50+ Life Insurance

admin — Sun, 05 Jul 2009 20:29:33 +0000

What is Different About Life Insurance for 50+?

Some of you may know that I also run the Over 50 Website. A frequent topic of conversation over there is the possibility of obtaining life insurance over age 50. The first thing that people want to know is why older people need life insurance.

Some Life Insurance Needs at 50 Plus!

Funerals are expensive. Prepare financially for final expenses.
Estate Transfers. This may be particularly important if a business or home is involved, and other heirs must be compensated besides the one who will retain the asset.
Settle debts
Leave an inheritance or legacy.
Provide for a spouse or others.

Can Older People Find Life Insurance?

I have some good news. Because Americans are, on average, living longer and more productive lives, many insurers hare happy to extend benefits to older people, and to offer those policies at lower rates!

You can find out which plans are best for you with over 50s life insurance quotes here. Since insurers vary policies and premiums by local areas, it is important to find out which companies are competitive in your town or city. Also, the type of plans that are available for a person like you will certainly vary by your age and health. But minor health issues or advanced years should not deter you from doing some competitive shopping.

Term LIfe For Age 50 – 75

Some companies offer term life for older people, even up to 75. If you are middle aged to a senior citizen, find term policies for 50 to 75 here. You may not find a cheap 30 year term policy at this time, but you can very well find an affordable 10 year policy (maybe even 20 years) if you are in reasonable health.

Whole Life Options

And as we get older, the advantages of whole life get clearer. As long as the policy is kept in force, the policy will cover us. Of course, whole life costs more than term life, but it is because it will cover us in our old age, and not just when we are younger. And many whole life policies will pay us the entire death benefit if we survive to 100. So that is a win-win situation.

Sometimes smaller face value whole life policies that are designed for older people are called final expense policies. They are not for everybody, but are very popular these days. Most seniors can qualify. Learn more about final expense insurance rates.

Are You Too Old For LIfe Insurance?

Many of us got older, but did not outgrow our need for coverage. We could still have a spouse or kids to help, a mortgage payment to make, or just want to make sure that there is plenty of cash to pay for a funeral and settle debts.

It hardly takes any time to fill out an online quote form, and since the service is free and without obligation, there is very little reason to do some competitive shopping if you are curious about finding 50+ life insurance. You maydo it for yourself, or do it for a parent who may need some help planning.

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Life Insurance For Older Americans

admin — Fri, 01 May 2009 15:21:02 +0000

Why Do Older Americans Buy Life Insurance?

You may think that older people have outgrown life insurance. After all, kids should be grown, houses paid off, and savings built up? Those are nice thoughts, but are probably not the reality for many middle aged and retired people in the US. Recent financial problems have probably cut into savings and investments, and they may have even delayed paying off a home! In addition, many grown children are having their own financial problems, and they are even returning to their parent’s home. Sometimes those grown children bring their own kids with them to live with the grandparents. Clearly, older people in the US still have plenty of responsibility!

Life Insurance Choices For People Over 50

If you need to find life insurance over 50, you should not panic. Since we have had the good fortune to enjoy longer and healthier lives in the US, many top life insurance companies are extending affordable policy choices to older people.

No Medical Exam Term LIfe Insurance – You can find term policies for people in their 70s these days. A reasonably healthy 70 year old with good health habits can certainly find 10 year policies that can provide financial security for another decade. An applicant will have to answer some health questions to apply, but many applications are fairly short and simple.

Final Expense – Final expense life insurance rates are designed to be affordable for many seniors. These products are designed to be affordable ways to plan for end of life events like funerals and settling debts. Any cash left over can be used by the beneficiaries in any way they choose. Final expense policies, are actually small face value whole life insurance policies, and they come in guaranteed or simplified issue, and these are different. Learn more: Final Expense Life Insurance For Seniors.

Most of the time, these plans do not require a medical exam. Simplified issue will ask a few health questions, but most seniors without a terminal disease, and who does not require nursing care, should qualify! Guaranteed issue plans ask no health questions. However, they may have other disadvantages like higher rates and a waiting period before full death benefits can be paid. In my opinion, guaranteed issue plans should be a last resort.

Universal Life Insurance is a little different, but is also a permanent policy that will not expire as long as it is kept in force. For more information on this innovative product see: universal life insurance explained.

Advantages of Permanent Policies for Older People – Term policies do cost less, but a big reason they cost less is because the insurer does not risk lifetime coverage. A whole or universal policy can provide lifetime security, and it will cover an insured person as long as the policy is kept in force. Keeping a policy in force usually means keeping it paid up! Some of these policies can be paid up over a number of years, and so a person can plan to have paid up life insurance coverage for their retirement years.