Over Age 50 Life Insurance Choices

Written By: Bobbie Jordan on March 10, 2010 No Comment

If you are middle aged, or older, you may wonder if you can still find a variety of life insurance policies to buy. Actually, there is a big variety of policies to consider. The good news is that we are expected to live longer than people were a decade ago. Premiums are based on this, and they may be cheaper than you think they are. If you want to find a policy, you probably can.

Why would people over 50 even want to buy a policy? When we were younger, we probably purchased term because it was cheaper. We were told that at the end of 20 or 30 years we would not need coverage any more because our savings would cover us. We thought our kids would be on their own, and our mortgage would be paid off. At 30, those 2 or 3 decades of term coverage seem life forever.

This was all a nice thought. But in fact, that did not work out well for many of us. Those kids are still not taking care of themselves. It is very common for grown kids to come home, and sometimes they come with their own kids. That mortgage we planned to pay off may have been for a home we don’t even live in now. Or because of financial problems, we may have needed to take out a second mortgage. We are happy to have outived the term of our policy, but we find that we did not outlive our need for a policy.

How did we get to this point without any life insurance then? Some of us, thankfully, outlived our life insurance policy. It expired. Others thought they were taken care of by a group policy, but then left that job and lost it. A lot of us had coverage, but do not have it any more.

Who buys life insuramce after 50? People have different reasons for wanting a policy. You must understand your options, what different insurance can do for you, and then you will be able to buy the right coverage for you.

If you just want insurance, consider term. Premiums are cheaper anyway, and that will be important because an older person is likely to cost more to cover than a younger person. Even if you are middle aged, or in retirement age, you may still be able to find an affordable term policy.

Some term policies can be converted to permanent policies later. This allows you to get the cheaper one now, and then decide if you need lifetime coverage later. Since you are not sure what you will need in ten or twenty years, this may be a good option. These policies should not require you to prove you are healthy either.

Even though it costs more, whole life has some benefits. The price will be lower at sixty than it will be at seventy, so you can lock that in now. You will also have the opportunity to build an asset for yourself, or for your estate. You should explore the benefits of permanent coverage before you decide against it.

It is not a bad idea to run some quotes first so you have a good idea how much these policies will cost you. Premiums will differ by your age, health, and other factors. You can also consult with a professional. Just be sure they are willing to explain different options, and to listen to your needs.

Can we help you find 50+ life insurance ?