Life Insurance for Over 50

When considering applying for Life Insurance for Over 50 , most people tend to think that you have to definitely be young and healthy in order to get good coverage and affordable monthly rates. Half true. Indeed, the rates are usually calculated based on the risk undertaken by the carrier. Therefore, premiums tend to increase as the policyholder grows older (note: this usually only matters at the time you are purchasing life insurance; you can opt for straight monthly payments, meaning that the value won’t change over time). Nevertheless, there are good offers for people who are over 50 years old, and policies which don’t even require medical examination.

Life Insurance for Over 50First, you have to decide on whether you want whole life insurance of term life. Whole life offers coverage for an unlimited period of time, therefore the contract doesn’t expire and the death benefit is guaranteed. It accumulates cash value over time, and the premiums might be a bit higher than those of term life insurance. Term life policies have a specified availability period, usually ranging from 5 to 30 years. For seniors, the maximum you could apply for is usually 20 years. This type of insurance offers good coverage and is cheaper than whole life, because it doesn’t accumulate cash value over time. Also, in order to benefit from term life insurance you have to pass away during the period in which the policy is active.

When applying for elderly life insurance, popular belief states that you have to undergo a meticulous medical exam. If you find this inconvenient, you can opt for life insurance than doesn’t require medical examination. The coverage will not be as satisfactory as the one whole life insurance provides, but for people who have already started to have health issues it could be very helpful. You can choose between guaranteed acceptance life insurance, graded benefit insurance or simplified life insurance.

Our website makes it possible for you to compare different offers from life insurance companies in order to find a policy that will perfectly fit your needs and budget. Additionally, if you have any further questions regarding life insurance over 50, do not hesitate to call us, where you will be connected to a licensed insurance agent.

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