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Life insurance is most often purchased by adults in their younger or even middle aged years, but there are many reasons why adults may consider purchasing life insurance as seniors. Purchasing life insurance later in life can be expensive, however. Because of this, it is often best to narrow down how much life insurance you need. Buying more insurance than you need can cause you to pay even more for your coverage.
Why People Over 50 Need To Be Insured
When you are in your younger adult years, if you are like many adults, you purchased life insurance for very specific purposes. Younger adults often carry more debt, and they may have greater financial responsibilities to their families. Life insurance may be purchased at this time to support a family financially after death and to pay off financial obligations, burial expenses, and debts. Over time as adults get older, their financial obligations to their families may be eased. For example, the kids may have grown up and moved away. Debts that they accumulated earlier in life may have been paid off or drastically reduced. When many adults are 50 years old or over 60, they may be more financially secure, but they may not be financially independent. There may still be debts that need to be paid off, and you may still be trying to fully fund your retirement account. If you are one of the many adults who had kids later in life, you may still have the financial responsibilities associated with supporting a family.
The Right Amount
While it is needed by many adults, often the amount of life insurance that is needed is not as much as what is needed in an adult’s younger years. He or she may have had ample opportunity to accumulate savings over time whereas younger adults often have limited funds in savings accounts and limited equity established in their home. While coverage may be more expensive to those over 50, you may find that purchasing the right amount of insurance for your needs can make it more affordable. Buying more coverage than is necessary will inflate the cost of your life insurance premium unnecessarily.
Many older adults can see the end of their work years not far ahead of them. Most adults retire when they have the financial means to support themselves. Most or all debts are paid off, and the house may be owned free and clear. They may receive Social Security income and may have other forms of income available to them once they reach a certain age. Further, their retirement accounts may be fully funded within a certain number of years. With this in mind, a shorter 10 year or 20 year term life insurance policy may be more suitable and more affordable. After all, once you are financially independent, life insurance is often not needed.
There may be times when an older adult may want to purchase additional life insurance coverage. For example, a longer term policy or a whole life insurance policy may be used to provide a legacy to your heirs. Whole life insurance is often purchased in an adult’s younger years as it can be expensive, but it also is a policy that can accumulate in value and that will never expire. While it can provide a legacy to your heirs, it also can provide you with additional financial security as it builds cash value. The benefits from a whole life policy could be drawn from later to pay for medical bills and unexpected expenses.
Before you purchase life insurance today, you should consider the fact that your life insurance rates will be dependent on your age, your gender and your health status. Most life insurance companies will require you to submit to a physical examination that may include blood and urine tests, checking your blood pressure and a review of your medical records. Other tested may be done, such as an EKG if you list on the application that you are a heart patient. Pre-existing high risk conditions, which are more common in an adult’s older years will affect the rates you pay. In some cases, pre-existing conditions may prevent your application for life insurance from being accepted. Other factors, such as if you smoke or drink regularly, will also be taken into consideration. They also look at your individual health condition and how well it may be controlled. For instance, if you are a type 1 diabetic who is able to control your diabetes with diet and exercise and avoid using insulin that will go in your favor. Life insurance for type 2 diabetes also typically costs less than for type 1. While you may consider making an effort to improve your health status for a few months before you apply in order to enjoy lower rates on your life insurance, it is often better to apply for the coverage you need now so that you can lock in the lower rates associated with your current age. You can re-apply for life insurance in six months or a year after you have improved your health, if necessary, but this may not result in lower rates due to your older age.
Life insurance over 50 can be expensive, but it can also provide you with the peace of mind in knowing your loved ones are provided for even when you cannot provide for them yourself. Consider getting a quote for coverage today.
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