Life insurance is generally thought of for those in their 20s through their 40s because they have yet to build up the financial assets needed to cover their families in case they pass away unexpectedly. However, there are good reasons in having a cheap life insurance for people over 50 as well.
Did You Check Out Our Life Insurance Quote Comparison Tool? Save BIG!
The seniors over 50 still need a suitable life policy for their own benefits and future security. Let’s find out some more interesting facts that you would love to know being over 50 (and of-course if you need a life insurance).
Table of Content
Benefits of Life Insurance At Over 50:
There are many reasons why life insurance for over 50 makes perfect sense, especially for those who are still putting back for their retirement. With your children leaving the home and graduating from college, there is now more of an effort to put your money into retirement accounts.
Forward-looking financial plan helps…
It may seem at this point that an affordable life insurance for 50 years old would be a detriment to your finances, but the truth is that it is the type of insurance needed for many at this point in their lives. This is because if something should happen to you, the financial ramifications are such that it will not only affect your immediate family in the short term, but in the long term as well.
This is important.
Your income is vital towards securing a retirement that allows you and your spouse to live comfortably for the rest of your lives. Without that income, your spouse will be facing a much harder time in earning the money needed so that he or she can live at the same level that both of you enjoy now.
A cheap life cover for over 50 makes perfect sense as it covers the financial loss and may even add a legacy to help your beneficiary get back into good standing.
An inexpensive life insurance for parents over 50 is also available and an excellent way for helping children or grandchildren financially. Wouldn’t it a great thing to leave some money for your grandchild’s education?
The basic factors that affect the premiums for an affordable life insurance for people over 50 are three-fold;
- Health/ Medical History
Based on the benefit that you desire, the older or less healthy you are, the more expensive the premiums will be.
The seniors are supposed to have a delicate health which can cause them a pricey premium. The life insurance for the elderly over 50 can often be high-priced because of the health issue only.
But don’t despair. Depending on your financial needs, you may choose a benefit that only covers funeral expenses and any immediate debt that you might owe. However, a larger benefit will help cover retirement for your beneficiary.
You will need to weigh all the options before choosing the best type of life insurance for over 50 to meet the needs of your immediate family.
Types of Life Policies for 50 and Over:
For those who have discovered a need for life cover, the next question to ask is which type works best for your situation. In essence, there are two types of affordable life insurance over 50, whole and term. Each type has its own unique advantages and it is important to find the one that best works for your needs while fitting into your budget as well.
Whole or Permanent Life Policy:
This type of plan is one that actually generates additional value the longer you keep paying on the policy. Plus, there is no end or termination date for the insurance as well which means that it will not have an arbitrary end date.
However, whole life insurance quotes for over 50 is generally more expensive and it is subject to a number of conditions as well. For those over 50 years old, obtaining this type of life insurance at this stage in life may not be worth the added expense because there isn’t enough time to build up the expected benefits.
- Accumulate cash value
Term Life Policy:
Term life insurance over 50 does have a pre-set ending date which generally ranges from 10 to 30 years depending on the policy. There is no additional generation of benefits over time like the permanent policy.
However, term life insurance is generally much less expensive and does pay out a substantial benefit to family members which can cover funeral expenses, pay off existing debt and even leave a legacy behind that allows the beneficiaries to become more secure in their lives.
- Valid from 10 to 30 years
For those who are interested in finding out how to obtain such a policy, it is recommended that you shop around with us and request free life insurance quotes over 50 for comparison. We feature some of the most reliable insurance providers in the USA.
This is crucial – Are you having pre-existing or critical health problems?
No exam life insurance is another alternative for those with health issues. You don’t need to sit for any medical exam to get this type of policy. So those who fear of needles would be glad to have such an option available for them.
If you are short of funds, then go for funeral insurance which is very affordable and can cover whole funeral ceremony. A $20k burial policy should be enough for small arrangement. You can buy coverage up to $50k from our assigned providers.
How Much does Term Life Insurance Cost?
There are three basic factors for how much term life insurance for people over 50 will cost which includes your actual age, health and size of the benefit. It should be no surprise that the younger and healthier you are, the lower the monthly premiums will be.
Let’s get started with an example:
While no example will fit everyone, a healthy 50 year old man who purchases a 20 year term policy with a $500,000 benefit will pay on average $1,000 per year. While that is noticeably more expensive than what a 40 year old man would pay, it is on average about a 1/3rd of what a 60 year old man will pay.
FYI, these life insurance rates for over 50 are not exact and will depend on your overall health and financial needs. Obviously, if you only need a $100,000 benefit, then the premium will be considerably lower. You should check out our free quotes for exact premium offered by insurance companies.
Tips to Obtain Cheapest Life Insurance:
From that information, a free quote for the term life insurance that you desire plus the monthly premiums will be sent to you.
This is an excellent way to choose from many different companies to see which one has the best policy that fits your needs as well as your budget. In fact, you can even get free quotes by clicking on this link, a great way to get started as this company provides outstanding free quotes which set the benchmark for many other life insurance groups.
The bottom line…
Getting a suitable life policy for people over 50 is now easier than ever. You will need to take advantage of the lower rates today while you can to ensure that your family is covered in case the unexpected should happen.