---
title: Life insurance in your 50s: What You Need and Why
url: https://coverfolk.com/for/in-your-50s
updated: 2026-10-08
---

# Life insurance in your 50s

In your 50s, you may still have a mortgage, kids in school and a spouse who needs your income.

[How much do I need?](/calculator)

Updated October 8, 20264 sources[Fact checked](/editorial-standards)

The short answer

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.

**$47 to $102**Monthly price for $500,000 of 20 year term for a woman at 40 vs at 50, nonsmoker, average health (MoneyGeek, updated September 22, 2026).[Source: MoneyGeek, How Much Does Term Life Insurance Cost?](https://www.moneygeek.com/insurance/life/rates/term-life-insurance-rates-by-age/)

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

[**Term life: The most coverage for the least money, for 10 to 30 years.**](/coverage/term-life)[**Final expense: Small whole life plans that pay for a funeral and last bills.**](/coverage/final-expense)[**Whole life: Coverage that lasts your whole life and builds cash value.**](/coverage/whole-life)[**Mortgage protection: Life insurance sized to your home loan, so the house stays paid.**](/coverage/mortgage-protection)

## 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.

## Sources

1. [MoneyGeek, How Much Does Term Life Insurance Cost? (2026 Rates)](https://www.moneygeek.com/insurance/life/rates/term-life-insurance-rates-by-age/)
2. [LIMRA and Life Happens, 2026 Facts About Life Insurance (2026 Insurance Barometer Study)](https://www.limra.com/siteassets/newsroom/liam/2026/facts-about-life-insurance.pdf)
3. [NFDA funeral statistics](https://nfda.org/news/statistics)
4. [IRS, Life insurance and disability insurance proceeds FAQ](https://www.irs.gov/faqs/interest-dividends-other-types-of-income/life-insurance-disability-insurance-proceeds/life-insurance-disability-insurance-proceeds)