At 50, you're not too old to get life insurance, but you may not need it as much as you did when you were younger. If you have young children, a mortgage, or other debts, life insurance can help your family meet their financial obligations if you die. But if you're single or your children are grown, you may not need life insurance.
There are two main types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a specific period of time, usually 10, 20, or 30 years. Whole life insurance provides coverage for your entire life.
If you're 50 and considering life insurance, you may want to consider a term life insurance policy. Term life insurance is usually less expensive than whole life insurance, and you can choose the period of time that you need coverage. For example, if you have a mortgage with 20 years left to pay, you may want to purchase a 20-year term life insurance policy.
If you're healthy and don't have any major health concerns, you may be able to get a good rate on a term life insurance policy. However, if you have health issues, you may be declined for coverage or have to pay a higher premium.
If you're not sure whether you need life insurance, you can use an online life insurance calculator to help you determine how much coverage you need. You can also talk to a financial advisor to get expert advice.