If people still count on your income, get term life that lasts until you retire. If you mainly want to cover a funeral and final bills, look at a small whole life policy.
Price climbs fast in this decade. MoneyGeek shows $500,000 of 20 year term for a 50 year old woman at $102 a month, up from $47 at 40. That is for a nonsmoker in average health (updated September 22, 2026).
Many people buy life insurance to pay for a funeral. LIMRA says 57% of owners named burial and final costs as a reason. A funeral with viewing and burial had a median cost of $8,300 in 2023, per NFDA.
You may still have time to cover a mortgage. A 10, 15 or 20 year term can bridge you to retirement.
Tips that help
- Match the term to your retirement date or mortgage payoff.
- Buy before 55 if you can. MoneyGeek shows a big jump from 50 to 55.
- Keep enough for your spouse if your pension would shrink after you die.
- Add a small whole life policy for final costs if you want lifelong coverage.
- Quit tobacco if you can. MoneyGeek shows smoker rates about 2.3 to 3.3 times higher.
Coverage that fits
Common questions
Can I still get term in my 50s?
Yes. MoneyGeek lists 20 year term rates at ages 50 and 55.
What does final expense cost at 55?
Choice Mutual lists $10,000 of whole life at $28 a month for a 55 year old woman and $36 for a man, non tobacco, rates valid as of March 9, 2026.
Is the payout taxed?
Usually not. The IRS says death benefits paid to a beneficiary are generally not income.
