Best 20 Year Term Life Insurance Rates In Your Fifties (50’s)

Best 20 Year Term Life Insurance Rates In Your Forties (50s)

Brian McHale last updated on March 22, 2024

Once you reach your fifties, life insurance coverage is still essential for most Americans to protect income and cover outstanding debts such as a mortgage. The good news is acquiring a new life insurance policy is still very affordable at this age.

Below I will show you the best life insurance rates for someone in their fifties (50’s) looking for a 20 year term policy.

Why choose a 20 year term policy?

The 20 year term life insurance policy is one of the most common terms chosen for someone in their fifties since it locks in the rate for the next twenty years. This protects the children until they are adults and out of school, covers the mortgage until it’s paid off or paid down significantly and protects income to retirement age and beyond.

According to the Social Security Administration (SSA) and their actuarial life table, the life expectancy for males is 76 years old and 81 years old for females. For someone in their 50’s a twenty year term will come close or even exceed those ages (depending on gender and current age).

Example term life insurance rates in your fifties (50-59)

Average cost per month

20 year term- Males

Age	$100,000	$250,000	$500,000	$1,000,000
50 Year Old Male	$21.32	$38.10	$69.47	$129.10
51 Year Old Male	$22.71	$41.44	$75.93	$141.26
52 Year Old Male	$24.51	$44.98	$83.10	$156.00
53 Year Old Male	$26.37	$49.64	$92.59	$175.03
54 Year Old Male	$28.57	$54.51	$102.21	$194.13
55 Year Old Male	$33.51	$59.81	$112.60	$215.84
56 Year Old Male	$36.45	$66.61	$126.10	$240.07
57 Year Old Male	$39.60	$75.34	$141.15	$267.91
58 Year Old Male	$45.03	$87.75	$159.38	$302.32
59 Year Old Male	$48.68	$96.59	$178.31	$338.40

_{Male life insurance rates for ages 50-59 for a 20 year term}

_{Best monthly rates, D.O.B. 8/1. Rates for top health class.}

20 year term- Females

Age	$100,000	$250,000	$5000,000	$1,000,000
50 Year Old Female	$17.65	$30.42	$54.52	$95.79
51 Year Old Female	$18.81	$32.47	$59.00	$106.98
52 Year Old Female	$19.12	$34.89	$64.04	$118.47
53 Year Old Female	$20.59	$38.06	$69.88	$130.37
54 Year Old Female	$22.17	$41.23	$76.36	$142.70
55 Year Old Female	$24.05	$44.68	$82.76	$157.10
56 Year Old Female	$25.95	$49.28	$91.93	$174.95
57 Year Old Female	$28.03	$53.53	$99.95	$194.11
58 Year Old Female	$30.58	$60.28	$114.08	$215.45
59 Year Old Female	$33.56	$66.61	$126.58	$242.41

_{Female life insurance rates for ages 50-59 for a 20 year term}

_{Best monthly rates, D.O.B. 8/1. Rates for top health class.}

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

The general rule of thumb many financial advisors follow is to carry at least 7x to 10x your annual income in life insurance. This will allow you to replace your gross annual income for the next seven to ten years. Some financial experts such as Suze Orman recommend 20x your annual income in life insurance coverage.

Not everyone in their 50’s will need that much coverage, especially if your children are no longer dependents and depending on the balance of your mortgage.

For a more detailed needs analysis, you can use our life insurance needs calculator.

Do I need a medical exam?

Applying for life insurance in your fifties (50’s) is optimal as you are still considered younger by the insurance companies. Therefore, there are top rated life insurance companies will offer a no medical exam or accelerated underwriting option if you have had a checkup with labs on the last twelve months.

Underwriting

The underwriting for a life insurance policy in your 50’s is going to depend on the amount of coverage you are applying for as well as:

Health
Medications
Height and weight
Tobacco use
Family history
Driving record
Any dangerous hobbies

Not Sure Which Life Insurance Health Class You Qualify For?

Take a look at our articles on the four main life insurance rate (health) classes:

How to secure the best life insurance policy in your fifties (50’s)

The best way to secure the lowest rates on a 20 year term life insurance policy in your fifties 50’s is to compare rates from multiple life insurance companies. Each life insurance company has their own prices as well as unique underwriting guidelines.

Certain life insurance companies have much more favorable underwriting guidelines for: height and weight, health history, family history, tobacco use, avocations, travel, etc. You can potentially save thousands of dollars or more just by comparing rates from at least half a dozen to a dozen of the top life insurance companies before you apply.

Keep Reading

Instant 20 Year Term Life Insurance Quotes in Your Fifties- 50s

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