This article will address some concerns for people in their early 50s and look specifically at guaranteed universal life insurance rates for 51 year olds. Rates for people in their 50s are much more affordable than people think. One might assume a 30-year term or a guaranteed universal life (GUL) product would have very high rates, but that’s usually not the case (unless there are serious health concerns).
The sample rates will help you quickly see the cost for various face amounts. Keep in mind that rates fluctuate frequently, so we recommend checking out our instant quote calculator on this page. The rates you will see with the quote engine are the accurate and up-to-date.
Please note: There are a some carriers that do not “work” with quoting services, so we will gladly provide a customized quote showing ALL the best companies offering GUL (AKA: Term for Life). In fact, a couple of companies in our 5 Best Guaranteed Universal Life Companies article don’t appear in the quote engine.
People in their early 50s purchase life insurance for numerous reasons. A few of the more common reasons are listed below.
- Better health: People with improved health can qualify for better, lower rates.
- Major Life Change: Marriage, divorce, having a child, adoption.
- Career Change: Increase in income can lead to new purchases and additional debt.
- Realization (or recommendation from advisor) that additional life insurance is important.
- Realization that term policies will expire before need for coverage ceases.
- Business reasons (Key Person).
- Estate Protection (2nd to die policies).
These are just some reasons why someone at the age of 51 would consider purchasing additional life insurance. Sometimes, the reasons for purchasing life insurance are more qualitative, than quantitative. In other words, it’s not always a matter of crunching the numbers, using a formula or needs calculator. Sometimes, it’s simply a desire to have life insurance; a realization that protecting loves ones is a top priority.
We understand that. This author (Greg Sanders) has a wife and three children – one in middle school and two in high school. It’s hard to imagine my family in a dire financial situation when I’m not around to care for them.
We also understand the need to find affordable coverage. So, lets get to the rates…
The Lowest, Most Affordable Guaranteed Universal Life Insurance Rates for 51 Year Olds – Sample Rates
Male
- Preferred Non-tobacco (2nd best rate class) and Standard Non-tobacco (average to good health).
- Age 100 Guarantee
- Monthly rates rounded to nearest dollar.
| Male Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| Rates for 51 year old – Preferred Rate Class | $58 | $90 | $198 | $354 |
| Rates for 51 year old – Standard Rate Class | $66 | $108 | $251 | $483 |
Female
- Preferred Non-tobacco (2nd best rate class) AND Standard Non-tobacco (average to good health).
- Age 100 Guarantee
- Monthly rates rounded to nearest dollar.
| Female Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| Rates for 51 year old – Preferred Rate Class | $51 | $77 | $172 | $324 |
| Rates for 51 year old – Standard Rate Class | $57 | $92 | $205 | $389 |
What If I Don’t Qualify For Preferred Rates?
Most life insurance companies offer three or four rate classes for non-smokers. The rates shown in the tables above use the Preferred and Standard Non-tobacco rate classes. For those in excellent health, it’s possible to qualify for the “Preferred Best” rate class. Of course, underwriters look at more than just health to determine your rate classification. They look at other areas, such as family health history, driving record, foreign travel, hazardous occupations (or avocations), etc.
The list of factors considered by underwriters varies by carrier. We can help you determine what rate class would be most appropriate. Sometimes, a person taking medications for two minor health conditions can still qualify for the best underwriting class. Again, it depends on the conditions and overall health history.
Smokers generally pay double for life insurance. Some carriers have much more lenient guidelines than others when it comes to tobacco users. We can help you understand your best options if you use tobacco in any form.
Guaranteed Universal Life – Is it just another name for Term for Life?
You might have found us because you heard about a life insurance product called Term for Life or Term to 100. GUL is often referred to by these names, as well as “Term that doesn’t expire” or “No-lapse universal life”. It’s important to note that most GUL companies allow you to select the “dial-in” guarantee age – anywhere from 90 to 120 or 121. Although some carriers allow dial-in ages lower than 90, we generally don’t put these products in the GUL category.
Term to age 100 and Term for Life are popular names for GUL products, but can sometimes be a misnomer. For those who select a GUL with a guarantee age of 90 or 95, it’s quite possible to outlive the guarantee. We recommend selecting a guarantee age of at least 100. The higher the guarantee age, the higher the cost, but the increase is marginal. We can show you the various options and help you compare your options.
30 Year Term (Term to 81) or Term to 100 for a 51 Year Old?
At age 51, you might consider a 15, 20, 25 or 30 year term. Let’s say your total need for life insurance is an additional $500,000. Well, you might consider a 20-year term that would expire at age 71 and a GUL that expires at age 100. This way, you wouldn’t drop down from $500,000 to zero when your term policy expires.
For a 51 year old, a GUL to age 100 would run a little more than twice the cost of a 30-year term, depending on several factors. Of course, a GUL guarantees a tax-free death benefit to your loved ones regardless of when you die. Every situation is different, so we can help you look at strategies that would work well for you.
Not All Guaranteed Universal Life Products Are The Same
GUL is a fairly easy product to understand and compare. One of the appealing characteristics of this product are it’s simplicity and the fact that there are no “moving parts”, investment features, or non-guaranteed components. However, some GUL plans have stronger policy provisions and optional riders than others. For example, some companies offer a chronic illness benefit and a return of premium benefit at no (or minimal) extra cost.
Some companies offer compelling riders that can bring extra value. We can help you break down the costs and benefits so you can make the best decision for your situation.
Not All Agents Are The Same – What to Look for in an Agent.
A final word as you continue your search for life insurance. We think it’s very important to work with an agent who is Independent, Experienced, and Reputable. Independent agents work with the most companies and can help you select the best of the best. It’s also very important to work with an agent who has a minimum of 10 year experience. You don’t want an agent learning through his or her mistakes on you. Experience matters a lot in this industry.
Finally, look for an agent with a good reputation. Check out testimonials and make sure they are legitimate. There are thousands of life insurance agents, but not many make it past 5 years and have established a solid reputation.
We hope to hear from you, so feel free to call us with any questions you might have.
