Your 50s are often a turning point. Some needs are shrinking as children become independent, while others, like a spouse's retirement or a remaining mortgage, are still very real.
Do you still need coverage?
Ask what would happen financially if you died this year. If a partner would struggle to cover the mortgage or retire on time, or if you still support children or parents, coverage likely still matters.
Common options
- Term life of 10, 15 or 20 years to cover the years until retirement or until the mortgage is paid off.
- Permanent life for lifelong needs, at a higher cost.
- Group life through work, which can help but usually ends or becomes expensive when you leave the job.
What affects price at this age
Age and health matter more each year. A medical exam or detailed health questions are normal. Applying while you're in good health generally gives you more options.
How much?
Recalculate rather than keeping an old number. Include the remaining mortgage, years of income your partner would need, any debts, and final expenses, then subtract savings and retirement accounts.
Review beneficiaries and old policies
Check who's named on every policy and retirement account. Before replacing an old policy, compare carefully. A new policy may cost more at your current age, and new policies can have contestability periods.
General information only, not insurance advice and not a recommendation of any insurer or policy. Coverage rules and prices vary by state and by insurer, so confirm details with a licensed agent or your state insurance department.