#Life #insurance #quotes #over #50
Life Insurance For People Over 50
Many people believe that getting life insurance for people over 50 years old is very expensive, but that is not even close to the truth. Over 50 life insurance rates are more affordable than you may think.
As your life continues to change, so does your need for life insurance. Each stage of life needs a different amount of life insurance for different reasons.
Just because you’ve reached your 50s doesn’t mean that you no longer have a need for life insurance. There is a good chance that you still need a quality life insurance policy to give your family the protection that they need.
Use our instant quote tool on the side of this page so you can compare how inexpensive life insurance over 50 rates you qualify for. You should know that the longer you wait the more expensive your rates may be.
3 tips for buying life insurance for people over 50.
Tip 1 – Getting Both Term and Permanent Life Insurance Over 50 Policies May Save You Money
Most people looking to get over 50 life insurance are trying to weigh whether they should look at term or permanent life insurance. Term insurance gives you the most coverage for each dollar you spend, while permanent life insurance guarantees that you have a cash value no matter how long you have the coverage.
We recommend that you consider doing a combination of the two.
We have seen a trend where people over 50 are purchasing a small permanent life insurance policy to take care of funeral and burial expenses AND a term life insurance for people over 50 policy to cover themselves until they reach retirement age.
The thought here is that with the term policy you make sure your loved ones just in case something happens to you during these top income producing years. Since these years are a huge part of contributing to your retirement, they are the years you need life insurance the most. By purchasing a term policy that matches with your expected retirement date, over 50 consumers are making their families are taken care of financially.
Once you hit retirement, the term policy is finished and you continue with the small permanent life policy so that you can leave a little inheritance behind and/or take care of funeral and burial expenses. This works great for people as they age and is what we recommend for all our clients who are over 60, 70, and 80 as well (learn more about getting life insurance for seniors over 60 HERE).
While employing this strategy does not work for everyone, it is becoming a more and more common life insurance over 50 strategy. We can help you decide whether this works for you and your life insurance planning.
There is no “perfect’ life insurance strategy that is going to work for everyone. Each family is different and every situation is going to require a unique amount of coverage and policy type. It’s vital that you get the life insurance coverage that your family needs.
Tip 2 – AARP is Too Expensive
It seems like everyone over the age of 50 has received advertising from AARP.
AARP does not actually sell life insurance. They have a life insurance endorsement. This means another company actually sells the life insurance. Right now the endorsement is going to New York Life. This is not a bad company but they are not competitive in the life insurance over 50 market.
We are replacing AARP over 50 life insurance policies all the time. We have seen people cut significant dollars off their rates. Please do not make the mistake of buying the same coverage for more money just because you have heard of the AARP name. So remember AARP may represent senior citizens but they are not the best for their life insurance (learn more about senior citizen life insurance HERE).
Life insurance is one of the most important investments that you’ll ever make for your family. It’s important to have the coverage that your family, but it doesn’t have to break your bank every month. There are plenty of options that will fit in your budget.
Tip 3 – Shedding Life Insurance Coverage
People tend to need more life insurance in their early 50’s than they do when they get older. Once kids are out of the house and you retirement funds are set up, life insurance becomes less of a necessity. As the years go on, you can drop some of your coverage and lower your payments.
Let’s look at an example. When you were 52 you needed $500,000 of coverage to make sure your mortgage and college tuition for the kids were taken care of. As you reach 60 those obligations may already be met and you can “shed” that policy to a $150,000 over 50 life insurance policy which will lower your payments.
Never let the premium payments of the future influence your decision to buy a proper coverage amount today.
Many life insurance companies will not let you do this, but we only recommend companies that are very friendly to selling life insurance to people over 50 and will work with your needs.
Getting Affordable Life Insurance
Your age is going to be one of the biggest determining factors in how much you pay for your life insurance policy, but just because you’re now in your 50s doesn’t mean you have to pay a fortune for your life insurance plan. There are plenty of ways that you can get affordable life insurance.
The first thing that you should do is improve your health through a healthy diet and getting regular exercise. Both of these can help you lose weight, lower your blood pressure, cholesterol, and much more. All of these are going to translate into lower insurance premiums. You don’t have to be a marathon runner to get preferred rates on your life insurance plan.
The next thing that you should do is eliminate any tobacco that you currently use. If you’re listed as a smoker on your life insurance plan, you can expect to pay a lot more than a non-smoker. In fact, smokers are going to pay at least twice as much for life insurance than someone who doesn’t smoke. Quitting those cigarettes once and for all could save you thousands of dollars on your life insurance plan.
The best way to ensure that you’re getting the most affordable plan is to compare the rates from dozens of insurance companies before you choose the one that’s going to work best for you. There are thousands of companies on the market, and you could spend weeks calling agents to receive quotes, or you can let us do all of the work for you. We can bring all of the best rates directly to you.
Using an independent agent who has access to all the top rates carriers and who has experience in the over 50 life insurance market can save you thousands of dollar in premiums. As an agency that specializes in life insurance for people over 50 and life insurance for smokers (learn more about life insurance for smokers HERE) we are confident that you will benefit from our expertise and be pleased with the recommendations we make based off of your unique situation. Please fill out the form on the side of this p#####ter.txt”); ?>
Life Insurance For People Over 50, Over 50 Life Insurance, life insurance quotes over 50.