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Over 50? ~ Now What about Life Insurance
Life insurance for those over 50, is it still affordable? Well…..
The older you get, usually the more challenging it is to get a decent insurance policy. In fact, coverage is always better to get while you’re young when you still have good health. When you turn 50, options for life insurance can be far more complicated. Above all, you want to make sure to buy life insurance sooner rather than later. Furthermore, when you’re over 50 health issues may arise.
Primarily, health usually declines as we get older which ultimately affect rates. Consequently, companies consider older people higher risk as they approach mortality age. It is always wise to get coverage as early as possible to lock in your health rating and give you peace of mind. For instance, those with any severe medical conditions, it may be difficult to find affordable coverage. Depending on the health impairment, coverage will be less and less affordable.
If a decline has happened, they might decide that they just can’t get the coverage needed. However, there is always the option for no medical exam life insurance like a Guaranteed Acceptance Policy. Most common health impairments at this age are treated high blood pressure, treated high cholesterol or diabetes. Bottom line, you don’t want to be looking for protection for your family after social security age.
Buying life insurance is the most important thing you can do for your loved ones. Find Out Why NOW!!!
Life Insurance over age 50 ~ It’s Not Too Late!
We can not overstate the importance of protecting your family. It’s the best way to make sure your loved ones are financially secure when you pass. Luckily, people over 50 looking for coverage do have several options available. You don’t want to be looking for life insurance over 75, the younger, the better!! Usually, the 20 year term policy will do just fine in your late 50’s.
However, before applying, rates will be increased for anyone with serious health conditions or high risk. For Example, like those looking for coverage with diabetes, or multiple sclerosis. Other factors for special risk are smoking, occupation, and driving record including DUI can have a significant impact on your rates. Consequently, if you are declined coverage, there is always the guaranteed acceptance insurance policy.
I’M OVER 50 — DO I STILL NEED LIFE INSURANCE?
Yes — people of any age can need life insurance. Even if you no longer have anyone that is financially dependent on you, there are several reasons to keep coverage active. Check out some of these reasons below:
TERM LIFE INSURANCE OVER 50 VS. WHOLE LIFE INSURANCE ~ OVER 50
Term or Permanent Policy demystified…
First, you’ll need to decide if you want a term life policy or a permanent life policy. We’ll briefly explain the difference below:
To sum up, generally whole life insurance over 50 is best especially when thinking of final expense insurance. At this stage of life, your children are grown. You most likely want to make a plan for your burial insurance so that your family, children and their children do not have that financial burden. Talk to your independent agent and ask them about final expense polices today!
You always want to shop around insurance companies before deciding on one. Make sure you get quotes from the best insurance companies, like Banner Life. Then, you’ll be able to compare rates and get the best policy that you can. Above all, you want to make sure the life insurance companies you shop are A/A+ rated with A.M. Best.
We recommend working with one of our experts here at PinnacleQuote. We can connect you with the best life insurance companies for you, and find you the lowest policies. This is because we know which companies are the most lenient for whatever age, budget, or health categories you fall under. In some cases, just answering a few health questions will be good enough to get coverage, even over age 65.
Even if you are over the age of 50, we can get you connected with affordable coverage. Remember, you don’t want to leave your family with your debts or (funeral expenses) final expenses. Don’t wait. Every year that goes by, your rates are going to go up. To conclude, these policies provide a lump sum death benefit that is tax-free.
LIFE INSURANCE FOR 50 YEAR OLD WOMAN
We said it before, the longer you put off purchasing life insurance, the higher your premiums will be. As you age, your health changes. And for that reason, it plays a big role in life insurance. Your years of age do matter, here is why. So how much life insurance for a 50 year old, you ask? Below are rate charts for a 40, age 50 and 58 year old woman for comparison:
Rate chart for 40 year old female:
Life insurance for 50 year old woman rate chart:
Life insurance for 58 year old female rate chart:
Do Not Get Discouraged!
As you can see from the 3 charts above, as you age your monthly premium increases. In the event that you find yourself in your 50’s and still uninsured. Don’t let that discourage you!
Finding affordable coverage is achievable. Especially if you work with an independent agent. They have relationships with the top rated carriers and underwriters.
In fact, here at PinnacleQuote, we specialize in finding affordable life insurance plans. We will tailor make you the best policy with the best life insurance premiums to fit your budget. Medical history, age and lifestyle do matter, but that is why you talk with your agent. He will help guide you to the best choices.
*To emphasize, at PinnacleQuote we work for YOU! Not the insurance companies. We do not get paid a fee from you at all. You speak with us, we shop you to multiple carriers at once and go over every detail and answer all your questions.
If you decide on a carrier, then at that point when your policy is accepted by you and in force, (upon receipt of your policy, you still have 30 days to accept or decline your policy) we get paid by the insurance company.
LIFE INSURANCE FOR 50 YEAR OLD MALE
Well, we cannot leave the Men out of this! 🙂 Most compelling evidence here is, at least to me, is that the rates in general for women are a bit less expensive!
Rate Chart for a 40 year old male:
Life insurance 50 year old male rate chart:
Rate chart for a 58 year old male:
To Point Out, all the above rates are given until age 58 for examples. The reason I did this was that you can still get a 30 year policy at age 58. Age 59, on the other hand, that option is no longer available. At this point, you could look into a guaranteed universal life policy. This will cover you until age 90.
TYPES OF LIFE INSURANCE COMPANIES FOR OVER 50 ~ PINNACLEQUOTE’S TOP A+ RATED PICKS!
PinnacleQuote's Simple Process
We are not in the business of selling. We are actually against that. We like to educate our clients and provide them with the best options. We based those options on the
specific profile of the client. So we tailor make you a
life insurance policy
LIFE INSURANCE OVER 50 NO MEDICAL EXAM VS. MEDICAL EXAM
No Medical Exam ~ a no medical exam does not require a nurse to come to your home. However, underwriters will still require a fully completed health/lifestyle medical questionnaire.
Keep in mind, some clients feel by going this route, they will not have to divulge all of the medical history/background or impairments.
This is not the case at all. Be completely honest with your agent and filling out your insurance application.
Medical Exam ~ This is when you will have a paramedical exam and a nurse comes to your home or even your place of employment to perform a physical exam. They will draw blood, take your blood pressure and fill out some paperwork that goes hand in hand with your application you filled out with your agent. This is at no cost to you.
The insurance carrier pays for this exam. It is at your convenience, your time of day that works best for you. Overall, it takes no longer than 20-30 minutes of your time.
BEST JOINT LIFE INSURANCE POLICY
Two types of joint life policies:
- First to die life insurance
- Second to die life insurance
First, what is a joint whole life policy? And what does joint life insurance mean really? It is a policy that covers two lives. These are often called survivorship policies. See below for description of each. These policies are tricky as only few carriers will offer this option.
Ask your agent if you will benefit from a joint life policy.
First to die life insurance will pay out a benefit when the first person dies. At this point, the policy will end. However, the spouse who survives could pay off their home mortgage, credit debts and funeral.
Second to die life insurance. The benefits are paid out when the second insured dies. Most time you would consider this type of policy if you have a small business. This creates protection for personal and company assets from an inheritance tax situation.
If both insureds should die, then the death benefit pays out to the beneficiary.
LIFE INSURANCE THAT DOESN'T EXPIRE
At the end of your term life insurance period, Technically it does not expire. What happens is this. The rate you locked in during that term period expires. Example term period, 10,15, 20, 25 or even 30 year term period.
Renewing your coverage is a cost effective way to keep coverage in force. Lifestyle changes over time. What your insurance needs were at at 20,30, or even 40, may be different needs not after age 50. Speak to your independent agent to go over every option you will have.
PINNACLEQUOTE LIFE INSURANCE SPECIALISTS ~ DANNY RAY
My name is Danny Ray, Owner/Independent Agent.
My goal is to make sure your family is properly protected with a tailor-made life insurance policy. Which will allow you the peace of mind knowing that if that day ever comes, although your family will miss you, they will know how much you love them because you made sure they were financially looked after when you are no longer here. That is what life insurance is all about. That last way to say I LOVE YOU!!
We believe in keeping things very simple, its life insurance, shouldn’t it be?
PinnacleQuote Life Insurance Specialistsis based out of Jacksonville, Florida. We are here M-F 9-9pm (est. ) In addition, we are available to our West Coast Clients until midnight and Saturday and Sunday’s I am on call for all your life insurance needs.