🎯 Quick Answer: Yes, you can get mortgage protection insurance over 50. Most insurers offer coverage up to age 65-70. Expect to pay $60-$220/month for $250K-$300K coverage depending on your exact age and health. Simplified issue (no medical exam) is often the best option for this age group.
The Reality: Mortgage Protection Insurance Over 50
If you're over 50, you're in good company—38% of Americans aged 50-64 still have a mortgage, and many recently refinanced or bought new homes. Whether you're downsizing, rightsizing, or still living in the family home, protecting your spouse from losing the house is crucial.
Good news: Mortgage protection insurance is readily available and surprisingly affordable, even at age 50+.
The catch: Premiums are significantly higher than at younger ages, and medical underwriting becomes more challenging as health issues accumulate.
How Much Does It Cost? (Real 2025 Prices)
Here are actual premiums for non-smokers in good health for 15-year level term policies:
| Your Age | $200K Coverage | $250K Coverage | $300K Coverage |
|---|---|---|---|
| 50 years old | $60-80/month | $75-100/month | $85-115/month |
| 55 years old | $90-120/month | $110-145/month | $130-170/month |
| 60 years old | $130-170/month | $160-205/month | $185-240/month |
| 65 years old | $190-250/month | $235-310/month | $275-365/month |
*Rates for traditional (fully underwritten) term life insurance. Simplified issue adds 15-40%, guaranteed issue adds 100-300%.
Cost Multipliers to Consider:
- Smoking: Multiply by 2-3× (a 55-year-old smoker pays $220-340/month vs $110-170 for non-smokers)
- Health issues: Add 20-150% depending on conditions (diabetes, heart disease, cancer history)
- Simplified issue: Add 15-40% (no medical exam convenience premium)
- Shorter term: 10-year terms cost 15-25% less than 15-year terms
Your Three Options Over 50
Option 1: Traditional Term Life Insurance
Best for: Healthy individuals who want the lowest rates and are willing to undergo medical underwriting.
| Aspect | Details |
|---|---|
| Requirements | Medical exam, blood/urine tests, full health history |
| Approval Time | 4-8 weeks |
| Cost | Lowest (if you qualify for preferred health class) |
| Maximum Coverage | $1M+ (age and income dependent) |
| Pros | Best rates, highest coverage, most flexible |
| Cons | Can be denied, takes weeks, invasive process |
Option 2: Simplified Issue (No Medical Exam)
Best for: Most people over 50 who want fast approval without the hassle of exams and records.
| Aspect | Details |
|---|---|
| Requirements | 5-15 health questions only |
| Approval Time | 24-48 hours (often instant) |
| Cost | 15-40% higher than traditional |
| Maximum Coverage | $500K (some insurers up to $1M under age 55) |
| Pros | Fast, no exam, reasonable pricing, high limits |
| Cons | Higher cost, can still be denied based on health questions |
Recommended insurers for simplified issue over 50:
- Mutual of Omaha: Up to $500K, ages 50-75
- AIG: Fast approval, competitive rates
- Prudential: Excellent service, strong ratings
Option 3: Guaranteed Issue (No Health Questions)
Best for: People with serious health conditions who can't qualify for other options.
| Aspect | Details |
|---|---|
| Requirements | None—everyone accepted |
| Approval Time | Instant |
| Cost | 100-300% higher than traditional |
| Maximum Coverage | $25K-$50K (far too low for most mortgages) |
| Waiting Period | 2-3 years for full death benefit |
| Pros | No denials, instant coverage, no health questions |
| Cons | Very expensive, low limits, waiting period, not suitable for primary mortgage protection |
💡 Recommendation for Ages 50-65: Start with simplified issue. It offers the best balance of fast approval, reasonable cost, and adequate coverage. Only resort to guaranteed issue if you're denied for simplified issue due to serious health conditions.
Health Considerations Over 50
By age 50, most people have at least minor health issues. Here's how common conditions affect your options:
Conditions That Are Usually Fine (With Simplified Issue):
- ✅ High blood pressure (controlled with medication)
- ✅ High cholesterol (managed with statins)
- ✅ Type 2 diabetes (no complications, A1C < 8)
- ✅ Arthritis or joint issues
- ✅ Asthma or allergies
- ✅ Anxiety or depression (stable on medication)
- ✅ Previous cancer (5+ years in remission)
Conditions That May Require Guaranteed Issue:
- ❌ Recent heart attack or stroke (within 5 years)
- ❌ Active cancer or treatment within 2 years
- ❌ Kidney disease or dialysis
- ❌ Severe COPD or oxygen use
- ❌ Advanced diabetes with complications
- ❌ Parkinson's, MS, or other progressive neurological diseases
Should You Get Mortgage Protection at 50+?
The decision depends on your specific situation:
✅ GET IT if:
- Your spouse couldn't afford the mortgage alone
- You have less than 50% equity in your home
- You recently refinanced or bought a new home
- You're still working and plan to for 5+ more years
- You don't have other substantial life insurance
- Your mortgage won't be paid off before age 70
❌ SKIP IT if:
- Your mortgage will be paid off in < 5 years
- You have 80%+ equity in your home
- Your spouse can easily afford the payment from their own income
- You have other life insurance covering 3-5× the mortgage balance
- You have substantial liquid assets (could pay off mortgage from savings)
- You're in poor health and premiums are unaffordable
7 Money-Saving Strategies for Over-50 Buyers
1. Buy the Shortest Term That Covers Your Mortgage
If you have 12 years left on your mortgage, buy a 15-year term (not 20 or 30). Every 5-year reduction saves 15-25% on premiums.
2. Consider Decreasing Term Coverage
Your mortgage balance decreases over time. Decreasing term insurance mirrors this and costs 20-30% less than level term.
- Level term ($300K for 15 years): $130/month
- Decreasing term ($300K → $150K over 15 years): $90/month
- Savings: $40/month = $7,200 over the term
3. Improve Your Health Before Applying
Small changes can drop you into a better health class:
- Lose 10-20 pounds if overweight (can save 15-30%)
- Get blood pressure under 140/90 (preferred class eligibility)
- Improve cholesterol/A1C levels before exam
4. Quit Smoking (Seriously)
At age 55, a smoker pays $220-340/month for $250K coverage. A non-smoker pays $110-145/month. Quitting saves $110-195/month—that's $19,800-$35,100 over 15 years.
5. Choose Simplified Issue Over Guaranteed Issue
Even if you have health issues, simplified issue may accept you at 50-75% lower cost than guaranteed issue.
6. Compare at Least 3 Quotes
Premiums vary dramatically by insurer, especially over age 50. One company may rate you standard while another offers preferred rates.
7. Buy Before Your Next Birthday
Insurance rates increase with age. Buying at 54 years, 11 months costs the same as 54 years, 1 month. Wait until 55 and you'll pay $20-40/month more.
Common Questions from Over-50 Buyers
Q: Am I too old to get mortgage protection insurance?
A: No. Most insurers offer coverage up to age 65-75. Some (like Mutual of Omaha) go up to age 85 for simplified issue.
Q: What if I've had a heart attack or cancer?
A: You can still get coverage, but options depend on how long ago:
- 5+ years ago, fully recovered: Traditional or simplified issue may accept you
- 2-5 years ago: Simplified issue with higher premiums
- < 2 years ago: Guaranteed issue only
Q: Can I get coverage if I'm on Medicare/retired?
A: Yes. Being on Medicare doesn't disqualify you. Retirement may reduce your maximum coverage amount, but you can still get $250K-$500K if needed.
Q: Should I keep my employer life insurance instead?
A: Employer coverage usually ends when you retire or leave the company. Mortgage protection insurance is portable—it stays with you regardless of employment.
Real Example: 52-Year-Old Couple
Scenario:
- Ages: 52 and 50
- Mortgage: $280,000 remaining, 18 years left
- Income: Dual income, each earns $75K
- Health: Both on BP meds, husband has controlled diabetes
- Concern: If one dies, the survivor couldn't afford $2,400/month payment alone
Solution:
- Policy Type: Simplified issue, 20-year level term
- Coverage: $300K on each spouse
- Monthly Cost: $85 (husband) + $70 (wife) = $155/month
- Result: If either dies, the survivor gets $300K to pay off the mortgage + have $20K left for expenses
Bottom Line for Over-50 Homeowners
Mortgage protection insurance over 50 is:
- ✅ Available (up to age 65-75, sometimes higher)
- ✅ Affordable ($60-$220/month for most people)
- ✅ Fast to obtain (simplified issue = 24-48 hours)
- ✅ Valuable (protects your spouse from losing the home)
The key is choosing the right option for your age and health:
- Excellent health: Traditional term life (lowest cost)
- Good health, want speed: Simplified issue (best balance)
- Serious health issues: Guaranteed issue (last resort)
See Your Over-50 Rates
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