do its thing and find you prices that fit your budget in your own time. Try that in some agent’s stiff leather chair, and they’re liable to call security on you!

Speaking of calculators, here’s another great online tool you can use when looking for the best life insurance in Canada.

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Time for a life insurance check-up

Many of us only ever visit our doctor when we’re sick.  If we feel fine, we’d rather be anywhere other than a cramped waiting room listening to a soundtrack of coughing, sniffing and sneezing.

However, in order to truly stay on top of your health, it’s wise to schedule regular checkups to get ahead of any developing issues. After all, an ounce of prevention is worth a pound of cure.

At PolicyAdvisor, we take the same approach to insurance. Because you can’t buy a policy after something’s gone wrong, it’s even more prudent to regularly check on your coverage needs. As a country, that’s something we just aren’t doing. In fact, 1 in 3 insured Canadians haven’t even read their policy.

That’s why we created our Insurance Checkup tool. By answering a few simple questions about your life, we can expertly assess your current insurance needs and highlight any areas where we think you might want to purchase coverage.

Our check-up runs the gamut from travel and pet insurance, to weightier fare like life and critical illness insurance.

The whole thing only takes minutes and doesn’t require bright lights in your eyes or cold stethoscopes on your back. Unfortunately, there’s no lollipop handed out at the end, but we’re hoping the smart, honest advice will make you smile instead.

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Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Taking your temperature

In order to get an idea of who you are and what your needs may be, we need to build your profile. We do that by asking you a few questions about your family, your finances, and your personal details.

We want to know your age, sex and location, not because we’re running a ‘90s themed chatroom, but because those details affect your life insurance costs. It’s the same reason we ask about your marital status and if you have any children. Having those dependents will inform our recommendations for insurance to protect your family.

But keep in mind, we’re not just trying to load you up on insurance policies, here. We only want to recommend what you actually need. So when we ask if you own a home, a car, or a pet, it’s because if you don’t, there’s no need to recommend those types of insurance.

Finally, we like to get an overview of your current financial situation. No need to share specifics, we just want a ballpark estimate so we can make more accurate recommendations based on your assets and income.

Reviewing your records

We’re not interested in pushing products you already own. That’s why we ask about your current insurance coverage. If your auto insurance is taken care of and you have a policy to protect your pooch, let us know: we’ll give you a checkmark and move onto the next item.

Our diagnosis

Using all the information you’ve supplied, our checkup tool assesses your needs and identifies any gaps in your insurance coverage. We separate our recommendations into priority categories: items we suggest you take action on right away, and those you should consider eventually.

We provide a simple explanation of each insurance product we recommend and its primary purpose.

If we recommend you purchase life insurance or critical illness insurance, you can then immediately start shopping for policies on our site or use our insurance needs calculators to dive deeper into your coverage requirements before searching for life insurance quotes.

More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!
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Further consultation

If you’re still not sure what insurance coverage you need or maybe you just want more info on some of our recommendations, feel free to schedule a call with one of our advisors or start a chat instantly. We are happy to answer any of your questions.

Book your next check-up at the front desk

While our insurance assessment tool is great for first-time insurance buyers, it’s also useful for those reviewing their current coverage. Just like an annual physical with your doctor, it’s important to regularly review your insurance needs and adjust your policies accordingly. At PolicyAdvisor, you can always use our tools (like our life insurance needs calculator) free of charge and we promise we’ll offer you a fair and honest assessment.

Now take two of these and call us in the morning.

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