$50,000 Life Insurance Rates

$50,000 life insurance rates

Have you ever seen a TV commercial when they talk about life $500,000 life insurance policies costing only about $18 a month?

Then, you think to yourself that you only need about $50,000 in life insurance only to find out the rates are higher than the $500,000 “as seen on TV” rates? What’s up with that?

The bottom line is term life insurance can be very cheap but only when you fit in that perfect box that the company is looking for. You know the box; perfect BMI, no health issues, you run a marathon every year, less than 35 years old and you want at least $500,000 in coverage.

Term life insurance is also rate banded with most companies.  That means you can many times buy $100,000 of term life cheaper than $50,000.

If that doesn’t sound like you, read this article all the way through so you can know upfront what to expect when you’re looking for $50,000 life insurance rates.

Term, Whole Life, or Universal Life

 

Without a doubt, term life insurance is always going to cost much less than whole life or universal life. It’s cheaper because you’re not paying the additional premium that’s deposited in a cash value account and the policy is temporary, not permanent.

Term life insurance is a good solution for people who only need coverage temporarily and aren’t concerned about cash value. Term is straight-up life insurance with only a few bells and whistles that can be added. These are called “riders.”

When you start shopping for term insurance, the two primary rating factors you’ll need in advance are how much coverage do you need and how many years do you need it.

Unlike Whole Life insurance and Universal Life insurance, Term Life insurance is purchased in a block of years (the term) of 10, 15, 20, 25, and 30 years.

Some companies required medical exams and some companies do not require a medical exam. Some companies will sell a small $50,000 policy and some won’t. Fortunately, most independent insurance agents have an “instant quote form” on their website and you can shop your needs with every company they represent but you’ll have to verify the underwriting requirements (medical exam or not) with the agent.

So then, let’s take a look at how much a $50,000 life insurance policy cost for each term and look at which companies require medical exams and which ones don’t.

Ten Year Term Life Insurance

 

With a 10-year term policy, your rates are guaranteed to remain the same for 10 years and then you’ll be offered annual renewals with the rates based on your age at each renewal. The rates we’re displaying will be for a male and female non-smoker in a preferred plus health class. If you have health issues, your rates will either be higher or you may not qualify at all.

 

$50,000 Life Insurances Rates for 10-Year Term

Age of ApplicantMale Non-SmokerFemale Non-Smoker
30$7.66$6.83
40$8.48$7.92
50$13.09$11.31
60$25.14$19.40
70$51.07$39.06

These quotes are valid effective 02/01/2020 and are subject to change according to underwriting. Most individuals that purchase a $50,000 term policy do so to cover a debt like a mortgage or pay for final expenses.

Fifteen-Year Term Life Insurance

 

The 15-year term policy is similar to the 10-year term with the monthly premium guaranteed to remain level for 15 years. When a renewal is offered, it will be for an annual policy and the rates will change each year according to your attained age.

The rates displayed will be for a male and female non-smoker in a preferred plus health class.

 

$50,000 Life Insurance Rates for 15-Year Term

Age of ApplicantMale Non-SmokerFemale Non-Smoker
30$7.70$7.05
40$9.35$8.53
50$15.44$13.14
60$33.02$24.01
70$72.73$57.25

To get quotes for your actual age, please check out our instant quote form on the right but remember, rates are subject to change based on your underwriting.

20-Year Term Life Insurance

 

A 20-year term policy is the most popular term policy because most of these will have a conversion option that allows the policyholder to convert the policy to a permanent one without having to go through medical underwriting. The rates displayed will be for a male and female non-smoker in a preferred plus health class.

 

$50,000 Life Insurance Rates for 20-Year Term

Age of ApplicantMale Non-SmokerFemale Non-Smoker
30$7.96$7.05
40$10.35$8.53
50$18.57$13.14
60$43.15$24.01
70$311.81 Whole Life$244.95 Whole Life

Since insurance companies rarely issue a 20-year term policy to people age 70 or above, we are displaying the rate for whole life insurance rather than term. Once again, these rates are not final and are subject to underwriting.

25-Year Term Life Insurance

The rates displayed will be for a male and female non-smoker in a preferred plus health class.

 

$50,000 Life Insurance Rates for 25-Year Term

Age of ApplicantMale Non-SmokerFemale Non-Smoker
30$10.209.12
40$12.97$11.61
50$25.18$13.14
60$78.86$20.30
70$311.81 Whole Life$244.95 Whole Life

A 25-year term policy makes financial sense for people who are in their 40s or 50s and will likely retire at age 65. The rates provided are subject to underwriting. Please use the instant quote form on the right to get an accurate rate for your actual age.

30-Year Term Life Insurance

 

The 30-year term policy is the second most popular term policy because it is a great solution for covering a mortgage or other long-term debt. With the term being 30 years, most companies stop offering policies at age 55.

The rates displayed will be for a male and female non-smoker in a preferred plus health class.

 

$50,000 Life Insurance Rates for 30-Year Term

Age of ApplicantMale Non-SmokerFemale Non-Smoker
30$9.319.12
40$13.05$11.61
50$26.40$13.14
55$40.50$31.50

Individuals who are older than 55, can easily purchase final expense insurance which is whole life insurance and will provide coverage for a lifetime.

Medical Underwriting for $50,000 Life Insurance

 

Although many insurance companies offer $50,000 life insurance without a medical exam requirement, they’ll typically charge a few dollars more. Even when you aren’t required to have a medical exam, the insurance company will still order medical and prescription reports through databases like the medical information bureau (MIB).

Frequently asked Questions

Can I buy life insurance without a medical exam?

Yes you can. In fact, we represent many companies that offer term life insurance and do not require a medical exam.

Should I buy term or whole life insurance?

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If you are looking to replace your income, cover your mortgage, or cover other personal debts, term life insurance would be the most affordable option.

Is a $50k 30-year term policy cheap?

Life insurance at 65.

Term insurance is the most affordable kind of life insurance that you can purchase. For example, a 30-year old male in very good health can get a $50k 30-year policy for as little as $7.66 per month.

For more information about Term Life insurance and to get a free and confidential quote, call our office at (800) 712-8619 during normal business hours or contact us through our website at your convenience.