Over 50 Life Insurance – What Options Do You Have?

Reaching the age of 50 years represents an important milestone for every one of us. Living half a century is something remarkable and worthy to be celebrated. After this age you are considered a venerable senior. But this age does not come only with advantages.

senior-couple-with-financial-advisorA senior qualifies harder for life insurance due to its age.  A person typically retires in the U.S. around the age of 60-65 years old.  That means that you will have at least 15 years as an employee.  During this time you will have to protect your income, especially if you have dependents. We will analyze all the options you have for over 50 life insurance.

When we hear about life insurance, term life insurance is the first policy that crosses our minds.  Yes, some companies sell term life insurance for seniors, but the price of term life is directly influenced by your age. So, even if you find term life insurance policies, some of them might be too expensive.

The advantage with term life is that for short amounts of time, the premiums are cheap.  So, again, you can purchase term life only for 15 years, to protect your income and the budget of the family. Whole life insurance is also a common policy, but it provides permanent protection.  Premiums are a bit pricy from start, but they are locked at the same value and in time, whole life is cheaper than term life.

Also, no exam life insurance is an option, but it is usually the last resort in acquiring coverage.  You can qualify easier and faster for no medical exam life insurance, if you do not have other options.

You will not be neglected and you will get coverage, but the costs are greater than any other policies. For all cases, we recommend you to search for adequate quotes and compare prices.

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