You’re on this page because you’re probably looking to see if you can get affordable life insurance over 50 or above. In this article I will cover the types of life insurance you may want to consider if you are over 50, some examples of pricing for life insurance, tips on how to get the best rates on life insurance, and how to deal with getting life insurance if you have a pre-existing health condition.
Getting life insurance over 50 or older is more common than you might think. Many people who buy term life insurance in their 20’s and 30’s have expiring policies in their 50’s and 60’s and would still like to have life insurance in place. Others are getting married for the 2nd time and might want have a life insurance policy for their new spouse, or perhaps to cover a new mortgage so that their spouse or kids can keep the house without a mortgage.
What Type of Life Insurance Should I Get?
Depending on your needs and current health, I would generally recommend three types of life insurance for you based on the goal you are trying to achieve. The most common life insurance that people get, including those over 50 is term life insurance. I will also discuss options for permanent life insurance, and also final expense life insurance.
Term Life Insurance Over 50, or in Your 60s or 70s
Most people who buy life insurance choose term life. Why? Simply because term life insurance provides the most amount of life insurance at the lowest possible premium. If you are looking to save money and get the most amount of insurance for the money, and are ok with being insured for a specific period of time only, then I’d recommend applying for term life insurance coverage. For example if you are 50 and planning to retire at 65, a 15 year term policy that would replace your income should you pass, might be the perfect fit for you. Or perhaps you just bought a home or refinanced your mortgage; you might want a 20 or 30 year term policy. The downside of term insurance is that it expires; however due to the low cost of term life insurance, it is the most popular option among seniors and a common choice for life insurance over 50.
Permanent Life Insurance Options
It may be important for you to have your life insurance last your whole life. For example if you have children you would like to leave an inheritance to, or perhaps a younger spouse who relies on you for income, you might be considering getting coverage that lasts forever. So what are your options for permanent coverage? There are several confusing options, so I’d like to make it simple for you. You can categorize permanent life insurance into two categories permanent life insurance that can build cash value – such as whole life, or universal life. Or permanent life insurance that does not build up cash value, called No Lapse Guaranteed Universal Life.
No Lapse Guaranteed Universal Life is what I would recommend if you would like a permanent policy. It is cheaper than whole life and is guaranteed to last your entire life without lapsing – unlike other universal life policies. While many people are not familiar with No Lapse Guaranteed Universal Life, when they hear about this type of policy, it typically makes sense for them if they are looking for a permanent life insurance policy.
Final Expense Life Insurance
If your main goal in getting a life insurance policy is to cover burial costs, then I’d recommend you buy a final expense life insurance policy. Final expense policies have low minimums, typically starting at $5,000, last your entire life, and are specifically bought to take care of final expenses, so that you don’t leave a burden to your loved ones when you die.
Over 50 Life Insurance: Getting the Best Term Life Rates
Rates for life insurance are based on the amount of coverage you want, as well as your health and I would recommend you fill out our quote form or call us for a customized quote. However I’d like to give you some examples of term life rates. So that you get an idea of what rates might be, I’ll quote a $250,000 20 year term policy for a 50 year old male at 3 rate classes – Preferred Best Non Tobacco (the best possible rate), Standard Non Tobacco (a rate you might get if you are overweight, or have high cholesterol for example), and Standard Tobacco (rates for smokers).
$250,000 20 year term Preferred Plus Non Tobacco – $43.28 per month
$250,000 20 year term Standard Non Tobacco- $79.17 per month
$250,000 20 year term Standard Tobacco – $221.16 per month
I recommend shopping for the best rates for term life, and at chooseterm.com we can do that for you – you can fill out our quote form or call us (800) 574-0245.
What if I am not in Good Health?
Many people assume that they can’t get approved for life insurance if they have some kind of health condition, or have had one in the past. Don’t assume that you can’t get approved for a traditional life insurance policy, because you very well might.
If you can’t however get approved for a traditional policy there are graded death benefit policies that you would be able to get approved for. These type of policies are designed for individuals with pre-existing health conditions, and have typically have a 2-3 year waiting period before the full death benefit goes into effect.
With people living longer, buying life insurance over 50, or 60’s and even 70’s or 80, has become quite common. It is typically cheaper than what most people think, and you could have a variety of options to find the right coverage for you.
Fill out our quote form below, or call us at 800-574-0245 Ext 101 to get a life insurance quote today.
Author: Liran Hirschkorn
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