Life Insurance for people over 50 has become more relevant in recent years as people choose to retire long after they reach the age of 65. In general, when younger people buy life insurance, often the main concern is income for their spouse and family and or a mortgage. Everyone understands the importance of having life insurance at younger ages. But for those over 50, this life insurance policy is usually bought with their future retirement and financial security in mind. Our needs change as we age: for some, more insurance is needed and for others, less life insurance makes sense as we reach 50. But the bottom line is having the peace of mind that your family will be taken care of financially, after you’re gone.
More than likely, this won’t be the first time that you’re buying life insurance. Buying life insurance can be a long and frustrating process, but it doesn’t have to be. We can help you make the best decision, regardless if you’ve bought life insurance before or not.
There are going to be several key differences this time around. The first is that the premiums are going to be more expensive than they were when you bought a policy in your 20s. Age is one of the most important factors that the companies use to calculate rates, the older that you are, the more you’re going to pay for an insurance plan.
You’ll also find that insurance policies are much easier to purchase now because of the Internet. You can use sites like ours to find some of the best policies to fit your family’s needs. It can also help you find the lowest rates by being able to compare quotes from dozens of companies all on one site. There is no more calling agents to get quotes.
One of the worst mistakes that people over the age of 50 make, is to assume that they no longer need life insurance coverage for their family.
Here are some of the benefits of life insurance over 50 policies:
-Maximizes your pension
-Estate liquidity assistance
-Enables survivors to pay estate taxes
-Covers your final expenses
-Provides for special needs child
-Financial security for family
-Offers income replacement
You’re probably thinking “as I age, and medical concerns grow, won’t life insurance over 50 be tougher to acquire?” It’s often more expensive at this age, compared to younger policyholders. And yes, sometimes it may be tougher since there are plenty of potential medical problems for all of us over 50 years old, including:
-high blood pressure
-history of cancer
-history of chronic illnesses
Typically, the cost for life insurance over 50 increases every year that you get older. That said, an independent agent knows the various underwriting guidelines of different insurance companies and can best find you an appropriate over 50 life insurance policy.
companies view older applicants more favorably. We can help you get the perfect policy at an affordable rate. Just because you’re in your 50s (or past them) doesn’t mean that you have to pay a fortune for your insurance plan. There are plenty of ways that you can get cheaper life insurance, regardless of your age and health.
Aside from finding a life insurance policy, you’ll also need to determine how much life insurance you need to buy. Having too little life insurance could be as dire as not having any life insurance at all. There are several different factors that you’ll need to consider when looking to buy a plan.
The first is your debts and any other expenses that you would leave to your family. Add up your mortgage, car payments, funeral expenses, and anything else your family would be responsible for, and make sure that your policy is large enough to pay off all of these bills.
The next factor you’ll need to consider is replacing your income if anyone relies on your paycheck. If you’re one of the main income earners, and you still have family members that rely on your salary, they would struggle financially if you passed away. One of the goals of life insurance is to replace your income if something tragic were to happen to you.
If you are healthy, odds are the cost will be lower and there will be more options to consider. If you are in looking for affordable life insurance for tobacco users or need information about companies like Banner Life, we can help you find the plan that suits your individual needs. There are dozens of companies that specialize in insuring smokers, and will give you much better monthly rates than most other companies. Our independent agents can ensure that you’re getting the best rates of any life insurance company around. We represent dozens of different companies and can help you compare quotes at a fraction of the time. Even if you have a health condition such as diabetes, we can still help you obtain cheap life insurance for diabetics. Let us help you find the coverage you deserve.
Remember that life insurance can also be viewed as a smart way to save money in the (CV) cash value of a permanent life insurance policy. It’s something to discuss with your agent, who can help you calculate the internal rate of return for over 50 life insurance policies. But even if not used as an investment, life insurance is not where you want to skimp and save a few pennies.
If you have any questions about life insurance for applicants over 50, please contact us today. We are committed to helping you get the best life insurance policy to fit your needs. Life insurance is one of the most important purchases that you’ll ever make, don’t leave your family’s protection up to chance. Let us help you make the smartest insurance purchase. Click below for a free no obligation quote to help you save money today!
If you don’t use your life insurance as an investment vehicle, it’s still one of the most important investments for your family. It’s the only way that you can ensure that your family is protected, even if you were to pass away. You don’t know what’s going to happen tomorrow, don’t wait any longer to apply for a life insurance plan.