Over 50s Life Insurance
By Tom Poblano – As you pass 50 years old, there are two important things you will want to think about, and they are retirement and life insurance plans.
This article will discuss the various types of life insurance that is available to people in the over 50 age group.
While nobody likes to think about the mortality of themselves or their family members, being financially prepared is essential so that you do not leave your family in debt.
Just Exactly What Are Your Options?
Although there are several life insurance options available for people over the age of 50, two of the most popular are term and burial (final expense) plans.
Term Life Insurance
Term insurance offers coverage anywhere from 10 to 30 years at face values that can range from $25,000 to as high as $1 Million +. These plans are great for those that would like to cover a loan, coverage until they reach a certain age etc.
Burial life insurance plans offer smaller policy face amounts to the beneficiary upon the death of the person who is insured.
They are simplified issue Whole life plans. The are designed to last the insured’s lifetime. Read more about burial insurance by clicking HERE
This money is used to cover the insured’s final wishes and related burial costs. The face values of these policies can range from as low as $3,000 to as much as $50,000. Some carriers will go higher.
How’s your health?
If you are in good general health and are considering a Term life insurance plan then you will find your best rates are going to be with a Full Medically underwritten plan. If you are looking for a Term Life Insurance amount of under $250K then a No Medical Exam life insurance may also offer competitive rates.
Burial insurance plans are Simplified issue, no medical exam plans. The application process asks Yes and No questions. These plans are more forgiving for certain health impairments.
If you have moderate to severe health issues and are over 50, it may be a bit difficult to obtain a Term life or Burial insurance plan. If have been turned down, you may want to consider a Graded Life Insurance plan.
Graded life insurance plans do not pay the full face amount until the 25th month of the policy. The plans go up to a maximum of $25,000. One or two carriers go up to $30,000. Read more about Graded life insurance plans by clicking HERE
What if You Are on a Small Budget?
Unfortunately, as you age, life insurance rates will be higher no matter what plan you want to purchase. Nevertheless, there is still an effective way for you to save some money on the premiums.
The best method , to help control premium costs, is to choose a lower initial face value on any plan you may choose. After some time, and as finances improve, you can add more coverage if you wish.
Finding affordable life insurance if you are over 50 years old may seem extremely frustrating but it does not have to be difficult.
There are several options available to you as described above. Just remember to take your time before making your purchase, do a bit of research, and examine your needs and each plan carefully first.
At www.m2insurance.com we work with over 60+ carriers and are confident that we can provide the best rates for your needs. Give us a call today at 512-963-5000