The midlife crisis is over. You've reached, or are coming close to, hitting the pinnacle of your career. Your kids may be graduating from college, leaving you as an empty nester. In short, 52 (and the early 50s in general) is a great time to start thinking about your retirement and what comes beyond.
What We'll Cover
- The top six options for life insurance at age 52.
- Haven Life Insurance
- Bestow Life Insurance
- SelectQuote Life Insurance
- Sproutt Life Insurance
- Transamerica Life Insurance
- Northwestern Mutual Life Insurance
- New York Life Insurance
- What to Consider When Shopping for the Best Cheap Life Insurance Providers for 52-Year-Olds
Life insurance tends to be one of these considerations. At this point in their lives, most adults have enough disposable income to make investments that may not necessarily pay off immediately, but make long-term financial and personal sense. Life insurance is, rightfully, near the top of that list.
Of course, if you're like most people, your only current life insurance is through your employer or a perk of an organizational membership. You may not know exactly what to look for when finding your own, personal option. This guide can help, comparing the best cheap life insurance providers for 52-year-olds, along with some crucial considerations to keep in mind.
The top six options for life insurance at age 52.
Haven Life Insurance
At Haven, you can easily get both term and whole life insurance at 52 and even later. Haven is a subdivision of MassMutual. That means anytime you see one listed, you can assume that the other will be either the same or a very similar policy. Keep that in mind as you consider your options.
Haven offers term policies up to 30 years, and up to $3 million in benefits, for applicants up to 64 years. Whole life insurance here is more custom, and you'll need to speak to an agent for your options. The Haven Term Simplified option means you don't have to take a medical exam, the pay out is up to $500,000, and you can choose a term up to 20 years. You'll be able to apply in any state except Florida, New York, North Dakota, South Dakota and Washington.
Examples of Haven policies and monthly premiums include:
- $223/month for a $750,000 benefit, 20-year term life insurance designed for a in excellent health.
- $158/month for a $750,000 benefit, 20-year term life insurance designed for a 52-year-old female in excellent health.
Bestow Life Insurance
Bestow is great for anyone looking for a quick and relatively simple choice. This provider prides itself on simplicity and efficiency, with an instant decision allowing you to see the benefits almost as soon as you finish applying. The application is fully online, and you won't need a medical exam to get the policy you want.
At Bestow, you can choose from a payout between $50,000 and $1.5 million, depending on the premium you're willing to pay. Terms range from 10 to 30 years, and anyone under the age of 60 is eligible. While premiums vary depending on the questionnaire you fill out, example premiums include:
- $441/month for a $500,000 benefit, 15-year term life insurance designed for a 52-year-old, non-smoking male.
- $279/month for a $500,000 benefit, 15-year term life insurance designed for a 52-year-old, non-smoking female.
SelectQuote Life Insurance
Instead of offering its own life insurance policies, SelectQuote acts as a broker. It’s an easy way to compare the best cheap life insurance providers for 52-year-olds. You input your basic information, and the site picks out exactly what policy, provider, and options may make sense for you. That's an especially beneficial tool for mid-career professionals who are on the cusp of insurance premiums that quickly increase in budget with every passing year.
AIG, Prudential, Mutual of Omaha, and Pacific Life are just some of the providers you can find through SelectQuote. Policies can range up to $5 million in benefits, with terms ranging up to 30 years. You can find policies with and without medical exam requirements, and even options that allow you to easily convert from term to whole life. Policies range widely based on your responses to a questionnaire, which takes less than five minutes to fill out on the SelectQuote website.
Sproutt Life Insurance
Available throughout the United States, Sproutt takes an innovative approach to life insurance. In the age of gamification, its digital helper chats with you to find out some basic personal information. Then, it suggests a policy that matches your needs. Like SelectQuote, Sproutt brokers insurance policies with its partners, allowing you to find a credible provider.
Where Sproutt stands apart from most other companies is its QL score. Members can assess their physical and emotional health, and the platform can then suggest tips to live a more healthy lifestyle. For mid-career professionals, it can be difficult to take care of themselves. With Sproutt, you can both get the policy you want and the partnership you need to stay healthy.
While individual policy options differ drastically based on your responses to the digital helper, examples include:
- $97/month for a $500,000 benefit, 10-year term life insurance designed for a 52-year-old male in excellent health and financial condition, without a medical exam.
- $241/month for a $750,000 benefit, 30-year term life insurance designed for a 52-year-old male in excellent health and financial condition, with a medical exam.
- $54/month for a $500,000 benefit, 10-year term life insurance designed for a 52-year-old female in excellent health and financial condition, without a medical exam.
- $182/month for a $750,000 benefit, 30-year term life insurance designed for a 52-year-old female in excellent health and financial condition, with a medical exam.
Transamerica Life Insurance
Transamerica works especially well for applicants seeking flexibility. In addition to traditional term and whole life plans, you can also find final expense insurance. This is a comparably small policy specifically designed to cover any expenses (up to $25,000) related to the funeral. It’s a great way to cover debts and other costs you don't want to leave to your beneficiaries.
Transamerica's regular term life insurance ranges between 10 and 30 years, and can offer up to $10 million in benefits. You'll need to answer a medical questionnaire for its term life policies and get a medical exam for any whole life options. You can also add riders to your policy for children's or grandchildren's benefits, premium waivers for disability, and even monthly disability income for up to two years.
- $175/month for a $500,000 benefit, 30-year term life insurance designed for a 52-year-old male in excellent health and financial condition.
- $130/month for a $500,000 benefit, 30-year term life insurance designed for a 52-year-old female in excellent health and financial condition.
Northwestern Mutual Life Insurance
Northwestern Mutual especially makes sense to build around your personal circumstances. You can easily apply for term life insurance, which can go up to $5 million and 20 years. But you can just as easily convert your term policy into a whole life policy, or even split it into multiple options as needed.
The provider, which is available in every U.S. state, also allows you to either pay dividends to yourself depending on your policy, or choose to pay out the benefit in a lump sum to your beneficiaries once you pass away. The only downside is that you cannot apply online, but need to go through a local agent instead. That also means you cannot get a quote online.
New York Life Insurance
As one of the oldest insurance agencies in the country, New York Life has plenty of experience in life insurance, and that experience tends to pay off for policyholders. At age 52, its benefits are especially pronounced, including easily convertible term policies, a no-medical-exam death benefit, and a money-back option if you find a better option or decide you no longer need insurance.
New York Life's options range from term to whole life and universal life, even including a plan that offers coverage up to age 90. The Premium Term option is especially beneficial for 52-year-olds, locking in a premium for up to 20 years while allowing for easy conversion to a whole life plan after that term expires. Quotes are custom, and require speaking to an agent.
What to Consider When Shopping for the Best Cheap Life Insurance Providers for 52-Year-Olds
When it comes to shopping for life insurance, 52 is a relatively unique age. You likely have a good idea of exactly when you need it, and you're not yet in a spot where premiums become too expensive. You also still have a chance to be in good health, so a medical exam might be a good choice to help you get a lower rate.
At the same time, this is the age when the urgency begins to increase. As your financial obligations change, you need to keep the costs of a beneficial policy (and the benefits it provides) in mind to make sure that your family or beneficiaries get what they need should you pass away.
Comparing your options, including the choice between term and whole life and which of them makes more sense for you, becomes absolutely crucial. Start with online research, comparing various providers based on their policies, stipulations, and coverage inclusions. Our tool can also help you in that process. Click here to find the best rate by comparing prices from different providers to get started.
Finally, keep in mind that life insurance premiums will change depending on the state in which you live. These average rates can give you a good idea of where you stand, and what you can expect as you shop for the best cheap providers for 52-year-olds:
$500,000/20-year term life insurance:
- The Average cost for a 52-year-old in California is $140.
- The Average premium for a 52-year-old in Texas is $135.
- The average life insurance rate for a 52-year-old in Florida is $130.
- The Average life insurance cost for a 52-year-old in New York is $150.
- The average life insurance premium for a 52-year-old in Pennsylvania is $140.
- The Average rate for a 52-year-old in Kentucky is $125.
- The average cost for a 52-year-old in Ohio is $135.
Know your options. Then, do your research to find the best and cheapest life insurance premium for your specific situation.