Key takeaways
Guardian is our top pick overall, with affordable rates for people with health conditions. But if you just want burial insurance, consider State Farm instead.
In the market for term life with no medical exam? Check out Lemonade.
MassMutual has a solid lineup of whole life insurance, while Penn Mutual offers lots of policy add-ons to customize life insurance.
Reviewed monthly. Last updated: December 2025.
If you’re shopping for a life insurance policy in midlife, or if you have coverage but want more, there are plenty of options to choose from. The best life insurance in your 40s or 50s will depend on your budget, health and life circumstances.
For our list of the best life insurance policies in your 40s and 50s, our experts focused on financially strong companies with low ratios of consumer complaints. Then, we assessed age availability as well as policy features and riders that may be important to people in midlife, like add-ons for long-term care.
Best life insurance policies in your 40s and 50s
Insurer | NerdWallet rating | Types of life insurance available | |
|---|---|---|---|
Best for health conditions | Term, whole, universal. | ||
Best burial insurance | Term, whole, universal. | ||
Best whole life insurance | Term, whole, universal, variable. | ||
Best no-exam life insurance | Term. | ||
Best for policy add-ons | Term, whole, universal, indexed universal. | ||
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not any of its life insurance policies specifically. | |||
Best for people with health conditions: Guardian
Male
$31 /month
Female
$26 /month
Why this insurer stands out: Guardian stands out for affordable rates and coverage for buyers living with health conditions.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About Guardian’s life insurance for 40- and 50-year olds
By midlife, many Americans have picked up at least one chronic health issue — which can make it harder and more expensive to buy life insurance. But you can still get life insurance with pre-existing conditions.
Guardian tends to be more willing than other insurers to cover people with health issues, even offering policies to people with HIV. Guardian’s life insurance options include term policies lasting one to 30 years, plus whole and universal policies.
Policies offered: Term, whole, universal and variable universal.
📄 Standout life insurance policy: Guardian offers $100,000 to $10 million of term life insurance and $25,000 to $10 million of whole life insurance for qualifying HIV-positive applicants.
Riders available:
Accelerated death benefit.
Accidental death benefit.
Charitable benefit.
Waiver of premium.
DuoGuard (beneficiary purchase option).
Guaranteed insurability.
Paid-up additions.
Index participation feature.
Lifetime protection builder.
Long-term care.
Policy split option.
Term conversion.
10-year annually renewable term.
Online experience: Guardian’s in-depth explainers are very helpful for first-time life insurance shoppers, but the site doesn’t have many policy details. And while you can get an online quote for term life insurance, you’ll have to connect with Guardian to learn more about other types of policies.
What to know about applying for a policy: Guardian requires a medical exam for most policies. Some people aged 18-60 and applying for policies worth less than $2 million might be able to skip the exam.
Who it’s best for: With excellent financial strength ratings and a low ratio of consumer complaints, Guardian is a solid choice for a range of people looking into life insurance. It stands out for affordable term life insurance for those with a health condition. It’s also a mutual company, so some permanent policyholders may be eligible for dividends.
» Read the full review: Guardian life insurance
Best burial insurance: State Farm
Male
$40 /month
Female
$34 /month
Why this insurer made the list: You can get a State Farm final expense policy without a health questionnaire or medical exam.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term, permanent & no-exam
About State Farm’s life insurance for 40- and 50-year olds
If you don’t need much life insurance but want some coverage for end-of-life expenses, burial insurance may be a good choice. State Farm offers final expense policies that don’t require answering health questions or taking a medical exam, as long as you’re within the eligible age range (45 to 80 in most states).
Policies offered: Term, whole and universal.
📄 Standout life insurance policy: State Farm’s Guaranteed Issue Final Expense Life Insurance offers $10,000 to $15,000 in coverage to people 45 to 80 without a medical exam. In New York, the policy is known as $10,000 Whole Life and is open to people ages 50 to 75.
Riders available: The following riders are not available for final expense policies, but may be for other types of life insurance through State Farm.
Waiver of premium.
Guaranteed insurability option.
Payor insurance.
Online experience: You can get quotes for life insurance, including final expense policies, on State Farm’s site. If you’re already a State Farm policyholder, you’ll want to contact your local insurance agent to be sure you’re getting a mutli-policy discount. State Farm also has a highly rated mobile app to help manage insurance for policyholders, including life insurance coverage.
What to know about applying for a policy: Guaranteed issue life insurance means you can’t be refused coverage for health reasons, so there’s no medical exam. If you live in Massachusetts or Rhode Island, note that State Farm isn’t issuing any new policies in those states.
Who it’s best for: If you already have a State Farm auto policy, adding life insurance coverage could make you eligible for a multi-policy discount.
» Read the full review: State Farm life insurance
Best whole life insurance: MassMutual
Male
$36 /month
Female
$30 /month
Why this insurer made the list: MassMutual offers a variety of whole life policies and is one of NerdWallet's highest-rated life insurance companies.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Far fewer than expected
Policies offered
Term & permanent
About MassMutual’s life insurance for 40 and 50 year-olds
MassMutual’s whole life policies may be appealing to those who don’t want to be paying premiums well into retirement. For instance, Whole Life 100 requires paying premiums until age 100, while Whole Life 65 means you’ll pay more up front but the policy is paid off by age 65.
Policies offered: Term, whole, universal and variable.
📄 Standout life insurance policy: MassMutual’s Whole Life 100 offers a guaranteed cash value rate of 3.75%, which is extremely generous for a whole life insurance policy.
Riders available:
Accelerated death benefit.
Waiver of premium.
Long-term care access.
Guaranteed insurability.
Renewable term.
Life insurance supplement.
Yearly term purchase.
Online experience: You can’t get an online quote for MassMutual’s policies. Instead, you’ll have to work with a financial professional to learn more or apply for a policy. Once you become a policyholder, you can use MassMutual’s mobile app to manage your life insurance.
What to know about applying for a policy: MassMutual has details about its application process on the site, though you’ll work with a financial professional to finalize your application. MassMutual also states up front that you may need to take a medical exam to qualify for life insurance.
Who it’s best for: MassMutual’s cash growth rates are unusually high for whole life insurance policies. It’s also a mutual company that consistently pays dividends to eligible policyholders, which could help cash value grow more quickly. This combined with a reputation for exceptional customer satisfaction means MassMutual’s policies are a good value — especially for those interested in lifelong coverage.
» Read the full review: MassMutual life insurance
Best no-exam life insurance: Lemonade
Male
$28 /month
Female
$24 /month
Why this insurer made the list: Lemonade sells term life insurance online, with many policies going into effect on the same day.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
Yes
NAIC complaints
Fewer than expected
Policies offered
Term & no-exam
About Lemonade’s life insurance for 40- and 50-year olds
Midlife often comes with countless demands on your time — like caring for aging parents or shuttling tweens around. If you’re healthy, a policy from Lemonade that skips the life insurance medical exam may be a convenient choice. Lemonade offers coverage through a partner company, Legal & General (also known as Banner Life).
Policies offered: Term.
📄 Standout life insurance policy: Lemonade’s 40-year term lengths are rare in the industry, and open to applicants 20 to 75 years of age. Note the company does say those with a history of heart disease or cancer may not be eligible for a policy.
Riders available: Lemonade offers straightforward term life insurance without additional riders or policy add-ons.
Online experience: Lemonade’s sleek site is refreshingly transparent. Policy details are highlighted clearly on the main page or can be found in the insurance FAQ section. Lemonade’s mobile app is available to policyholders.
What to know about applying for a policy: With Lemonade, you can complete your entire life insurance application online. Many applicants are approved right away, with no need for an exam. However, Lemonade says you may need to take an exam to get the best rate for your policy.
Who it’s best for: If you’re relatively healthy and just need a simple term life insurance policy, Lemonade will help you skip the fuss of a medical exam and secure coverage quickly.
» Read the full review: Lemonade life insurance
Best policy add-ons: Penn Mutual
Why this insurer made the list: Penn Mutual’s lengthy list of policy riders makes customizing life insurance coverage easier.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Far fewer than expected
Policies offered
Term & permanent
About Penn Mutual’s life insurance for 40- and 50-year olds
Between kids and mortgages and looming retirement needs, older adults may find their life insurance needs have grown complicated. Policy add-ons that offer benefits or extra features are called riders and can help customize life insurance coverage. Penn Mutual has a lengthy menu to choose from, but some may only be available in certain states or with certain policies.
Policies offered: Term, whole, universal, indexed universal.
📄 Standout life insurance policy: Penn Mutual’s Guaranteed Protection Universal Life policy has a guaranteed death benefit as long as you keep up with your premiums, with no-lapse protection until age 121. You can pay your premiums every year, every month or another frequency in between. Or, you can skip or postpone payments if you have enough cash value to cover them.
Riders available:
Accelerated death benefit.
Accidental death benefit.
Child term.
Chronic illness accelerated death benefit.
Disability waiver of premium.
Disability waiver of premium with automatic conversion.
Enhanced permanent paid-up additions.
Estate preservation term insurance.
Flexible protection.
Guaranteed purchase option.
Overloan protection.
Policy split option.
Supplemental exchange.
Online experience: Penn Mutual has some policy details online, mostly for variable life insurance. Policyholders can manage their coverage and change beneficiaries online, but there’s no dedicated app for insurance.
What to know about applying for a policy: Some of Penn Mutual’s life insurance policies have accelerated underwriting, which means they may not require a medical exam for certain applicants.
Who it’s best for: For older adults beginning to think about estate planning, Penn Mutual has some customization options that may offer peace of mind. For example, estate preservation term insurance helps to offset estate taxes if you and your spouse die before transferring the policy ownership to an irrevocable trust.
» Read the full review: Penn Mutual life insurance
How we rate the best life insurance companies
✅ 445 life insurers reviewed
📝 210 policies assessed
🔢 1,515 data points analyzed
📊 Star rating categories
When NerdWallet evaluates life insurance companies, our editorial team considers the insurer's strengths and weaknesses, as well as the things that matter most to customers buying a long-term financial product. We then weigh these factors carefully:
💰 Financial strength (35%). We use AM Best ratings to confirm an insurer’s financial stability and ability to pay claims far into the future. The top life insurance companies have an exceptional financial strength rating of A+ or A++ (Superior).
🗣️ Consumer complaints (35%). Our top-rated life insurance companies have fewer than the expected number of complaints to state regulators over a three-year period, according to the National Association of Insurance Commissioners — so you can expect a smoother customer experience.
☎️ Consumer experience (20%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores. The same goes for insurers who support online quotes, beneficiary changes and claims.
👀 Transparency (10%). Our methodology gives higher scores to transparent insurers who clearly display information about their policy options, coverage amounts and term lengths (if applicable) on their site.
⭐ What our star ratings mean
Companies with 5 stars are exceptional, with strong financials, diverse policy lineups and great reputations for customer service.
Companies with 4.5 stars are excellent, with solid financials and policy offerings, and good customer service track records.
Companies with 4.0 stars are good, and potentially great for people looking for niche coverage options.
Companies with 3.5 stars or fewer could do better in certain categories, like financial strength and customer complaints.
NerdWallet does not receive compensation for our star ratings or our reviews. Read more about our life insurance ratings methodology and editorial guidelines.
What life insurance options are available in your 40s and 50s?
Perhaps you already have coverage, whether it’s group life insurance through your employer or a policy you took out years ago. But maybe you’ve reached a point where you wonder whether you have enough.
You can own more than one life insurance policy. This is helpful if you find yourself taking on additional financial obligations, such as a mortgage or care of aging parents. You can also "ladder" multiple life insurance policies in a way that makes it more affordable than buying a single, larger policy.
Use our tool below to estimate how much life insurance you need.
Is it worth getting life insurance in your 40s and 50s?
Life insurance is a good idea if people in your life depend on your income. That could mean a partner, kids, aging parents or employees of a business you own. Having a life insurance policy can ease their financial burden if you die prematurely or unexpectedly.
There are other reasons to buy life insurance at this age. The payout from your policy could help with:
Covering your funeral, burial or cremation costs. The median cost of a casket, funeral and burial was $8,300 in 2023, the latest data available.
Paying off debt, such as a mortgage or loan. The responsibility of loans could fall to your heirs, who may be unprepared to handle these expenses.
Leaving an inheritance. You may wish to leave a legacy for your children or grandchildren.
Contributing toward college tuition. If you haven't started a college savings account, life insurance could help provide funds for school.
Supporting a cause. You can name a charity or other organization as a beneficiary on a life insurance policy.
Costs of life insurance in middle age
The main factors that affect life insurance rates are age, health and lifestyle, which is why it’s important to buy a policy as soon as you identify a need for it. That way, you’ll be able to lock in the lowest rates possible.
Annual cost of term life insurance
Here are sample rates for a $500,000, 20-year term life insurance policy for nonsmoking applicants in good health. These prices reflect annual rates.
Age | Average annual rate for men | Average annual rate for women |
|---|---|---|
40 | $410 | $340 |
50 | $975 | $745 |
Source: LifeStein.com. Lowest three rates for each age averaged. Data is valid as of November 26, 2025 and rates are subject to change. | ||
Annual cost of whole life insurance
The price of permanent coverage, such as whole life insurance, will typically be much higher than for term life. Part of the extra premium goes toward building cash value.
Here are sample rates for a $500,000 whole life insurance policy for nonsmoking applicants in good health. These prices reflect annual rates.
Age | Average annual rate for men | Average annual rate for women |
|---|---|---|
40 | $5,525 | $4,968 |
50 | $8,750 | $7,782 |
Source: LifeStein.com. Lowest three rates for each age averaged. Data is valid as of November 26, 2025 and rates are subject to change. | ||
» MORE: Average life insurance rates
Pros and cons of getting life insurance in your 40s and 50s
Pros
- Coverage for financial obligations like debt, final expenses and dependent care.
- Opportunity to diversify retirement income.
Cons
- Premiums can rise dramatically with age.
- Might not need as much coverage at this stage of life.
How to choose the best life insurance for people over 40 or 50
When you’re in the market for life insurance, consider these options:
Term life insurance is temporary coverage for the years people depend on your income. You can choose a term that will run out around the time your need for life insurance ends, such as when the kids move out or the house is paid off.
Permanent life insurance, such as whole life insurance, typically lasts a lifetime. It also builds cash value, so it’s often used in estate or retirement planning. You can use whole life insurance to ensure your dependents receive a payout no matter when you die, or as a way to build up retirement funds after maxing out your 401(k) and other retirement savings accounts.
Burial insurance is designed to cover the cost of a funeral and end-of-life expenses, so the death benefit is typically capped at low amounts. Policies are often “graded,” which means you might have less coverage for the first two years the policy is in effect. This policy may be a good value if you have medical conditions that would disqualify you from other coverage types.
» MORE: Compare life insurance quotes
More about top-rated life insurance companies
Looking for a different type of life insurance policy? Check out NerdWallet’s top picks across these categories:
Frequently asked questions
Do you still need life insurance if you're 40 or 50?
Do you still need life insurance if you're 40 or 50?
It may be worth getting life insurance in your 40s and 50s if other people still rely on you financially, especially if you have many more years of earning income ahead of you. Term life insurance can be an affordable way to protect your loved ones.
What’s the best life insurance if you’re over 50?
What’s the best life insurance if you’re over 50?
The best life insurance if you’re in your 50s depends on your financial situation and goals. For example, you might simply want a 10-year term policy to get you through the last few years of mortgage and college tuition expenses. But if you’re looking to leave a financial legacy for your loved ones, a permanent policy may be more appropriate.
At what age should you stop buying term life insurance?
At what age should you stop buying term life insurance?
It depends on your overall financial situation, including debt, family and business needs. A 50-year-old with a paid-off home and no dependents may not benefit from life insurance, while a 50-year-old with a mortgage, teenage children or a business may need coverage to protect their family and employees.
Article sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- 1.National Funeral Directors Association. 2023 NFDA General Price List Study Shows Inflation Increasing Faster than the Cost of a Funeral . Accessed Dec 17, 2025.
