In this article we look specifically at sample Guaranteed Universal Life insurance rates for 50 year olds. You might think that you waited too long to purchase life insurance, but that certainly is not true. Rates increase as you get older, but there isn’t a huge increase from age 49 to age 50.
Very few life insurance companies base rates on age brackets, where there would be a large jump in rates from one bracket to another. For example, the rates for people age 46 to 49 would be significantly lower than rates for people age 50 to 54. Basing rates on age brackets is commonly done with group life plans, not individual life insurance.
For Instant Term and Guaranteed Universal Life (GUL) Insurance Rates use our Instant Quote Engine on this page.
People purchase life insurance in their early 50s for many reasons. Oftentimes, a major life change (marriage, divorce, having a baby, adopting, career change) can be a good reason to evaluate coverages for life and disability insurance. Sometimes, a term policy that was purchased at an earlier age is soon to expire. Other times, there is the realization (or recommendation by a financial advisor) that additional life insurance is important to maintain adequate protection.
Regardless of the reason for life insurance, we are glad you stopped by here to read about your options. We offer instant quotes and promise we won’t sell your information to others. That is a common practice in our industry. Once you enter your information to obtain quotes, you find out that you will be contacted by life insurance agents. It’s not unusual for contact information to be sold to up to five agents.
We promise instant quotes (no waiting) and quick answers to your questions. Guaranteed Universal Life is a product that has grown in popularity as people seek for term insurance that doesn’t expire or “term to 100”. You can read more a review of GUL here. We also wrote an article about the pros and cons of Guaranteed Universal Life insurance.
The sample rates in the tables below are based on the absolute lowest guaranteed universal life rates available. However, rates often fluctuate, so it’s important to use our instant quote engine for the most accurate and up-to-date rates.
Male
- Preferred Non-tobacco (2nd highest rate class) and Standard Non-tobacco (average to good health).
- Guarantee Age = 100.
- Monthly rates (annual rates also available)
The Lowest Rates Guaranteed Universal Life Insurance Rates for 50 Year Olds
| Male Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 50 year old – Preferred Rate Class | $57 | $88 | $212 | $396 |
| 50 year old – Standard Rate Class | $66 | $106 | $243 | $476 |
Female
- Preferred Non-tobacco (2nd highest rate class) and Standard Non-tobacco (average to good health).
- Guarantee Age = 100.
- Monthly rates (annual rates also available)
| Female Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 50 year old – Preferred Rate Class | $49 | $74 | $176 | $321 |
| 50 year old – Standard Rate Class | $57 | $89 | $212 | $385 |
Why Do Insurance Companies Name This Product “Guaranteed Universal Life”?
First off, GUL is a type of Universal Life insurance. Adding the “Guaranteed” part serves to distinguish GUL from the other types of universal life insurance such as traditional UL, Indexed UL, and Variable UL. These types of universal life insurance are explained in the article referenced above. A couple of carriers named their GUL products as No-Lapse Universal Life. The distinguishing characteristic is that GUL is guaranteed never to lapse or increase in premium as long as the premium is paid.
Term to age 100 or Term for Life
Since guaranteed universal life is very similar to term insurance, it is often referred to as Term to 100 or Term for Life. By far, the most popular term products are 10, 15, 20, and 30 year level term. Some people want to extend their term insurance beyond 30 years but they don’t want a “cash value” policy. GUL isn’t designed to build cash value like other types of permanent life insurance.
GUL is a very good solution for people who want term insurance for their entire life. A few carriers offer term to age 65. It’s also possible to “dial in” a guarantee age from age 65 to 121.
Caution: Even though GUL is often labeled as Term for Life or Term to age 100, it doesn’t always carry a lifetime guarantee. If the dial-in age selected is less than 120, then it is possible to outlive your policy. We recommend selecting a guarantee age of at least 100. To be conservative, choose a guarantee age of 110 or 120/121.
Consider the Laddering Concept
Most people don’t like the idea of going from $1 million or $2 million of coverage to zero overnight. That’s what happens when only one 20-year or 30-year term is purchased. It can make sense to “step down” your coverage over time, especially as the need for coverage diminishes. Usually, laddering involves purchasing two or more policies of different term lengths. Sometimes, it’s a good idea to ladder using one term and one guaranteed universal life policy.
We wrote an article about laddering here. There is one company – Banner Life – that has a unique term product that steps down the coverage. They offer a 30-year term product that decreases the coverage after years 10, 15 and 20. The premium decreases commensurately. Again, some people like the idea of keeping some life insurance in place for their entire life. That’s where a GUL or “term for life” policy works well.
Final Thoughts
Purchasing life insurance can be considered a “major” purchase. It makes sense to work with someone who can help you make the best decision possible. We strongly encourage people to work with an independent, reputable, experienced agent.
- Independent It is important to work with an agent who represents all the best carriers, not just 5 or 10. Some of the large online agencies appear to offer the most choice, but they simply cannot work with all the top companies. For example, one of the best low-cost term carriers is Ohio National. Most large agencies won’t offer their products since Ohio National prefers personal communication where an agent really knows the applicant. We have the ability to work with all the top carriers for both life and disability insurance.
- Reputable Another important consideration is an agent’s reputation. Check them out and see if they have reviews or testimonials. Also, make sure the testimonials are legitimate. Look for testimonials that speak to an agents persistence and unwillingness to settle for less than favorable offers from life insurance companies.
- Experience It take a lot of time to learn how to properly advise people. It also take time to learn how to work with underwriters in order to advocate for clients and ensure they receive the best rates possible. We think it takes at least 10 years to really understand the ins and outs of life insurance and become an expert.
We will be glad to help you in your quest to find the best, lowest cost life insurance solution. Please call us anytime for assistance.
