Obtaining life insurance is just one of those tasks that people know they should do. But they continue procrastinating because the whole process feels overwhelming. Other people put it off because they think it's completely unaffordable and out of reach. It's best to start a life insurance policy when you are young, such as in your late teens or early 20s, as this allows you to lock in excellent prices on great insurance plans if you select a whole life insurance policy. If you're in your early 50s and you still don't have a life insurance plan, however, it's not too late to start researching the top cheap life insurance providers for 51-year-olds! 

Getting a life insurance plan while you are in your early 50s can still save you substantial amounts of money over waiting even one year longer. Premiums increase with each birthday, so you can save much more by signing up for one now than you would if you waited until you were 60. Plus, life insurance policies help give you and your family peace of mind that they will be taken care of if something happens to you. 

Term Life Insurance Versus Permanent Life Insurance

Generally speaking, there are two main types of life insurance: term and permanent life insurance. Both types come with their own sets of pros and cons, and each makes the most sense for different types of people. By understanding the key differences between the two, you will be better equipped to pick a plan that you will truly get the most benefits out of. 

Term Life Insurance

Term life insurance is life insurance that lasts for a predetermined period of time. Most plans range from 10 to 20 years, though some companies offer five-year plans all the way up to 30-year plans. Term life insurance tends to be a cheaper option, especially for those who are in generally good health, making it a great choice for people on a tight budget but still see value in life insurance plans

Term life insurance plans also tend to be easier to obtain, and many of the top cheap life insurance providers for 51-year-olds don't even require a health and wellness exam before allowing you to sign up for a plan completely online. These life insurance plans can also provide coverage that ranges from $5,000 up to $10 million. But the more coverage you want, the higher your monthly premium will be. Many term life insurance plans can be renewed once they expire, though they will cost significantly more when you are older. 

Permanent Life Insurance

Permanent life insurance is life insurance that stays in effect until the policyholder passes away. Obtaining a permanent life insurance plan is often more difficult and expensive upfront, as it usually requires medical exams and has higher premiums. But it may actually save you money in the long run because permanent life insurance premiums are locked in. 

Depending upon the company providing permanent life insurance, you may be able to get coverage that exceeds $10 million. Many permanent life insurance policies can only be purchased by working with an agent instead of completely online, though you can sometimes convert your term life insurance plan into a permanent one. 

The Top Cheap Life Insurance Providers for 51-Year-Old People

Finding the best life insurance policy that suits your needs isn't always simple and straightforward. Also, many people mistakenly think it will cost them thousands of dollars per year for a basic policy. We've scoured the internet to find the best cheap life insurance providers for 51-year-olds, and here is what we found:

Lemonade

Lemonade

Lemonade makes shopping for life insurance simple and fast. With just a minute of your time and a few basic pieces of information, you can get a quote for a 10- or 15-year term life insurance plan with coverage ranging from $50,000 to $1 million. Users also appreciate Lemonade because it doesn't require medical exams, and you can sign up for coverage instantly. You may also be able to bundle your life insurance policy with renter's, homeowner's, and pet insurance from Lemonade. 

Estimated premiums for 15-year term life insurance with $500,000 of coverage:

  • 51-year-old female, nonsmoker: $49 per month
  • 51-year-old male, nonsmoker: $69 per month
  • 51-year-old female, smoker: $279 per month
  • 51-year-old male, smoker: $441 per month

Sproutt

Sproutt

Sproutt is an innovative life insurance comparison site that uses a QL, or Quality of Life, Index. The site measures your quality of life by asking questions about your nutrition, emotional health, sleep habits, physical activity, and overall balance, which can be used to give you a plan that better aligns with your needs. Sproutt works with dozens of life insurance providers, and you will have your pick of several great options after you give its chatbot a few key pieces of information. 

Banner Life

Banner Life offers one of the widest ranges of term life insurance for both coverage and terms. You can even sign up for universal life policies that include accelerated death benefits. You can sign up for a term life insurance policy all the way up until you are 75, and you can convert term life policies into permanent ones until you are 70. Banner Life isn't available in all states.

Estimated premiums for 20-year term life insurance with $500,000 of coverage:

  • 51-year-old female, nonsmoker: $68 per month
  • 51-year-old male, nonsmoker: $85 per month
  • 51-year-old female, smoker: $256 per month
  • 51-year-old male, smoker: $355 per month

SelectQuote

SelectQuote

Another life insurance policy aggregator, SelectQuote allows you to get quotes from numerous life insurance providers instantly. SelectQuote partners with many life insurance providers, including AIG and Pacific Life. Also, it can help you get the best deal possible on a comprehensive life insurance plan. SelectQuote can give you policies that cover between $50,000 and $5 million. 

Ethos

Ethos

Ethos is another life insurance company that offers term life insurance online with an instant quote, and you can customize your policy to fit your budget and coverage needs. One of the best parts of Ethos is its 30-day money-back guarantee if you aren't happy with your plan, which makes it feel far less risky to sign up. 

Estimated premiums for 15-year term life insurance with $500,000 of coverage:

  • 51-year-old female, nonsmoker: $67 per month
  • 51-year-old male, nonsmoker: $86 per month
  • 51-year-old female, smoker: $123 per month
  • 51-year-old male, smoker: $158 per month

Bestow

Bestow

Bestow is a highly respected life insurance provider that offers a wide range of policy terms and coverage. Many people prefer Bestow because of its quick turnaround time, allowing you to get coverage almost instantly without a medical exam. You can choose from plans that cover between $50,000 and $1 million, and you can choose various terms between 10 and 20 years. It is important to note that you cannot add riders to your Bestow coverage. 

Estimated premiums for 15-year term life insurance with $500,000 of coverage:

  • 51-year-old female, nonsmoker: $49 per month
  • 51-year-old male, nonsmoker: $69 per month
  • 51-year-old female, smoker: $279 per month
  • 51-year-old male, smoker: $441 per month

Mutual of Omaha

Mutual of Omaha

One of America’s best-known life insurance providers for 51-year-olds and all other ages, Mutual of Omaha, has great life insurance policy options. You can customize almost every aspect of Mutual of Omaha life insurance plans to fit your needs and budget, and it offers some of the highest caps on life insurance policies in the industry. Many policies require a medical exam, though it does offer a few that do not have that same requirement, instead relying on an online questionnaire about your habits and lifestyle. Another major benefit of Mutual of Omaha is that some plans provide coverage all the way up until the age of 120, far higher than most other life insurance providers. 

Average Monthly Premiums in Different States for Females and Males aged 51

The premium you will be expected to pay for term life insurance depends on numerous factors, but one of the biggest is which state you live in. Here are average monthly premiums in a few states for a for 51 yr-olds 20-year term life insurance policy with $500,000 of coverage. 

  • Texas: Average cost is $68/month for males and $52/month for females
  • Pennsylvania: Average premium is $69/month for males and $53/month for females
  • New York: Average rate is $72/month males and $56/month females
  • Kentucky: Average monthly premium is $68 for males and $52 for females
  • Ohio: Average cost is $69 per month for males and $52 per month for females
  • Florida: Average monthly rate is $72 for males and $54 for females 
  • California: Average monthly cost is $72 for males and $56 for females

These figures represent the average, and they will be significantly higher if you use nicotine products or have other existing health issues. 

Need Help Comparing Life Insurance Policies From Cheap Life Insurance Providers for 51-Year-Olds?

Even after comparing some of the best life insurance policy companies, chances are high that you still feel overwhelmed and stressed about trying to choose a policy for yourself and your family. The good news is that we can help you decide on a life insurance policy quickly and easily using our life insurance policy comparison tool. 

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