Saturday, October 13, 2012

5 Facts on Life Insurance for Over 50's

Life insurance for those in their 20's, 30's, and 40's is very inexpensive. On average, you would pay less than $300 per year for coverage up to $250,000. The cost of term life insurance has really come down over the years benefiting many families. But as we get older the costs of insurance naturally rise because the likelihood of the insurance companies paying off rises. Here are a few facts to keep in mind when shopping for over 50 life insurance.

1. Life insurance for those over 50 is generally offered as a whole life policy. It will insure you until you pass away, as opposed to term coverage which will only cover you, if you pass away within the time period that the policy is in force. 

2. According to the statistics, life expectancies have increased, Americans in general live longer than they did ten years ago. As a result of the greater life spans, many leading insurers are lowering their rates. They offer insurance policies to older folks too. Where we may relate term insurance with young adults, it is not difficult for a pretty healthy 50 year old individual to get a 10, 20 or even 30 year term insurance policy!

3. Because people in are living longer, insurance providers are more than happy to extend insurance coverage. While a 50 year old individual may have some difficulty finding a 30 year policy, they can certainly find 10 – 15 year term coverage. They can also look for permanent coverage like a whole life policy. This can be a significant part of your financial strategy. There are other purposes of policies for older individuals as well, such as Estate Planning, tax planning, etc.

4. Buying insurance coverage for individuals over 50 has been made simpler by online services in America. It is now easy to get quotes from top insurance agencies in the United States. The quotes cost nothing and they can be seen within a few moments. In the past, getting insurance was complex and time-consuming. The whole process of attempting to search through rates and details from different firms was daunting and complex. Websites have made this process simpler. By answering a couple of questions, you are able to get free quotes from legitimate insurance providers.

5. One benefit of whole life insurance for over 50′s is that they have predetermined (fixed) premiums, so you don’t need to worry about the policy getting more costly as you get older. But this implies that policy benefit payment will not rise in accordance with inflation either, thus it could leave your loved ones with less purchasing power that you had anticipated.

As a general rule never go with your first over 50 life insurance quotes, always compare insurance company benefits and their life insurance premium before you make a decision in getting life insurance.


6 comments:

  1. The over 50s life insurance could perhaps save you from some awkward situation, which could occur owing to the inadequate cash that may produce some sort of monetary predicament. The greatest thing regarding this policy, as opposed to a conventional plan is, more often it doesn't call for a health checkup.

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  2. When you’re 50, 55, 60, or over, then life insurance is more important than ever.Though it may look grim, knowing which policy is right for your will help you save on over 50 years old life insurance.Over 50 years old life insurance will often be more expensive than insurance for younger clients. An increase in age makes a client more of a risk for the company, a risk that can be covered with increased premiums. A whole life insurance policy is perfect to cover any individual. Senior may find procuring a whole life policy to be more difficult, but it can be done.
    http://lifeinsurancebyjeff.com/over-50-years-old-life-insurance/

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  3. They may not be paying all that much, but even so, as you say, it's a big deal to lose 100% of your investment! whole life insurance rates

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  4. I have found this article very exciting. Do you have any others on this topic? I am also sending it to my friend to enjoy your writing style. Thanks term life insurance rates

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  5. There should be a clearer explanation when it comes to insurances. Many people are confused in dealing with this. There are many variations and differences in the packages of many insurance companies. Briefing is not enough, they must explain it further and use regular terms to avoid confusion.

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  6. By the way, Over 50 life insurance is the most valuable and popular life insurance. But Now a day people started buying life insurance at the age of 22 or more when they start working. Parents buy various kinds of insurance for their kids, elderly grand parents, pets etc.

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