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Life insurance is usually bought in our 20s and 30s after there is a life changing event like marriage or the birth of a child.
But what happens when you don’t buy life insurance early on and you are in your 50s?
You will still be able to get life insurance over 50 as long as you are in good health. You should definitely look for life insurance quotes over 50 as life events can keep on happening and you may just need it. There are many people that remarry or decide to have kids later in life.
The needs that you have in terms of life insurance will change as you get older. Those that are in their 50s and 60s have already gone through their highest income producing years and are now likely moving into retirement. A person that is in their 50s will have enough income left and are thinking about income replacement. A 60 year old may want to enhance their retirement security with a supplemental retirement income for a life insurance policy.
As we get older, the premium costs and health underwriting is more difficult which then complicates insurance planning.
Insurers will charge more for a 10 year term policy that is for a 55 year old then they would charge for a 45 year old. This is because the risk to the insurer increases with age.
Can You Get Life Insurance Quotes Over 50?
The most affordable way for a 50 year old to protect their income and loved ones is with a 15 or 20 year level term policy. However, before you buy a life insurance over 50 you will need to take into consideration convertibility and guaranteed insurability in terms of term life insurance.
Then you will need to see if you are able to convert to a permanent policy that will carry into your senior years. Due to your age you will not be offered a guaranteed insurability option, which then means you will need to stay healthy if you want to remain insured.
You will then need to make the right decision when you are in your 50s so that you are able to keep your coverage, avoid being denied, or even priced up so much on a policy because of a health condition.
If you are concerned about the conversion then it could be a good idea to buy a more expensive term policy so that you can get yourself a permanent policy. You will also need to take a note of your conversion deadline as the conversion periods may end years before the term policy actually expires.
If your health becomes an issue later, you may be able to keep affordable life insurance and have flexibility. It is worth combining a term insurance rider with a simple universal life permanent policy. You will still then have the universal life coverage after the term policy expires. You will be able to cover your income for the length of the term and the cash value part of the permanent policy allows you to save money for retirement. This allows you the ability to avoid the pricy commission that would come with complete term coverage.
Another option is to leave the term policy altogether and buy more insurance then you need with a universal life policy that offers flexible terms.
You need to keep all of your options open, especially as you get older. A term policy is good, but it may not satisfy your needs and you may have to look for a policy with a cash value. This cash value policy allows you to give financial protection for dependents that extends beyond the length of the term.
Life Insurance Over 50 – Specialist Policy
The premiums for life insurance will go up as you age. If you are in your fifties and are looking to get life insurance quotes over 50, then you may want to look at a specialist policy.
Guaranteed Acceptance Plans
Many of the larger insurance companies will offer over 50 life insurance, which will pay out a sum when you die. One of the big advantages that a life insurance over 50 policy has is that it can be guaranteed acceptance. With this type of life insurance you will not be required to answer any health questions or go through a medical exam.
Premiums and Pay Outs
The premiums for life insurance over 50 are usually fixed. Fixed premiums mean you can to choose the premium that is affordable to you and gives you the insurance that you need. As long as you continue to pay the premiums then your family will receive a death benefit once you are no longer here.
You will need to consider the premium that you opt to pay carefully, in terms of your budget. You may be paying this for quite a while still, even more than 30 years. There are insurers that offer free life coverage after a certain age which is usually 90. You will stop paying the premiums, but the policy will still be enforced.
You may find that you could be paying in more then what you will be getting out of your policy, depending on how long you live. If, for instance, you take out a policy when you are 50 you will be paying more in premiums then what you would receive if you lived beyond 83.
Most life insurance over 50 policies will have a fixed amount that they will pay out. You will be given certainty from a fixed pay out as you know what your family will receive but inflation can kill the value, so you need to be careful.
There are many life insurers that will offer increasing life insurance for those in their 50s. The sum and the premiums are reviewed in accordance with the inflation on an annual basis. The value of increasing life insurance is then held over time, but you need to be sure that you are able to keep up with the premiums, otherwise the coverage will become void.
There are some that take life insurance over 50 so that they are able to clear outstanding debts when they die or to leave their loved ones with something to help them to cover the funeral costs.
If you want the payout you receive to cover the cost of your funeral, then perhaps you should look at the funeral benefits on offer from your insurer. The pay out on your death will then go to the funeral company so that everything can be paid for.
You may receive a larger pay out or a discount on the funeral costs if you choose a good benefit payout for funeral.
Minimum Payments for Over 50s
Insurers will always want you to have paid into an over 50 life plan for a minimum period which can be up to one or two years before you can get the full pay out. If you die before this time is up, the premiums you have paid will usually be refunded. Unless you die in an accident, as in that case you may get the entire payout.
Commit to A Life Insurance Trust
A life insurance over 50 policy is not a savings scheme nor is it an investment plan. There is no cash value for these and the policy is considered worthless unless you keep up with your premium. You need to make sure that you are able to cope with the financial demands before you sign a policy.
It is a good idea to write your life insurance policy in trust. Generally life insurances do not attract income or capital taxes, but your family may have to pay an inheritance tax on the proceeds of any life policy. You may be able to avoid this by having your policy in trust.
Where to Find Life Insurance Quotes Over 50
Now that you know more about life insurance for over 50s, you may wonder how to get life insurance quotes over 50.
This is pretty simple to do especially if you have access to the internet.
You can collect various quotes from many life insurance companies so that you are able to see which policy is best for you. You will also be quoted for your premiums so that you may compare these against one another, from each company.
The easiest way to do this is to use an independent quote finder that gets your life insurance quotes over 50 from trusted life insurance companies. These independent internet quote calculators are sometimes also able to advise you with the policy and will answer any questions you may have.
It is important before you sign for any policy that you fully understand the policy, what you are covered for, your premiums, how it works, and the payout that your family will receive. You are able to ask your insurer to clear up anything that you are not sure of so that you can be sure you are getting the best policy and coverage at the best premium on offer.
Life insurance quotes over 50 are possible, but you may need to pay more in premiums depending on your status and particular policy.