Guaranteed Issue Life Insurance Over 50 [Sample Rates]

Written by Guaranteed Issue Life

If you’re looking for an instant quote based on your exact birthday, use the quote form on this page. Rates from over a dozen guaranteed issue companies will be displayed on the following screen.

Many people in their 50s that are thinking about purchasing a small life insurance policy to take care of final expenses and burial costs wait until they’re older to do so. When this happens, their rates go up substantially and they run the risk of their health deteriorating too much.

For people who are between the ages of 50 and 59 who are in need of a life insurance policy that does not ask any medical, health or lifestyle questions, and does not include any medical tests, we encourage you to not wait.

The two primary factors for purchasing a guaranteed issue life insurance policy are age and cost.

When you are in your 50s, it will be the most affordable time to make this purchase. The majority of no questions insurance products come available to people starting in their 50s. In fact, if you take a second to compare the guaranteed issue rates of a 50-year-old person to a 45-year-old person who has only one carrier option, you’ll see the difference.

That said, guaranteed acceptance insurance prices do increase with age. As you steadily climb through your 50s and into your 60s, your rates will continue to increase year after year.

Another reason is the number of options available. Every single guaranteed acceptance product is available to people in their 50s, no matter the status of their health. This includes all 15 products that we review on this website and most likely any that come on the market in the future.

Hands down, your 50s is the sweet spot for securing the best-guaranteed acceptance life insurance policy.

If you or a loved one lacks insurance for covering any final expenses, burial or cremation costs, outstanding medical bills or other financial obligations, do not wait any longer. Your family and wallet will thank you.

Sample Rates for Guaranteed Issue Over 50

Here are sample quotes for amounts ranging from $5,000 to $20,000. Keep in mind, you are able to take out policy amounts in between these values as well as over (with some select carriers).

For the most accurate quote for your individual needs, we encourage you to run an instant quote on this page.

Guaranteed issue life insurance for males in their 50s, monthly rates:

 $5,000$10,000$15,000$20,000
Age 50$22.50$44.09$65.68$87.27
Age 51$24.15$47.39$70.63$93.87
Age 52$25.67$50.42$75.17$99.92
Age 53$27.09$53.26$79.43$105.60
Age 54$28.32$55.36$82.04$108.72
Age 55$29.25$56.50$83.74$110.99
Age 56$29.84$57.69$85.53$113.37
Age 57$30.52$59.03$87.54$116.06
Age 58$31.10$60.21$89.31$118.41
Age 59$31.77$61.53$91.30$121.06

Guaranteed issue life insurance for females in their 50s, monthly rates:

 $5,000$10,000$15,000$20,000
Age 50$17.69$34.47$51.24$68.02
Age 51$18.93$36.68$54.02$71.36
Age 52$19.82$37.65$55.47$73.29
Age 53$20.14$38.27$56.41$74.54
Age 54$20.49$38.98$57.47$75.96
Age 55$20.93$39.86$58.78$77.71
Age 56$21.39$40.77$60.16$79.55
Age 57$21.91$41.81$61.71$81.62
Age 58$22.38$42.75$63.13$83.50
Age 59$22.91$43.82$64.73$85.64

Graded Death Benefit for People in Their 50s

If you know that you need a guaranteed acceptance life insurance policy, it is wise to make the purchase immediately. This is because all insurance policies that do not have any health questions come with a graded death benefit.

The graded death benefit is the amount of time you must live before the full amount of the policy is guaranteed to your loved ones. It is commonly referred to as the “waiting period” that you must outlive.

The graded period is typically two years but can be as high as three with some carriers.

If death does occur within the first two years of your policy being in-force, your beneficiaries will receive the total premiums paid to date plus interest, usually around 10%.

In other words, if you die in the first two years the carrier will only pay back what you have paid in plus interest. Most likely this amount will not be enough to cover a substantial amount of any final expenses, such as burial or cremation.

For this reason, it is imperative that you make this purchase as quickly as possible and begin working through your two years.

The only exception to this rule is if death occurs by accidental means. If you pass away from an accident, your policy amount will be paid in full and the carrier will keep all the premiums paid.

Although the leading causes of death among people in their 50s are heart disease and cancer, unintentional injuries or accidents are still within the top three causes.*

*https://www.cdc.gov/healthequity/lcod/men/2014/all-males/index.htm

How to Qualify for no Graded Period in Your 50s

The reason all guaranteed issue life insurance companies require the graded period is to protect themselves from high risk cases. These are typically people who most likely have a life expectancy of less than 24 months or other serious health concerns.

For this reason, this type of policy is usually a last resort for people who are considered uninsurable for simplified issue or fully underwritten insurance products.

More often than not, these are people in their 60s, 70s and 80s. In our experience, many people who are in relatively good health in their 50s can still find ways to qualify for a product without a graded period.

The two MAJOR reasons people purchase guaranteed acceptance are:

  1. It is the only option due to health reasons
  2. It is the cheapest option due to health reasons

There is one exercise you can do to see if you will qualify for a product WITHOUT a graded period.

If you say “no” to all of the following conditions, then you can most likely apply for a simplified issue product. When applying for a policy with underwriting, these are considered the “knock out” questions and require no’s for all.

  • You have a terminal illness and a life expectancy of 24 months or less
  • You have ever had or been advised by a medical professional to have any kind of organ or tissue transplant
  • You are currently on dialysis
  • You have been diagnosed with or been treated for Alzheimer’s or Dementia*
  • You are currently in a nursing home
  • You are currently receiving hospice care
  • You are confined to a wheelchair due to a chronic illness or disease
  • You currently have cancer (except basal cell or squamous cell skin cancer)
  • You have AIDS (HIV is considered insurable in some situations, but can be tough)

If you answered “no” to all the questions above, let’s see if guaranteed issue might be your most affordable option. You see, outside of health conditions that are immediately uninsurable, there are some health situations that are just very high risk and therefore more expensive.

Now check if you can answer “no” to the following conditions:

  • You have congestive heart failure
  • You’ve had a heart attack within the last 12 months
  • You’ve had a full stroke (TIA/mini strokes are accepted) within the last 12 months
  • You had a heart or circulatory surgery within the last 12 months
  • You had or have been treated for internal cancer or melanoma within the last 24 months and the cancer is gone
  • You use oxygen to assist with breathing (excluding use for sleep apnea)
  • You’ve had or been treated for angina (chest pains) within the last 12 months

If you did answer “yes” to any of the scenarios above, then you may be a good candidate for a policy that does not ask any health questions. In order to truly know, though, we recommend speaking with an agent who can help compare all your options.

Bottom Line

We understand that shopping for insurance to cover final expenses can be confusing and daunting. For that reason, we recommend you seek out the assistance of an independent life insurance agency (like us) who can discuss your options and compare rates.

People in their 50s are becoming increasingly aware of their own mortality as the end stages of life become more real. Since you can never be sure what life is going to throw at you tomorrow, you shouldn’t wait any longer to get the insurance protection your family needs. Guaranteed issue life insurance at any age is smart if that’s the type of policy you need.

Think about it, if something tragic were to happen to you, and you did not have insurance coverage for final expenses, your family would be left with debts and bills. It’s our goal to ensure you can leave them with a positive legacy instead.

Our independent agents have years of experience working with clients across all age groups and understand the unique needs of each. Give us a call directly to have one of our agents discuss your options while saving you time and money. Our services are provided at no cost and with no obligation.

If you’re not quite ready to call, no problem. You can always use the free tool on our website to compare guaranteed issue life insurance rates.

 

About Guaranteed Issue Life
About Guaranteed Issue Life

We work with individuals across the nation to secure the best life insurance rates.

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