The Timing Reality

Age 50 represents a threshold in the insurance industry. Below 50, life insurance underwriting is relatively straightforward, and premiums are still reasonable. At 50 and beyond, health issues begin affecting approval decisions more consistently, medical exams become more rigorous, and premiums increase sharply with each passing year.

If you’re over 50 and haven’t purchased life insurance, waiting is expensive. A 50-year-old in good health pays substantially less for a 20-year term policy than that same man would pay at 55 or 60. The cost difference between purchasing at 50 versus 55 can be 30-50% higher. Between 50 and 60, the difference can be 100%+ or more.

The window closes quickly. If you’re 50 and uncertain about life insurance, the cost of waiting five years exceeds the cost of purchasing now and potentially not needing it. This is one of the few insurance decisions where waiting is almost always more expensive.

Why Term Usually Wins

For most men over 50, 15-20 year term insurance is the best choice, not because whole life or universal life are bad products, but because term delivers appropriate protection at an affordable cost during the years you most likely need it.

Term at 50+: A 20-year term policy purchased at 50 covers you until age 70. If you still need protection at 70, you can renew, convert, or purchase new coverage. The term structure allows you to get substantial coverage at a cost you can actually afford.

Whole Life at 50+: Whole life becomes significantly more expensive at 50+. A $400,000 whole life policy for a 50-year-old in good health costs $300-$500+/month—3-10x more than a 20-year term for the same coverage. Whole life builds cash value, but that value accumulates slowly at this age. For most men, the premium difference is not justified by the cash value benefit.

When Whole Life Makes Sense at 50+

• You have substantial accumulated wealth and want permanent tax-advantaged accumulation
• You expect to need coverage past age 70 and want guaranteed rates
• You have dependents who will depend on you indefinitely (not common)
• You cannot afford to have a gap in coverage after your term expires

For most men over 50 without these specific circumstances, whole life is overkill.

Medical Exams Are Very Likely

At 50+, medical exams are standard for coverage amounts over $250,000-$300,000. Unlike younger applicants who can often get approved without medical exams through streamlined underwriting, men over 50 can expect:

• Comprehensive health questionnaire
• Phone interview about medical history
• Medical exam (blood work, EKG, possibly)
• Request for medical records from your doctor
• Motor vehicle record check
• Possible APS (Attending Physician Statement) if you have health conditions

Common Health Conditions That Affect Approval

These don’t disqualify you, but they affect your premium rating or approval timing:

• High blood pressure: Requires control; affects rating
• Diabetes: Can be approved but requires evidence of control
• Heart conditions: Serious conditions may limit coverage or result in a decline
• High cholesterol: Usually manageable with medication and control
• History of cancer: Usually approvable after a specified time period since treatment
• Sleep apnea: Can be approved if being treated

Stop Assuming You Need $1 Million

Marketing often suggests everyone needs $500,000-$1,000,000+ in coverage. For many men over 50, this is overkill. Coverage should match what your family actually needs, not what sounds impressive.

Scenario 1: Still Supporting Dependents (Kids in High School or College)

If your children are still financially dependent, your coverage should replace your income until they’re self-sufficient. Calculate:

• Remaining college costs (if applicable)
• Years of income replacement needed
• Mortgage or housing costs remaining
• Other outstanding debt

Realistic amount: $300,000-$500,000 covers most scenarios unless your income is very high or your debt is substantial.

Scenario 2: Minimal Dependents, Some Debt (Mortgage, etc.)

If children are adults and you primarily need to cover the remaining mortgage and final expenses:

• Outstanding mortgage balance
• Other debts (loans, credit cards)
• Final expenses (funeral, medical bills): $10,000-$15,000

Realistic amount: $150,000-$300,000 is often sufficient, depending on debt.

Scenario 3: Retired, Minimal Debt, Spouse Has Resources

If you’re retired or semi-retired with minimal debt and a spouse with independent income or assets:

• Final expenses only: $75,000-$150,000
• Or no policy is needed at all if resources exist

Realistic amount: $100,000-$200,000 or potentially none.

What You’ll Actually Pay

Premium costs vary significantly based on health, but here are realistic ranges for healthy men (those who don’t smoke and have no significant health issues):

If You Have Health Conditions

These factors can increase your premium 25-100% or more:

• High blood pressure (+15-30%)
• Diabetes (+30-50%)
• History of heart problems (+50-100%)
• History of cancer (varies widely)
• Smoking (+100%+)

If conditions are borderline or you’re rated, get quotes from multiple companies. Different insurers rate the same condition differently.

Every Year Matters

This is not hyperbole. The cost difference between purchasing at 50, 55, and 60 is dramatic and non-recoverable. Once you’re 60, you cannot go back and get 50-year-old rates.

Health Can Decline Unexpectedly

You don’t know what your health will be in 5-10 years. A diagnosis at 55 or 60 could result in significantly higher premiums, rating changes, or potential decline. Locking in your rate now at your current health status is the prudent approach.

Real scenario: A 50-year-old in perfect health delays purchasing until 55 because “I might not need it.” At 55, a routine checkup reveals early signs of arrhythmia that require monitoring. Suddenly, the standard rates he qualified for at 50 are not available. He gets rated 50% higher or needs to pursue smaller coverage amounts. The cost of waiting was substantial.

50-Year-Old, Still Supporting Kids, Good Health

• Best choice: 20-year term, $300,000-$500,000 coverage
• Expected cost: $45-75/month
• Why: Covers kids through college/early adulthood; 20 years takes you to 70; term is affordable
• Timeline: Apply immediately; don’t wait

55-Year-Old, Kids Grown, Mortgage Remains, Good Health

• Best choice: 15-year term, $250,000-$350,000 coverage
• Expected cost: $40-60/month
• Why: Covers mortgage; 15 years takes you to 70; kids are adults
• Timeline: Don’t delay; health changes are more likely at this age

60-Year-Old, Retired, Minimal Debt, Good Health

• Best choice: 10-year term or permanent (whole life), $150,000-$250,000 coverage
• Expected cost: $35-80/month, depending on choice
• Why: Permanent or shorter term makes sense; covers final expenses and small legacies
• Timeline: If you haven’t purchased by 60, don’t delay further

Any Age with Health Issues

• Best choice: Start with condition management; then apply it to multiple companies
• Expected cost: 25-100%+ higher depending on condition
• Why: Different companies rate the same condition differently; shop multiple insurers
• Timeline: Get conditions stable first if possible (2-3 months), then apply

Should I get life insurance if I’m already retired and have savings?

Direct answer: Probably not if your assets cover final expenses, unless leaving a legacy matters to you or your spouse needs income replacement.

If you’re retired with sufficient assets and your spouse has an independent income, life insurance may not be necessary. However, if your spouse depends on your income or Social Security, modest coverage ($100,000-$250,000) could provide security.

I’m 55. Should I buy a 15-year or a 20-year term?

Direct answer: A 20-year term is usually better because it only costs slightly more than a 15-year term, and takes you to age 75.

At 55, a 15-year policy expires at 70; a 20-year policy expires at 75. The premium difference is often only $5-10/month. The extra 5 years of peace of mind is worth that small cost difference.

Do I need to take a medical exam?

Direct answer: Probably yes, depending on coverage amount. Expect a medical exam for policies over $250,000-$300,000 at age 50+.

Some no-exam policies exist, but they’re limited to smaller coverage amounts ($100,000-$150,000) and cost more per dollar. For any substantial coverage at 50+, plan on an exam.

If I wait 5 years, will I definitely be declined for insurance?

Direct answer: Not definitely, but your risk increases significantly, and costs will be substantially higher.

Many 55-year-olds qualify for life insurance at standard rates. However, health can change unpredictably. By waiting, you’re betting that your health stays stable—a risky assumption. The better strategy is to lock in coverage now at your current health status.

I have controlled diabetes. Can I get approved?

Direct answer: Yes, most likely. Controlled diabetes results in a rate increase, not a decline.

Insurers want to see that your diabetes is stable, your medications consistent, and your blood sugar in a reasonable range. Providers will request your medical records to verify control. Expect a 25-50% premium increase versus standard rates.

Should I buy more coverage “just in case”?

Direct answer: No. Buy coverage that matches your actual needs, not worst-case scenarios.

Buying $750,000 in coverage when you only need $300,000 wastes money. If circumstances change and you need more coverage, it’s better to purchase additional policies. If you buy too much, you’re overpaying unnecessarily.

I’m 50 and single with no dependents. Do I need life insurance?

Direct answer: Probably not, unless you want to ensure debts don’t burden relatives or you want to leave a small legacy.

Life insurance’s primary purpose is income replacement for dependents. If no one depends on your income, the main reason to insure is covering final expenses and debts. If you have assets to cover those, life insurance isn’t necessary.

Should I buy through my employer if it’s available?

Direct answer: Maybe supplemental coverage through the employer, but also get an individual policy that’s portable.

Employer group coverage is often cheaper while you’re employed, but it ends when you leave the job. Individual policies stay with you for life. Get both if budget allows: supplemental group coverage while employed, plus individual coverage that continues after you retire.