You probably came across this article because you are over 50 or you know someone over 50 who needs to buy life insurance. The good news is that it is never too late for anybody to get life insurance, the bad news is that the rate you will be receiving is not going to be as great as a young person. Or maybe you came across this article because your term policy has expired either way this article will be beneficial for you. The following are some key points from this article;
- If you need a life insurance policy that can last for the rest of your life you may want to look into a whole life insurance policy because this is a form of permanent life insurance. A permanent life insurance policy is perfect for those who have maintained a healthy lifestyle and are considered in good health.
- Let’s say you only need life insurance for a short period of time, then term life insurance may be the best way to go. Term life insurance is a type of temporary life insurance that provides coverage for a short and specified period of time. Term lengths can vary depending on the life insurance company but most offer 10, 15, 20, or 30-years.
- A guaranteed issue life insurance policy may be an option for those who consider themselves in bad health. If you are a smoker or have uncontrolled diabetes then this means you, because this policy allows you to get covered without the need of going through a medical exam.
- If you don’t want any of these life insurance policies because you don’t need it at all then you should look into a final expense policy.
- The average cost of final expenses can exceed $10,000 when you factor in the funeral service, burial plot, transportation, flowers, casket or urn.
- AIG, Sagicor, Prudential, Principal, Metlife, North American Company, Phoenix, United Home Life, Mutual of Omaha and Transamerica are the best companies for the older crowd.
- If you have moderate health which means not the best but not the worst, then your better off going with either Phoenix, United Home Life or Omaha Life because they offer the best final expense policies with a $100,000 face amount coverage.
- If you are looking for a guaranteed life issue policy because you consider yourself in bad health then go for Gerber and AIG because they have the best guaranteed issue policies.
- A company’s rating is important because it shows how financially stable the company is.
- If you have amazing or close to amazing health then you shouldn’t buy a no medical exam policy because a no medical exam policy will consider you at high risk and offer a high rate or not a high coverage amount.
- The only time you should buy a no medical exam policy is if your health is bad, suffer from a disease, or your lifestyle can cause your rates to go up because this way you can receive coverage regardless of your health.
- Whether you are 20 or 70 you should definitely buy a life insurance policy because you really never know what can happen.
It’s time to determine your needs
Your life insurance needs may have changed because your kids are grown and financially secure or maybe you just finished paying off your mortgage. If you have a disabled dependent or meager savings then you might want to hold on to your life insurance indefinitely.
If you need a life insurance policy that can last for the rest of your life you may want to look into a whole life insurance policy because this is a form of permanent life insurance. A permanent life insurance policy is perfect for those who have maintained a healthy lifestyle and are considered in good health. Whole life insurance can offer fixed premiums but a universal life product may offer investment options. Either of these two types of insurances is forms of permanent life insurance. (learn more about all types of life insurance)
Let’s say you only need life insurance for a short period of time, then term life insurance may be the best way to go. Term life insurance is a type of temporary life insurance that provides coverage for a short and specified period of time. Term lengths can vary depending on the life insurance company but most offer 10, 15, 20, or 30-years. You will still receive a death benefit if worse comes to worse and you pass away in the middle of your term policy.
A guaranteed issue life insurance policy may be an option for those who consider themselves in bad health. If you are a smoker or have uncontrolled diabetes then this means you, because this policy allows you to get covered without the need of going through a medical exam. However, this policy doesn’t offer high coverage or face amounts because they are considering you high-risk.
If you don’t want any of these life insurance policies because you don’t need it at all then you should look into a final expense policy. Since funeral services cost thousands of dollars this can be something you can consider buying if this is all you want to do is provide for your family. The average cost of final expenses can exceed $10,000 when you factor in the funeral service, burial plot, transportation, flowers, casket or urn. This type of insurance provides your family with all the funds necessary to pay for all of these things.
What are the best life insurance companies for me if I’m over 50?
Believe it or not, you still have a lot of good options for life insurance companies although like we said before it won’t be as good as a rate of a 30-year old. If you are all around in good health then you will find an insurance company with a much better rate then someone over 50 with bad health.
- AIG
- Sagicor
- Prudential
- Principal
- Metlife
- North American Company
- Phoenix
- Mutual of Omaha
- Transamerica
All of the companies above provide the best life insurance policies for the older crowd. They are even open-minded when it comes to clients with small medical conditions that aren’t life-threatening or a big risk. If you have moderate health which means not the best but not the worst, then your better off going with either Phoenix, United Home Life or Omaha Life because they offer the best final expense policies with a $100,000 face amount coverage. If you are looking for a guaranteed life issue policy because you consider yourself in bad health then go for Gerber and AIG because they have the best-guaranteed issue policies.
How to find the best life insurance company
We provided a list of the best life insurance companies that we believe give the best rates for the older crowd but if you found a company that you love and is not on the list, it doesn’t mean it is not worthy of buying a life insurance policy from. As a matter of fact, everyone’s needs and lifestyle is different so don’t consider yourself an oddball.
In order to make sure that the company is the right one, you should really read some reviews about that insurance company. Just like you would do research into a car before you buy it, you should use that mentality when buying life insurance. In a good life insurance company review, it should include the company’s rating, a review of their best qualities or worst qualities, and should include some highlights of the products they offer. We would like to put emphasis on looking up a company’s rating because a company’s rating is super important in determining if they are a good company or not.
A company’s rating is important because it shows how financially stable the company is. A company’s rating is not created out of thin air. If a company wants to receive a rating they will contact a rating agency and sign a contract with them, which will allow the rating agency to undergo whatever they have to do in order to determine the company’s rating. The rating agency will go over the company’s financials and other documents, they will even speak with the company’s management in order to find out their plans. After investigating, they will come up with a recommended rating and this recommended will be voted on by a board. The vote will not count unless a president or vice president is present. Once they vote they will determine if the company deserves this rating or not and post that company’s rating on their website and send a notification to the company of what their rating is. If a company receives a bad rating, this means that if worse comes to worse, the company will fail to pay out or all together will not be around for another 10-15 years. The last thing you want to do is invest in a company who will not be around for more than 10-15 years because all the money you have paid to that date will be gone with the wind. The moral of all this is to check out a company’s rating because it will let you know how financially stable they are.
Should I get a policy with a medical exam or no medical exam?
If you have amazing or close to amazing health then you shouldn’t buy any medical exam policy because a no medical exam policy will consider you at high risk and offer a high rate or not a high coverage amount. Plus if you are in good health you can decrease your premium payments by 50% which can really save you a lot of money. The only time you should buy a no medical exam policy is if your health is bad, suffer from a disease, or your lifestyle can cause your rates to go up because this way you can receive coverage regardless of your health. Most life insurance companies offer no medical exam with the maximum of $25,000 of coverage.
I’m over 50 should I still get a life insurance policy?
Whether you are 20 or 70 you should definitely buy a life insurance policy because you really never know what can happen. Even if your kids are out the house and you paid off your house mortgage there are still reasons to a buy life insurance policy. For starters when you pass away your family will have to pay for your funeral service and all the costs that come with passing away. The last thing you want to do is leave this kind of financial burden for your loved ones, funerals can cost thousands of dollars. Another reason for obtaining life insurance can be because of your estate taxes. This is a big concern for many people because when you pass away your family will have to pay your estate taxes which can erode up to 50% or more depending on your assets. Lastly, if you have a business then a life insurance policy can be beneficial for you. Proceeds from this life issue policy can be used to keep your company running until your replacement owner or partner is located.
Final Thoughts
In conclusion, if you are over 50 and looking for life insurance you should feel free to put your information on our quoter below to determine what kind of rates you will be looking at. With the quoter, you are able to compare quotes from different top rated companies without having to go elsewhere. Or you can give us a call and let one of our reliable and personable agents take care of all your needs. We offer a free service of comparing rates among the best life insurance companies out there. Here at InsureChance, we work with over 60 top “A” rated companies which in return gives us a bigger selection to work with. You also don’t have to worry about us leaning towards a company and only selling them because we have zero ties to any big box life insurance companies. Our loyalty is reserved for our clients, and our clients only. Don’t hesitate and give us a call or comment below!
