Final expense insurance for people over 50
At 50 you can choose from almost every final expense policy on the market, and you lock in the lowest rate you will ever see for it. Most carriers issue from age 45 or 50 and allow higher face amounts in your 50s, often up to $35,000–$50,000. If you are healthy and mainly need to cover a mortgage or income, term life may cost less.
Updated · Editorial standards
- Typical issue ages
- 45 or 50 to 85
- Higher face limits
- Up to $50,000 at some carriers through age 55
- Median funeral (burial)
- $8,300 (NFDA, 2023)
- Main alternative
- Term life if healthy
Estimated monthly final expense rates, ages 50–58
| Age | $5K | $10K | $15K | $25K | ||||
|---|---|---|---|---|---|---|---|---|
| Men | Women | Men | Women | Men | Women | Men | Women | |
| 50 | $16.50 | $14.00 | $29.00 | $24.00 | $41.50 | $34.00 | $66.50 | $54.00 |
| 52 | $17.38 | $14.70 | $30.75 | $25.40 | $44.13 | $36.10 | $70.88 | $57.51 |
| 54 | $18.35 | $15.48 | $32.70 | $26.96 | $47.05 | $38.44 | $75.75 | $61.40 |
| 56 | $19.43 | $16.34 | $34.86 | $28.69 | $50.29 | $41.03 | $81.15 | $65.72 |
| 58 | $20.63 | $17.30 | $37.25 | $30.60 | $53.88 | $43.91 | $87.14 | $70.51 |
What final expense insurance looks like at 50
Final expense insurance is a small whole life policy, usually $5,000 to $35,000, meant to pay for a funeral and last bills. It never expires as long as premiums are paid, and the premium is set at the age you buy it.
Your 50s are the start of the window. Mutual of Omaha issues its Living Promise level plan from age 45, and Foresters PlanRight starts at 50 with face amounts of $5,000 to $35,000. Gerber Life and Colonial Penn both begin their guaranteed acceptance policies at 50.
Because you are near the bottom of the age range, you also get the highest face limits. Transamerica caps its Immediate Solution at $50,000 through age 55 and $40,000 from 56 to 65.
Which policy types you can realistically get
Most healthy people in their 50s qualify for a level benefit policy, which pays the full amount from day one. Simplified issue means no exam, just health questions and database checks of your prescriptions and past applications.
If you have a serious recent diagnosis, carriers may offer a graded or modified plan instead. These pay a partial benefit or a refund of premiums if you die of natural causes in the first two or three years. Our waiting periods guide explains each version.
Note one age rule: American Amicable's return-of-premium plan uses a three-year limited period for issue ages 50 to 64, and two years from 65. So a graded policy bought in your 50s may wait longer before full coverage.
How much coverage people in their 50s usually choose
Start with the funeral you want. The National Funeral Directors Association (NFDA) put the 2023 median funeral with viewing and burial at $8,300, and $6,280 with viewing and cremation.
Those medians leave out the cemetery plot, grave opening, headstone and cash-advance items such as flowers and obituaries. Get local cemetery prices and add them to the funeral figure, plus any final medical bills or small debts.
Because premiums per $1,000 are still low at 50, a larger amount such as $15,000 to $25,000 is easier to afford now than later. See what final expense covers for a fuller list of costs.
Final expense vs term life in your 50s
Term life covers a set period, such as 10 or 20 years, and usually costs much less per $1,000 at 50 if you pass underwriting. It suits a mortgage, a working spouse or children still at home. Compare life insurance rates at age 50.
The catch is that a 20-year term bought at 52 ends at 72. If you still want money for a funeral then, you would have to buy final expense coverage at a much higher age-based rate, or in worse health.
Some people buy both: a larger term policy for the working years and a small whole life policy for the funeral. That keeps the permanent piece cheap while it is locked in young.
Paying it off before retirement
At 50 you have a choice most older buyers do not: a short payment schedule. Transamerica's 10-Pay Solution collects premiums for 10 years only, then the policy stays in force for life with nothing more to pay.
Buying a 10-pay plan at 52 means the last payment comes at 62, before many people retire. The yearly premium is higher than a lifetime-pay plan, but you avoid paying on a fixed income later.
Look at riders too. Foresters PlanRight includes a common carrier accidental death rider, which adds a benefit for death while a fare-paying passenger on a plane, bus or train, at no additional premium where available.
What to watch for when buying in your 50s
Each year you wait raises the price for the rest of your life. In Mutual of Omaha's Living Promise rate table, a 60-year-old man pays roughly 48% more per $1,000 than a 50-year-old for the same level plan.
Answer health questions fully. Carriers check prescription histories and the MIB, and a wrong answer can let them contest a claim in the first two years.
Watch the face amount limits as you age. A policy you can buy at $40,000 or $50,000 today may be capped at $25,000 after 75 with the same carrier.
Questions people ask
Can I buy final expense insurance at 50?
Yes. Most final expense policies issue from age 45 or 50, including Mutual of Omaha Living Promise (45), Foresters PlanRight (50) and Gerber Life Guaranteed Life (50). Availability varies by state.
Is final expense insurance worth it at 50?
It can be if you want lifelong coverage for a funeral and want to lock in a low rate. If you are healthy and need coverage mainly for 10–20 years, term life usually costs less.
How much final expense coverage should a 50-year-old get?
Enough for the funeral you want plus cemetery costs and final bills. $15,000 to $25,000 covers the 2023 NFDA median funeral of $8,300 with burial plus cemetery costs and some final bills.
Do I need a medical exam at 50?
No. Final expense policies are simplified issue or guaranteed issue, so there is no exam or blood test. Simplified issue policies ask health questions and check prescription records.
Does the premium go up as I get older?
No. Final expense is whole life insurance, so the premium is fixed at the age you buy it. Buying later means a higher fixed premium.
Can I get final expense insurance with health problems at 50?
Often, yes. Depending on the condition, you may qualify for a level policy, a graded policy with a two- or three-year limited period, or a guaranteed issue policy.
What is a 10-pay final expense policy?
It is a whole life policy you pay for over 10 years, after which no more premiums are due. Transamerica's 10-Pay Solution is one example, issued up to age 85.
Sources
- NFDA, 2023 General Price List Study news release
- Mutual of Omaha, Living Promise product and underwriting guide (producer PDF, 2021)
- Foresters Financial, PlanRight whole life
- Transamerica, Final Expense Solutions consumer brochure (PDF)
- American Amicable, Senior Choice consumer brochure (PDF)
- Gerber Life, Guaranteed Life Insurance
- Colonial Penn, Guaranteed Acceptance Life Insurance (California product page)
This page is for education and is not financial, tax or legal advice. Products, features and availability vary by carrier and state.
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