I’m 53, and until recently, I never gave much thought to life insurance. It always seemed like something I’d worry about “later.” But with my kids getting older and my partner and I talking more seriously about retirement, I realized I needed to get my finances in order—just in case anything unexpected happened.
I started looking into term life insurance for people over 50 and honestly, it was a bit overwhelming. There are so many options out there, and I didn’t want to end up paying more than I needed to. My goal was simple: find the cheapest term life insurance policy that still covered the basics.
Here’s what I learned along the way—and what actually worked for me:
1. Not All Companies Treat 50+ the Same
Some insurers really jack up the rates once you’re over 50, even if you’re in decent health like I am. Others were more reasonable and didn’t treat “50” like a death sentence. I found that companies like Haven Life, Banner Life, and Ethos gave me better quotes than some of the big-name providers.
2. Term Length Matters
I initially thought I needed a 30-year term, but after looking at my needs realistically (my mortgage will be done in 15, and my kids will be financially independent), I opted for a 15-year term. That alone brought the price down a lot.
3. Online Quotes Help—A Lot
I used sites like Policygenius and Quotacy to compare rates. I didn’t buy from them directly, but they were super helpful for getting a ballpark idea of what I could expect. I avoided the ones that asked for way too much personal info before showing anything (no thanks).
4. Skip the Extras
I found that some policies included “riders” I didn’t need—like accidental death or critical illness—adding $10–$20 a month. I went basic, and it saved me money without compromising on what I really needed.
5. I Chose [Insert Your Pick]
In the end, I went with [example: Banner Life through a local broker]—$250,000 coverage for 15 years, and I’m paying around $38/month (non-smoker, pretty average health). No medical exam needed, just a phone interview and some online forms. Took about a week from quote to approval.
Final Thoughts
If you’re over 50 and still thinking life insurance is either too expensive or too complicated, I promise—it doesn’t have to be. Take the time to compare and be honest with what you really need. You can absolutely find cheap term life insurance over 50 that still gives you peace of mind.
I wish I’d started sooner, but I’m glad I didn’t wait any longer.
Hope this helps someone else who’s in the same boat I was in a few months ago!