If you are nearing your 50s or are already there, chances are you have considered the necessity of purchasing some type of life insurance. It is important to take care of those who will remain so they will not worry about costs that will accrue after you are gone, and senior life insurance will help you do so.
Why Get Over 50s Life Insurance
Life insurance is imperative if you want your loved ones to be protected from costs that will accumulate after you have passed on. With dependable life insurance benefits, they can use those funds to pay for funeral costs and bills. The benefits will most likely be tax exempt, a common feature of over 50 insurance.
As you get older, life insurance gradually becomes more expensive. This is because the chance of death is greater; men and women over 50 are more likely to pass away than someone in their mid-twenties. Thus, it is better to purchase life insurance
sooner rather than later.
Another issue that should prompt you to purchase life insurance is the blackout period enforced by Social Security. This blackout period occurs from the point that the youngest child has graduated from high school to the point where the surviving spouse claims the Social Security benefits. An over 50 life insurance policy will do well to fill this gap.
Senior Life Insurance Quotes
Senior life insurance will undoubtedly be more expensive than life insurance purchased for those in their twenties. Many health concerns are age related, not to mention the fact that the insured may die sooner, most likely within the next thirty to forty years.
Some aspects of over 50 life insurance can work in your favor. Many insurance companies are beginning to realize the growing market for senior life insurance as a result of the "baby boom” in the forties. Since baby boomers most likely have children who are still in school or young grandchildren, it is likely that they will attempt to purchase life insurance at this time. This growing market will continue to keep the rates low.
What You Can Do to Lower Your Rates
Just because senior life insurance tends to be considerably more expensive than other types of coverage does not mean that you have to pay an outrageous amount. By making wise health decisions and prioritizing, you can purchase over 50 life insurance at a reasonable cost.
The most successful means of acquiring a low monthly premium is to maintain your health and prove to insurance companies that it is of value to you. Smoking or frequent traffic violations can have a major impact on how much you will have to pay in the long run. While some plans to do not always require the insured to partake in a medical exam, these policies can be more expensive, so it is in your best interest to maintain your health in a way that makes you appear insurable to the life insurance company.
Choosing an Insurance Type That is Best for You
A variety of insurance policies are available with over 50 life insurance. You should be able to find one that suits your and your family’s needs. Remember that most over 50 life insurance policies can not be “cashed in;” the insured must pass away before the beneficiary may receive any benefits. If “cashing in” is something you may possibly do in the years to come, you will need to be careful when choosing a policy.
There are life insurance policies that offer premiums as low as $15 dollars per month, but these are generally only for those who know that the beneficiaries will have little need once the insured has deceased. This is because these policies tend to offer very low benefits starting at approximately $5,000. If you have few or no children, this may be the policy for you.