What every 50-year-old needs to know about life insurance

Posted : December 20, 2020

Updated : May 28, 2024

Key takeaways

Your 50s are a good time to review whether your coverage still fits.
Family responsibilities may last longer than you expect.
Employer coverage may not continue into retirement.
A financial professional can help you check if your policy still works for you.

Congratulations! The kids are out of college (or nearly out) and you finally have more room to focus on your own goals. That makes it a good time to review your life insurance to make sure your coverage still matches your current responsibilities.

Without tuition to worry about, you may be thinking more about paying down debt, building retirement savings and protecting the people who still depend on you. It is also a smart time to check your beneficiary details and see whether your coverage amount still feels right.Facing the facts that could impact your future.

Why you should reassess your life insurance in your 50s

Your 50s are a good time to step back and make sure your life insurance still fits the life you have now. What made sense when you first bought the policy may no longer match your family responsibilities, income or retirement timeline.

Your financial responsibilities may have changed. You may still be supporting a spouse, adult children or even aging parents, so your coverage may need to reflect more than just a mortgage.
Your income may be nearing its peak. This can make your life insurance needs more visible, especially if you want to protect savings, replace income or cover future expenses.
Your existing policy may no longer be the right size. You could be carrying too much coverage, too little coverage or a policy that simply does not reflect your current goals.
Retirement planning becomes more important. Reassessing your coverage now can help you understand how life insurance fits alongside other priorities such as debt, savings and long-term care planning.
·Your beneficiaries may need updating. Family changes over time, so it is worth checking whether the people listed on your policy still reflect your intentions.

A quick review now can help you make clearer, better-informed decisions before retirement narrows your options.

Facing the facts that could impact your future.

According to the U.S. Census Bureau, more than half (56%) of adults ages 18 to 24 lived in their parental home in 2023.¹ This means that support for adult children may last well beyond the college years.

Aging parents may also begin to rely on help as they get older. AARP’s latest caregiving report shows that nearly 1 in 4 Americans (a staggering 45% increase from 2015) are family caregivers, and many face financial strain that can make it harder to save for retirement.²

That can create a true Sandwich Generation situation, where you are supporting more than one generation at the same time. If that is your reality, it may be worth taking another look at your life insurance coverage to make sure it still reflects the people who depend on you and the length of time they may need your support.

So how much life insurance for people over 50 is enough?

As mentioned earlier, at this stage in life many people consider scaling back their life insurance coverage. But if you’ve got adult children and/or your parents counting on you financially, you’ll want to take into account their needs before doing so. And remember, when you retire you’ll no longer have your employer-provided life insurance to factor in.

While term insurance is typically a less expensive option, other types of policies can potentially grow in cash value and provide you with additional income. But no matter which type you choose, at John Hancock, they all come with Vitality. This innovative program rewards you for the simple things you do to live a longer, healthier life — like eating more fruits and vegetables, getting a good night’s sleep, even taking a walk.

Common mistakes to avoid in your 50s

As your life changes, it’s worth making sure your coverage still matches your situation. A few missteps can leave you with the wrong kind of protection at the wrong time. These are a few mistakes some people make in their 50s:

Dropping coverage before you know whether your family still depends on your income.
Assuming retirement will not affect the insurance you get through work.
Leaving beneficiaries unchanged after a marriage, divorce or family update.
Choosing a policy only because the premium is lower.
Ignoring the longer-term needs of adult children or older parents.

How to move forward

The best next step is to review your current policy and look at it against your present responsibilities, not the life stage you were in when you first bought it. If you are supporting a spouse, adult children or aging parents - or if retirement is approaching - it may be time to see whether your coverage still fits.

A financial professional can help you assess whether you have the right amount and type of life insurance for your situation. That way, you can make a more informed decision about the protection you keep today and the needs you may have tomorrow.

Disclaimer

The information in this article is for educational purposes only and is not intended to provide legal, tax, or financial advice. For guidance on your individual situation, please consult a qualified professional.

Frequently asked questions

It is a good idea to review your coverage after major life changes and at least once a year. That helps you make sure your policy still matches your income, responsibilities, and long-term goals.

Employer-provided life insurance may end when you retire, so it is important to check whether you need to replace that coverage. If you still have dependents or other financial obligations, you may need a different policy.

Yes, you may still be able to get life insurance at 50 even if you have a health condition. Your eligibility, coverage amount and premium will depend on your health, the type of John Hancock policy you apply for and other underwriting factors. A financial professional can help you explore the options available to you.

Citations

¹ United States Census Bureau: “Three-Quarters of Children Younger Than 6 Years Old Live With Two Parents”, November 21, 2023, https://www.census.gov/newsroom/press-releases/2023/children-families-living-arrangements.html

² The John A. Hartford Foundation: “National Alliance for Caregiving: Caregiving in the US 2025 Report and Data Hub”, November 13, 2025, https://www.johnahartford.org/resources/view/national-alliance-for-caregiving-caregiving-in-the-us-2025-reportInsurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock.

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

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