Over 50 Life Insurance: Can You Find Permanent Coverage?
Over 50 life insurance plans can offer permanent coverage. In fact, agencies will sell you any life insurance plan if you are not older than 65 years. Your age, however, will make premiums more expensive and if you are not in a good physical shape and have medical problems you may not qualify for a plan.
Whole life insurance
Let’s start with a classic: whole life insurance provides permanent coverage and features a savings component. This policy will build cash value by deducting a part of the amount you pay as premiums. The policy states that after a certain period, the insured can withdraw money from the savings account, tax-free. The money can be used to cover urgent expenses.
By having whole life insurance, you can also take loans against the policy. The loans do not have to be repaid completely as the plan will deduct the remaining debt out of your coverage amount after you pass away.
Universal life insurance
Another over 50 life insurance plan is universal life insurance. This policy is similar to whole life plans, but it is more flexible. You can choose how much to pay for premiums. Of course, a minimum payment will have to be met. Universal life insurance plans allow policyholders to skip one or two payments.
Final expense insurance
Final expense insurance offers permanent coverage, but you do not have to take medical exams to qualify for a plan. This is very advantageous for seniors and people who have a pre-existing medical condition. Final expense insurance is a small value policy which offers a maximum coverage of 50,000. It has a graded benefit which means that the beneficiaries will not receive insurance proceedings if the insured dies too soon.
Nevertheless, final expense insurance is a simple and fast way of getting over 50 life insurance. It can provide financial relief for your loved ones when they need it the most.
If you want to find cheap life insurance, you should search and compare online quotes. We can help you find the best offers from top providers! Click here for more information!