At 49, most Americans have families, own homes, and are highly focused on building their wealth. With only a year to turn 50, it's never too late to buy life insurance. Whether you have coverage and want more or you’re considering a midlife life insurance policy, you've plenty of options when you look at these cheap life insurance providers for 49-year-olds.

Typically, the type of life insurance you choose depends on your finances, personal goals, and health. When planning to buy life insurance as a 49-year-old, never delay because your age also affects the price of your policy. That said, this post highlights the best cheap life insurance providers for 49-year-olds looking to purchase coverage.

Why You Should Get Life Insurance If You’re 49 Years Old

Buying life insurance coverage is a critical financial decision for 49-year-olds, especially when aiming at securing the future of your loved ones in the event of your death. It gives you a lasting peace of mind knowing that you have provided a legacy to your children. That's because life insurance policies offer a combination of valuable benefits guaranteed to your loved ones. Some of the most common reasons to get life insurance at 49 include:

Guaranteed Protection

Most people at 49 have families that depend on them for financial support. Getting a life insurance policy helps secure the future of anyone who depends on you financially when you die. A whole life policy acts as a financial safety net that ensures your loved ones do not face financial difficulties after your demise. Your insurer will offer lump-sum payments to your beneficiaries, guaranteeing financial protection to your loved ones.

Income Replacement

Imagine what happens to your family when the income you provide for them disappears. That is what could happen when you die without getting life coverage. At 49, you probably pay the mortgage, cover tuition or college expenses, settle household debts, and pay for childcare, healthcare, and other services. Buying a life insurance cover ensures your loved ones have access to money that covers all these expenses when you die.

Tax-Free Benefits

Unlike investments, life insurance benefits are tax-free, meaning your beneficiaries will receive every penny you leave them. Generally, life coverage benefits are passed along with federal income tax-free, ensuring amounts given to beneficiaries are untaxed.

Coverage for Final Expenses

With the average funeral costs ranging between $7,000 and $12,000, it can be expensive for your loved ones to give you the perfect goodbye when you die. Getting a life insurance policy can easily cover these costs, including medical bills, travel costs, special memorial service fees, and other final expenditures for your funeral. This helps relieve your loved ones of the burden of bearing expenses for your funeral during an already difficult time.

Common Types of Life Insurance for 49-Year-Olds

Most life insurance companies offer two or more types of coverage for 49-year-old individuals purchasing life cover for their loved ones. Based on the type of coverage you select, your monthly premiums will vary depending on factors such as health, lifestyle choices, coverage amount, term length, and age.

Generally, different types of life insurance fall under two primary categories: term life insurance and permanent life insurance. Term life involves policies that last for a specific number of years, and most people prefer them. If you live beyond the timeframe specified in your policy, the coverage expires, although some insurers may renew it or change it to permanent life insurance.

Permanent life insurance is a policy that lasts your whole life and often features a cash value component you can withdraw or borrow from while still alive. However, you must pay the premiums to preserve the policy. Term life insurance policies are generally more affordable than permanent life policies, but permanent life offers more benefits than term life.

Other types of life insurance policies offered by the top life insurance providers for 49-year-olds include:

  • Universal life insurance
  • Variable life insurance
  • Simplified issue life insurance
  • Guaranteed issue life insurance
  • Group life insurance

The Best Cheap Life Insurance Providers for 49-Year-Olds

Bestow

Bestow

Established in 2016, Bestow is an insurtech firm that offers online term life insurance. Customers begin the application process by responding to a series of questions concerning their lifestyle and health. Then, the insurer uses algorithms to determine if a customer qualifies for coverage from individual customer data. Bestow offers a policy of up to $1,500,000 for a period of 10, 15, 20, 25, or 30 years.

However, adults between 50 and 60 years get maximum coverage of $1,000,000 over a similar period. Bestow only offers a term life policy with benefits starting from $50,000 for 49-year-olds.

Benefits

  • Good reputation among customers
  • No medical exam required
  • Competitive monthly rates
  • Online quotes and applications

Pricing for a 49-year-old male (20-year term)

  • $500,000 policy: $64/month
  • $1,000,000 policy: $120/month

Pricing for a 49-year-old female (20-year term)

  • $500,000 policy: $51/month
  • $1,000,000 policy: $91/month

Sproutt

Sproutt Insurance

Sproutt is an easy-to-use platform where you can match your budget, goals, and personal needs with a top-rated insurance company. You can receive your quote quicker than when dealing with individual insurers. The best part is that Sproutt provides a rough idea of the possible monthly premiums you will pay for life insurance.

As a 49-year-old adult looking for a life cover, Sproutt lets you access up to a $1,500,000 policy for a term of between ten and 30 years. Since the platform leverages powerful software to connect users to different life insurance companies, it covers several policies, including term life, whole life, universal life, variable universal, guaranteed issue, and simplified issue insurance.

Benefits

  • Advanced software
  • Swift online quotes
  • No medical exam needed
  • Excellent user experience
Banner Life

Banner Life is among the cheapest life insurance companies on our list of cheap life insurance providers for 49-year-olds, with an average monthly rate of $46.63 for this age group. It ranks among the top insurance companies in offering term and universal life policies. It accompanies different plans that include Banner Life's term insurance plan, referred to as OPTerm. The plan provides online estimates, riders for waivers of premium, an option to renew policies, and conversion options.

At Banner Life, coverage amounts begin from $100,000 with term periods of 10, 15, 20, 25, 30, 35, and 40 years. On average, you can pay as low as $28.17 for the life insurance monthly premium for a $250,000 coverage in a 10-year term.

Benefits

  • Term life coverage of up to 40 years
  • Claims settled within one business day after approval
  • Competitive monthly premiums
  • Useful features

Pricing for a 49-year-old male (20-year term)

  • $500,000 policy: $70.11/month
  • $1,000,000 policy: $133.71/month

Pricing for a 49-year-old female (20-year term)

  • $500,000 policy: $54.77/month
  • $1,000,000 policy: $103.27/month

SelectQuote

SelectQuote

SelectQuote is an insurance sales company that offers quote comparisons across different life insurance companies. The intent is to help customers get the right insurer and buy a desirable type of policy. You can purchase policies from $5,000 up to $5,000,000, whether term life or whole life, using SelectQuote’s software.

Benefits

  • High coverage amounts
  • Renewable policies
  • Convertible term policies
  • Competitive rates
  • Access to top cheap insurers

Companies that SelectQuote partners with:

  • Protective Life
  • TruStage
  • United Omaha
  • Banner Life
  • AIG
  • William Penn
  • Prudential
  • Lincoln Financial Group
  • Pacific Life
  • Globe Life
  • Companion Life
  • SBLI
  • Americo

Protective Life

Protective Life 

Founded in 1907, Protective Life focuses on life insurance and retirement services that are customizable through riders. The company offers numerous policy types, including term life, whole life, and universal life insurance. Furthermore, Protective Life features myriad online services, including a coverage calculator, premium payments, and policy estimates. You can select coverage amounts between $100,000 and $50,000,000 for a term period of 10 to 40 years.

Benefits

  • Automated payments
  • Competitive rates
  • Term life online applications
  • Riders provide customization options
  • Policies applicable across all major types

Pricing for a 49-year-old male (20-year term)

  • $500,000 policy: $72/month
  • $1,000,000 policy: $137/month

Pricing for a 49-year-old male (20-year term)

  • $500,000 policy: $56/month
  • $1,000,000 policy: $107/month

New York Life

New York Life

With an A++ rating by AM Best, New York Life Insurance is an affordable option. It’s also the oldest overall life insurance company, founded in 1845. It is a mutual life insurance company that offers up to eight life insurance policies, including term life, whole life, and universal life options. The insurer also provides three special plans for AARP members and several group insurance plans. As a 49-year-old, you can get a minimum of $10,000 for a maximum term life of 20 years.

Benefits

  • Money-back guarantees
  • Level premium guarantees
  • Convertible term life options
  • Strong track record
  • Accelerated death benefits
  • Provides accelerated death benefits
  • Convertible term life options

Pricing for a 49-year-old male (10-year term)

  • $250,000 policy: $29/month
  • $500,000 policy: $56/month

Pricing for a 49-year-old male (10-year term)

  • $250,000 policy: $25/month
  • $500,000 policy: $49/month

Mutual of Omaha

Mutual of Omaha

Mutual of Omaha is a full-service life insurance provider offering multiple plans, including general insurance and Medicare solutions. The insurer provides term life, whole life, and universal life insurance policies, and they focus on accommodating a variety of customers in their 40s and early 50s. The lowest life coverage you can purchase is $100,000 for term periods of 10, 15, 20, and 30 years.

Benefits

  • Customizable life insurance policies
  • Myriad insurance products
  • Competitive monthly premiums
  • Excellent customer and financial ratings
  • High cap on life insurance policies

Pricing for a 49-year-old male (10-year term)

  • $100,000 policy: $19/month
  • $250,000 policy: $27/month
  • $500,000 policy: $54/month

Pricing for a 49-year-old male (10-year term)

  • $100,000 policy: $16/month
  • $250,000 policy: $23/month
  • $500,000 policy: $47/month

Average Monthly Premiums by State For 49-Year-Olds:

For a 20-year Term Policy With $500,000 Coverage:

  • California: $47 for males and $39 for females
  • Texas: $44 for males and $40 for females
  • Florida: $48 for males and $44 for females 
  • New York: $50 for males and $45 for females 
  • Pennsylvania: $51 for males and $46 for females
  • Kentucky: $48 for males and $41 for females
  • Ohio: $48 for males and $38 for females

The Final Verdict on Selecting Coverage from Cheap Life Insurance for 49-Year-Olds

Nearly all the best cheap life insurance providers for 49-year-olds are reputable companies with sturdy industry reputations. Some offer multiple policies, while others provide accidental death coverage. Similarly, some providers write policies exclusively for adults over 60, and others offer swift approval decisions. Therefore, the best way to find the best rate is to compare the prices of different providers by clicking here.

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