Over 50s Life Insurance
Many people have had some life insurance in their lives. They bought term policies or had coverage through group plans at work. However, as time passed, these policies lapsed. J.D. Powers, a major consumer research company, reports that 50 million Americans believe they lack adequate life insurance, and this problem gets more acute for people over age fifty. If one spouse, or family provider dies, dependents have to drastically change their lifestyle and financial lives.
Here’s the good news. Life insurance companies are increasingly open to the idea of insuring middle-aged and even senior applicants. Moreover, premiums have been decreasing over the last decade. Over 50 life insurance policies may be surprisingly affordable. A 75 year old in reasonably good health may find that 10 year term life premiums are well within a retirement budget.
Who Lacks Coverage?
- 40 million Americans have no coverage
- 50 million Americans do not believe they have enough coverage
- Less than 25 percent of widows and widowers said they thought that their spouse had adequate life insurance
Term or Permanent Life Policies After Age 50
Be open to the idea of researching term, whole, and universal life policies after age fifty too. Term, of course is cheaper, and some insurers offer 10 year policies up to age 75. Whole life costs more, but it may be easier to qualify for and it does not expire. Some consumers might chose to purchase a larger term life policy to cover immediate needs and a smaller whole life policy for asset growth and coverage that does not expire.
To make this purchase simpler, you may find a permanent policy with a term rider. This means you only need to pay premiums to one company, and you might be able to save some money for purchasing 2 polices from one company. This bundling discount could save you money in the same way you save money on your home and car insurance.
If you are around 50, 55, or even 60, you may still be working. In this case you may need more coverage than you will at 65, 70, or 75. You might consider decreasing term, or even shedding some coverage. In other words, retirement life insurance needs may be smaller than coverage needs during working years. This will keep your coverage level right and your premiums lower. There are multiple ways to do that, and some are more flexible than others. It is hard to predict future needs.
Shop Around For Over 50s Life Insurance
Please do not simply purchase your policy from the first insurer you see advertising on TV, in a magazine, or within a direct mail solicitation. You will find that premiums vary significantly between insurers and types of coverage. Online life insurance quote forms may it very easy to shop for a policy with multiple insurers.
You may see lots of ads for guaranteed issue policies or $1 buys life insurance.
- Guaranteed issue policies are usually more expensive, and reasonably healthy seniors and boomers can qualify for simplified issue or evenly fully underwritten policies.
- That $1 may purchase the first month of coverage, but trust me. the rates will increase!
You can call around for competitive price quotes, or you can simply use your simple life insurance quote form.