Life insurance after 50

It’s not too late for life insurance. Compare your options and help protect your loved ones.

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Is it too late to get life insurance after 50?

No, it’s not too late. You’re still eligible for life insurance once you reach 50. Many people use it to help protect a spouse, support adult children, cover debts, or help with final expenses.

The better question is usually whether you need temporary coverage or lifelong protection.

Term vs permanent life insurance for ages 50 and over

Sun Life offers life insurance for people ages 50 and up can still make sense, especially if you want to help protect your loved ones, cover final expenses or leave money behind. The main choices are term life insurance and permanent life insurance.  

It’s also important to remember that there are three types of permanent life insurance: whole life, participating life and universal life. These three products work differently, but the core idea is long-term protection.

If your needs are temporary, term may be a practical place to start. If you want coverage that can last for life, permanent insurance may be worth a closer look. Depending on your personal situation, you may need both types of life insurance. Here’s a breakdown of how these products work:

Term life insurance Permanent life insurance What this means for you
Coverage duration Set term, anywhere from 5 to 40 years, depending on your age Lifelong, as long as premiums are being paid Choose based on how long you need protection
Monthly or annual payments (premiums) Often lower at the start, but can rise upon renewal Usually higher than term because coverage is lifelong Budget matters, especially if you want to keep payments steady
Death benefit amount Fixed for the term period Fixed or structured differently, depending on the type of permanent product Look at what your loved ones would actually need in terms of financial coverage
Renewal or continuation May renew your term policy or convert to a permanent policy, depending on the product Lasts your entire life and doesn’t need renewal as long as the policy remains active Check the terms and conditions of a product before you apply
Cash value Not available with term policies Some policies have a cash value savings component. Consider if you need a policy that accumulates money over time

This table gives you a simple starting point. The right choice may not be just about your age. It’s about what you want to help protect, how long you need coverage, and what fits your budget.

What's the best life insurance for ages 50 and over?

There isn't a one-size-fits-all answer when it comes to life insurance and the right choice isn’t just about your age – it’s about what works best for your specific situation and health status. However, some people ages 50 and over find that a combination approach (owning multiple policies) works best for them. They start with term life insurance for immediate, affordable protection, then supplement it with permanent coverage if their budget allows.  

Learn more about having multiple life insurance policies

Keep in mind, your health becomes increasingly important at this age because it directly affects both your eligibility and premiums.  

  • If you're in excellent health, you'll likely qualify for better rates on either type of policy.  
  • If you have pre-existing conditions like diabetes, heart disease, neurological disorders, or high blood pressure, term insurance may still be accessible and affordable, while permanent insurance may carry higher premiums.  

The key is matching your policy type to your actual needs, health profile, and financial capacity. Connect with a Sun Life advisor to find out which insurance products suit your goals and needs.

How much life insurance do you need after 50?

The amount of life insurance you need after age 50 depends on your specific financial situation rather than your age alone. Some advisors may suggest having coverage equal to 5 to 10 times your annual income, though this varies widely.

A common starting point is to calculate coverage based on your outstanding debts and financial obligations. Here are a few things to consider: 

  • Add up any remaining mortgage balance, credit card debts, car loans, and other liabilities. 
  • Think of your family's income needs – if a spouse or dependent relies on your income, estimate how many years they'd need that financial support and multiply your annual contribution by that number. 
  • Beyond basic debt coverage, think about end-of-life expenses like funeral costs (typically $7,000-$15,000) and any final medical bills. 
  • If you have grandchildren and you want to help with their education, or if you have a dependent with special needs who will require ongoing care, factor those costs in too. 

Some people ages 50 and over find that their insurance needs are lower than earlier in life because their children are independent and their mortgage is nearly paid off. Others discover they need more coverage than they expected because of caregiving responsibilities or estate planning goals.

A life insurance calculator can give you an idea of how much coverage you may need based on your income, debts and existing coverage. Use our life insurance calculator to get a quick estimate. Think of the estimate as a starting point, then compare your options and talk to a Sun Life advisor if you want help narrowing them down.

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You can get started in the way that works best for you:

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Talk to a licensed Prospr by Sun Life advisor to help you choose a life insurance plan that meets your current needs. 

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Frequently asked questions

It helps to understand that insurers will take a thorough look at your medical history, so having your health records readily available can make the process smoother. It's also good to know that many people over 50 with pre-existing conditions successfully get coverage – you're not automatically disqualified just because you have a health concern. 

On the financial side, understanding your actual needs is valuable: knowing what debts you have, who relies on you, and how much protection your family would realistically need helps take the guesswork out of choosing coverage. 

Remember to be honest during the application process even if you have health challenges, because insurers verify information anyway. Most importantly, recognize that applying for life insurance is a normal, manageable step that helps protect the people you care about.

When you apply for life insurance at 50 or older, insurers typically ask about your medical history, lifestyle habits, family health history, and current health status. People age 70 and over may also be asked about their day-to-day functional abilities.  

The insurance company uses this information to assess your health risk and determine your premiums. Medical exams – including blood work and urine tests – may accompany these questions for applicants over 50.

It's rarely "too late.” Your age may affect how much life insurance you can get, but it doesn’t disqualify you. Sun Life considers applications from people up to their 70s and 80s. 

Keep in mind, as you age, your health history carries more weight in the underwriting process. Pre-existing conditions that might have been manageable at 50 could affect your eligibility or rates more significantly at 70 or 75. That said, many older adults with health challenges still qualify for coverage.

If you’re 65+, learn more abou ltife insurance for seniors

If you’re still weighing your options, a Sun Life advisor can answer your questions and help you compare term and permanent coverage and build a financial roadmap that fits your life.

Connect with an advisor near you.

Additional resources

Term life insurance for seniors

For some seniors and retirees, term insurance can help provide peace of mind.

Life insurance for singles

Find out how life insurance can benefit you regardless of your marital status.

Term life insurance rates by age

Find out how much a term policy may cost you at age 50 or over.

This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.

Reviewed by Amir Pourzakikhani