You can also explore the major reasons for people aged 50-59 to get life insurance.
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Life insurance rates for a female, 50-59 years old, non-smoker
Two overviews below show the minimal life insurance premiums for a policy holder of Term 10 and Term 20 insurance products. It means that should a policy owner die during the next 10 / 20 years, the beneficiaries (e.g. family members) will receive the amount stated under the coverage. If a policy holder does not smoke, this will be reflected in the life insurance premiums – they are nearly two times lower than for smoking policy holders.
Approximate rates for a Term 10 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $16 | $18 | $20 | $22 | $24 | $26 | $29 | $32 | $35 | $38 | |
| $200,000 | $29 | $32 | $35 | $38 | $42 | $47 | $51 | $57 | $62 | $69 | |
| $500,000 | $50 | $56 | $63 | $71 | $80 | $90 | $101 | $113 | $127 | $143 | |
| $1,000,000 | $95 | $107 | $121 | $137 | $154 | $175 | $197 | $221 | $248 | $280 | |
Rates from November 2015
Approximate rates for Term 20 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $27 | $31 | $34 | $38 | $42 | $47 | $52 | $58 | $65 | $72 | |
| $200,000 | $52 | $57 | $63 | $70 | $77 | $86 | $96 | $107 | $119 | $133 | |
| $500,000 | $95 | $108 | $122 | $139 | $158 | $180 | $205 | $232 | $262 | $297 | |
| $1,000,000 | $180 | $206 | $235 | $269 | $308 | $352 | $402 | $455 | $517 | $585 | |
Rates from November 2015
Do you have a particular pre-condition? Find out more about life insurance with HIV, life insurance with diabetes, life insurance with cancer, etc.
Life insurance rates for a male, 50-59 years old, non-smoker
Two overviews below show the minimal life insurance premiums for a policy holder of Term 10 and Term 20 insurance products. It means that should a policy owner die during the next 10 / 20 years, the beneficiaries (e.g. family members) will receive the amount stated under the coverage. If a policy holder does not smoke, this will be reflected in life the insurance premiums – they are nearly two times lower than for smoking policy holders.
Approximate rates for a Term 10 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $21 | $23 | $26 | $29 | $32 | $35 | $39 | $43 | $47 | $51 | |
| $200,000 | $39 | $43 | $48 | $53 | $59 | $65 | $72 | $79 | $88 | $98 | |
| $500,000 | $73 | $82 | $93 | $104 | $117 | $132 | $149 | $166 | $185 | $205 | |
| $1,000,000 | $140 | $158 | $179 | $202 | $228 | $257 | $291 | $324 | $361 | $403 | |
Rates from November 2015
Approximate rates for Term 20 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $39 | $43 | $49 | $55 | $61 | $69 | $77 | $86 | $97 | $108 | |
| $200,000 | $73 | $81 | $91 | $101 | $113 | $127 | $142 | $159 | $178 | $200 | |
| $500,000 | $143 | $162 | $185 | $210 | $239 | $272 | $309 | $348 | $392 | $442 | |
| $1,000,000 | $278 | $317 | $360 | $410 | $466 | $531 | $604 | $681 | $769 | $867 | |
Rates from November 2015
Do you have a particular pre-condition? Find out more about life insurance with HIV, life insurance with diabetes, life insurance with cancer, etc.
Life insurance rates for a female, 50-59 years old, smoker
Two overviews below show the minimal life insurance premiums for a policy holder of Term 10 and Term 20 insurance products. It means that should a policy owner die during the next 10 / 20 years, the beneficiaries (e.g. family members) will receive the amount stated under the coverage. Smoker’s insurance rates are approximately two times higher than for those who do not smoke.
Approximate rates for a Term 10 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $34 | $37 | $40 | $44 | $47 | $52 | $56 | $62 | $68 | $74 | |
| $200,000 | $62 | $68 | $73 | $79 | $86 | $94 | $104 | $114 | $126 | $139 | |
| $500,000 | $128 | $141 | $155 | $170 | $187 | $206 | $226 | $250 | $277 | $306 | |
| $1,000,000 | $250 | $275 | $302 | $333 | $366 | $403 | $444 | $491 | $542 | $599 | |
Rates from November 2015
Approximate rates for Term 20 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $56 | $61 | $67 | $74 | $81 | $89 | $97 | $105 | $115 | $125 | |
| $200,000 | $105 | $114 | $125 | $136 | $148 | $162 | $177 | $195 | $213 | $234 | |
| $500,000 | $220 | $244 | $270 | $299 | $331 | $367 | $406 | $446 | $489 | $536 | |
| $1,000,000 | $431 | $478 | $530 | $588 | $652 | $723 | $801 | $880 | $967 | $1,062 | |
Rates from November 2015
Do you have a particular pre-condition? Find out more about life insurance with HIV, life insurance with diabetes, life insurance with cancer, etc.
Life insurance rates for a male, 50-59 years old, smoker
Two overviews below show the minimal life insurance premiums for a policyholder of Term 10 and Term 20 insurance products. It means that should a policy owner die during the next 10 / 20 years, the beneficiaries (e.g. family members) will receive the amount stated under the coverage. Smoker’s insurance rates are approximately two times higher than for those who do not smoke.
Approximate rates for a Term 10 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $56 | $62 | $69 | $75 | $82 | $90 | $98 | $107 | $116 | $126 | |
| $200,000 | $108 | $119 | $131 | $144 | $158 | $172 | $189 | $206 | $225 | $246 | |
| $500,000 | $219 | $245 | $274 | $306 | $342 | $382 | $426 | $472 | $523 | $580 | |
| $1,000,000 | $416 | $468 | $526 | $591 | $665 | $748 | $842 | $933 | $1,036 | $1,148 | |
Rates from November 2015
Approximate rates for Term 20 life insurance policy
| Age, years | |||||||||||
| Coverage | Your age is… -> | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Coverage valid until age of …-> | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | |
| $100,000 | $95 | $104 | $113 | $124 | $134 | $146 | $158 | $171 | $185 | $202 | |
| $200,000 | $184 | $202 | $220 | $240 | $262 | $285 | $310 | $336 | $364 | $397 | |
| $500,000 | $383 | $425 | $473 | $525 | $584 | $648 | $721 | $790 | $867 | $950 | |
| $1,000,000 | $754 | $840 | $935 | $1,040 | $1,159 | $1,291 | $1,436 | $1,574 | $1,725 | $1,891 | |
Rates from November 2015
Do you have a particular pre-condition? Find out more about life insurance with HIV, life insurance with diabetes, life insurance with cancer, etc.
6 Main Reasons to get Life Insurance When you are 50-59
1. Your significant other: Your significant other (e.g. husband, wife, partner) might need financial support should anything happen to you – he/she might also need help with some of your liabilities. Simply said, you want to take care of your loved one.
2. Your parents: Your parents might be fully relying on you if they do not have enough financial income (e.g. pension). You want to make sure that should anything happen to you, they are taken care of and do not have to lower their quality of life.
3. Mortgage: You were probably able to pay off a significant part of your mortgage or maybe you leveraged your finances and still need to take care of significant mortgage payments (e.g. second property, rental properties, bigger house, etc.). A decent life insurance policy will ensure that there will be no unexpected financial burdens on your family.
4. Your business: You might have also managed to build your own business, but what will happen to it should something happen to you? In this case you might want to ensure that you pay off your business debt and ensure everything you managed to build during your life was not in vain.
5. Accumulating value towards retirement: For example, with whole life or universal life products you will be able to accumulate cash value as you pay your insurance premiums. Unfortunately, permanent insurance costs start to really escalate after 50. A combination permanent and term life insurance policy may also be a good option – that way you have some permanent coverage.
6. Estate planning: You might consider different life insurance solutions for estate planning. For example last-to-die life insurance offers a tax-free benefit to your beneficiary. Joint last-to-die policies are created to offset some future tax liabilities (e.g. capital gains related to investments or taxes related to a RRSP). It also can be created to share funds, for example, into a charity.