There are certain financial moves it pays to make once you turn 50. For one thing, it's a good idea to increase your RRSP contributions. It's also a good idea to sit down with a financial advisor and make sure you're on track for retirem

Additionally, you should also talk to your financial advisor about your insurance coverage. They will call this a gap analysis. If you were to pass away today, would there be debts on assets that your family can't live without?

Example, is there a mortgage on your home, a loan on your vehicles, balances on your credit cards? If so, you need enough insurance to pay these debts off so your family can continue to use these products.

You're not too old to get protection

Not only is it not too late to buy life insurance at 50, but you may find that it brings you and loved ones a world of peace of mind.

It's a good idea to buy life insurance to potentially bridge that gap for your spouse in the event of your passing. A life insurance policy might also come in handy if you have older kids whose college you're hoping to pay for in the coming years.

How much life insurance should you get at age 50?

The amount of life insurance you decide to buy at 50 should be decided based on your personal circumstances. Let's say you know your spouse wants to wait until age 70 to tap your retirement savings. It could pay to put a 20-year term life insurance policy in place so that if something happens to you during that time, your spouse will get a payout that enables them to be able to stick to their original retirement plans.

Also, let's say that at age 50, you have one child who's first starting college and another who's a junior in high school. You may decide to buy added coverage to pay for tuition in case you're not around to earn the money for it.

As far as the cost of life insurance goes, as you might imagine, you'll likely spend more for coverage in your 50s than you would've spent earlier on. PolicyMe puts the cost of a 20-year, $500,000 term life insurance policy for a 50-year-old man at $119 a month. However, this coverage is worth the peace of mind you and your family will have knowing that if you were to pass away, they would have the funds needed to continue with the plan and lifestyle they had in place.

One less thing to worry about.