I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Nov 19, 2021

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Woman in her 50's on crutches with the text "Disability Insurance for 50+ year olds)

If you’re 50 years old or older you’ve entered the second half of your life and have likely learned a thing or two over the years.

By now you may have bought and sold a few homes, watched your kids grow and go off to college, been married (maybe even a few times), climbed the corporate ladder, or built your own business up from scratch, and maybe even have a few grandkids to enjoy.

You’re also hopefully thinking more about how you will enjoy your retirement years. 

“Maybe it’s true that life begins at fifty. But everything else starts to wear out, fall out, or spread out” – Phyllis Diller

If you’re 50, 55, or 60 you are closing in on retirement and a few lost years of investing can really slow down your goal of retiring on time. This is why disability insurance is important even when you’re in your 50s. 

 

WHY WOULD YOU BUY DISABILITY INSURANCE IF YOU’RE 50, 55, or 60 YEARS OLD?

By now an unexpected illness or injury that leaves you out of work is more likely than ever. Because of this there’s ample reason why a 50, 55, or 60 year old should purchase disability insurance. 

While purchasing disability insurance in your 40s would have been cheaper, now is cheaper than waiting even another year. It’s also important to note that you can only purchase a policy until you’re 60 years old and the benefits can only pay out until you are 67. 

Being you’re now 50 and older unfortunately you likely have family or friends who have been impacted by cancer, autoimmune disorders or other illnesses, or that have been in auto or other accidents.

It’s important to purchase disability insurance while you’re still healthy, and before you develop an illness that classifies as a preexisting condition. If you do develop an illness that is deemed a preexisting condition it will either make you ineligible for disability insurance or cost more. 

For example, disability insurance for a healthy 55-year old sales executive making $165,000 in Minnesota could cost around $260/month for $2,400/month of coverage up to age 65. Disability insurance for the same 55-year old who developed type 2 diabetes could cost closer to $370/month! 

WHAT COULD YOU USE DISABILITY INSURANCE FOR IF YOU’RE 50, 55 or 60 YEARS OLD?

Besides the fact that you can purchase disability insurance for 50, 55, or 60 year olds for a lower rate than if you continue to wait, there are many other reasons why you would want to protect yourself with this type of policy. 

If you’re out of income for longer than you have savings to live off of you won’t be able to pay your bills on time, resulting in having to use credit cards or take on other debt to make ends meet. Missing payments could result in ruining your credit, which can take years to build back up. 

No income means being unable to provide for your family, including a spouse that isn’t working or any older dependents that still need you financially. If you know your family couldn’t live without your income then it’s important to plan accordingly. 

And what about investments? Now that you’re close to retirement, a few years without income to invest may mean missing your retirement goal. 

If you are unable to keep up with your rent or mortgage payments because of a lack of income then you run the risk of becoming evicted or defaulting on your mortgage. 

And then there’s the medical bills. If you become sick or injured and can’t work, how will you pay for medical expenses? Medical bills and loss of income are among the top reasons why individuals file for bankruptcy. 

 

WHAT DISABILITY INSURANCE LOOKS LIKE IF YOU’RE 50, 55, or 60 YEARS OLD

Let’s say you’re a 50-year old female from Texas that is working as a veterinarian. You’re making $120,000 per year but you’ve been in a bad car accident that leaves you unable to work while you’re in treatment. If you were to have purchased your own disability policy for $160/month you could receive around $2,400 per month.  

Get quotes for disability insurance for a 50-year old HERE or HERE.  

Or let’s say you’re a 55-year old female hairdresser from Utah who took a fall skiing and broke your collarbone. Although it’s hopeful you’ll recover fully you will be out of work for at least a few months. Luckily you purchased disability insurance for $450/month and will now receive $2,400 each month. 

Get quotes for disability insurance for a 55-year old HERE or HERE.   

Let’s consider another example. Let’s say you’re a 60-year old male working as an accountant in South Dakota. You’ve been struggling with severe carpal tunnel rendering you unable to perform your job duties for the time being. Being you had disability insurance you could receive $2,400 a month for what would have cost you around $125/month. 

Get quotes for disability insurance for a 60-year old HERE or HERE.  

The cost of disability insurance can vary greatly, but it’s based on how risky your job is classified as, your health, age, gender, and a few other factors. Disability insurance is also typically cheaper for males than females and the earlier you a policy the cheaper it will be. 

 

WHY YOU CAN’T GET DISABILITY INSURANCE IF YOU’RE 65 OR 70 YEARS OLD

Although you may plan on working until your mid-70s or even 80, you won’t be able to purchase disability insurance as a 65 or 70-year old.

Disability insurance is typically only offered until the age of 59 or 60 depending on who you get it through. This is due to the higher risk of injury and illness that being over 60 presents. Don’t miss out on purchasing disability insurance in your 50s when you’re still able to.

 

IF YOU’RE 50, 55, OR 60 YEARS OLD AND WANT DISABILITY INSURANCE:

  • Figure out if you already have coverage through your employer and if so, what timeframe it covers and how much the benefit is
  • Compare rates online through Breeze or PolicyGenius
  • Select a coverage amount that would allow you to keep up with bills and continue working towards your financial goals
  • Choose a policy that fits into your budget 

And finally – relax knowing if something were to happen that impacted your ability to work you’d be covered!

 

WHERE TO BUY DISABILITY INSURANCE IF YOU’RE 50, 55, or 60 YEARS OLD

If reading this has convinced you to take a look at disability insurance, check out Breeze and PolicyGenius. Both can give instant disability insurance quotes after entering in a few details. Although an unexpected injury or illness may only prevent you from working for a few years, a few years without income can really halt progress towards your financial goals. 

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