Over 50 Life Insurance – How to Get Affordable Policies
The question of whether you should get over 50 life insurance is not really a difficult one to answer. It might be a touchy subject for most seniors who feel that they are already paying too much for their other insurance policies. However, the response is really simple: If you have no dependents and are living sufficiently on your own, then you probably don’t need any life insurance over 50. On the other hand, if you have a spouse and other dependents and want to ensure that they won’t be in dire financial straits due to expensive funeral and burial costs, then yes, you need to get covered.
Most seniors feel that getting life insurance after they’ve already reached their fifties is next to impossible. While this can be true where traditional policies are concerned, the over 50 life insurance market is getting to be so competitive these days that there are companies who actually specialize in it. Thanks to longer lifespans and advances in medical technology, it is now possible for seniors to get the kind of insurance they need.
Types of Over 50 Life Insurance
If you are over 50 years of age but are reasonably healthy, you can still opt for term life or whole life insurance policies. The premiums may be higher compared to when you were younger and you will have to pass a rigorous medical check in order to be able to purchase this type of policy, but these often have the advantage of higher payouts. Just keep in mind that if you obtain a term life policy for ten or twenty years and you outlive the policy, then your policy expires and you won’t get anything.
Whole life insurance policies are ideal if you can qualify for them because they have no expiration date and for as long as you continue paying premiums, your beneficiaries are assured a payout in the event of your death.
But let’s face the hard truth: It is rare for a person over 50 to be in the best of health, something that is often needed to qualify for traditional term or whole life insurance policies. Often, a sickness or ailment will result in your application being denied. Thankfully, there are two types of life insurance for seniors that make it possible for those 50 to 80 years old to get covered.
Types of Over 50 Life Insurance
- Simplified issue life insurance
- Guaranteed issue life insurance
Both simplified issue and guaranteed issue insurance policies do not make health a prerequisite for coverage. In fact, they don’t even require a physical exam. It is also possible for these policies to accumulate cash value over time, and they have very affordable premiums to boot.
The downside is that these types of over 50 life insurance policies only have low face values, typically between $5,000 to $25,000. Guaranteed issue life insurance policies also have a waiting period of one to two years before they pay the full benefit to your named beneficiaries. Should you die before then, your beneficiaries will only receive a certain percentage of the total benefit.
Top Reasons to Get Life Insurance for Seniors
While we have already discussed two of the most important reasons why you should get over 50 life insurance in the beginning of this article, there are other factors that make these policies quite useful.
First of all, it ensures that your dependents will be able to give you a nice funeral without breaking their own bank accounts. It also provides you with peace of mind knowing that the ones you leave behind won’t really have to worry about daily expenses as the payout they’ll receive from your policy will help a lot.
Another reason why you should get life insurance over 50 is to ensure that your heirs receive their inheritance without having to worry about hefty federal and state “death” taxes. A seniors life insurance policy will take care of these problems and if you are planning to leave them with property or other significant portions of your estate, you should seriously look into obtaining a senior insurance policy.
How to Get Affordable Senior Life Insurance Policies
If you want to find an affordable over 50 life insurance policy, shop around and compare quotes from different insurance companies. Check out organizations like AARP, Colonial Penn, and other life insurance providers. If you do some thorough life insurance comparison shopping, you will most likely find a policy that will fit your wants and your budget. Use the Internet to maximize time and obtain senior life insurance quotes with just a few clicks.
There are also certain things you can do to be able to get the most affordable senior life insurance policies. Make sure that you stay healthy. Stop smoking or don’t start at all if you want to keep your premiums low. You should also keep your doctor appointments so that your insurance company will be kept abreast of your health and will know that you are concerned about staying fit and healthy.
If you have relatives who live to a ripe old age, that can also be an advantage when it comes to your life insurance over 50 application. Aside from the environment and lifestyle you live, genetics can also play a role in determining if you will live to a hundred or not. Having grandmothers, aunts, or other relatives who have lengthy lifespans will also help you obtain an affordable senior insurance policy.
Finally, don’t ever think about misrepresenting your health (or anything else for that matter) onan insurance form. Most of the time, the benefits your beneficiaries are slated to receive will not be payed out if it was found out that you lied during the application process. Honesty is very important in life, and even more so on your insurance application. Not being able to receive benefits due because you misrepresented yourself will definitely result in all your premiums going to waste, and it’s a surefire way to squander all the hard-earned cash you paid in to your over 50 life insurance policy.
