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When you’ve reached the middle years, it becomes a time when you start thinking more about your future. One task that you should perform is getting proper life insurance so that if the worst happens, your family will not be facing a financial crisis.

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Considering employer-based insurance plans are not nearly enough, and the average funeral cost is over $9,000, having a separate life insurance policy to cover such contingencies makes sound financial sense.

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When you consider that life insurance only gets more expensive the older you get, purchasing a policy now makes lots of sense. Being between 50 and 60 represents your peak years of earning, meaning it is far easier to pay for a life insurance policy, especially if you are healthy.

Debt Protection

Your kids are probably starting on their own with the world before them. You may saddle them with some serious debt if you do not have sufficient coverage. This is not just with the funeral costs but also the cost of your mortgage and other financial commitments they may have to pay.

Term Over Permanent Life Insurance

Unless you are well-off and have considerable financial assets to protect, getting a term policy is best. Term policies have a finite time limit but are considerably less expensive for the same premiums.

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If you are well into your 50s and have an average income, then term coverage is preferable. However, if you have a larger income, have yet to reach your 50s, and need the tax advantages it can bring, you might consider permanent life insurance.

Buy a Few Smaller Policies

You’ll want to consider having several smaller-term policies instead of purchasing a single, large one because your financial needs will change over the years. When you have paid off the mortgage and children’s college tuition, your financial responsibilities will be considerably less, so you will not be stuck with a policy that no longer fits your needs.

The worst thing you can do is decide on purchasing life insurance. While your life may be going great now, things can change quickly, and you cannot always see it coming. Plus, the older you get, the more expensive life insurance will be, especially if you suffer from a significant medical condition.

The question you should be asking right now is, what would happen to your family if something happened to you? Beyond the grief they will experience, you should consider the financial condition you are leaving them in, including outstanding mortgages, loans, and paying for your funeral expenses.

Plus, if you have not saved up sufficiently for retirement, that will affect your spouse and children as they will have to shoulder more of the burden.

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Final thoughts…

Go over your life situation and then purchase the right policy or a series of policies that work best for your financial needs while fitting your budget.


Meet Aaron H., a senior life insurance agent from California with 15+ years of experience. With a major in finance, excellent analytical and communication skills, and a passion for helping clients find personalized solutions, Aaron is a trusted advisor in the industry. He stays up-to-date on the latest trends and developments by attending webinars and workshops, reading industry blogs, and writing informative blog posts on this website. Aaron also has a keen understanding of SEO and online marketing, which he uses to help his clients reach a wider audience and get the coverage they need. He cherishes spending quality time with his wife, two children, and elder parents.