Life Insurance Over 50
Life insurance over 50 is often purchased for a number of different reasons including a new mortgage on a second home, a final expense policy, a change in employment, getting ready for retirement, having to take care of an elderly parent. For every life event just listed there will be a specific insurance need that will cover the consumers financial exposure with an early passing, more often than not the product of choice will be a term life insurance policy.
Term life insurance over 50 is a common purchase for consumers in today’s economy as the cost of term insurance is substantially less expensive than whole life insurance. The life insurance needs of each consumer who is over the age of 50 is going to be unique and term life insurance policies offer the biggest bang for their buck when it comes to life insurance. A 52 year old male in average health can purchase a $250,000 15 year term life insurance policy, which will cover the balance on his mortgage and take him to retirement age for about $60 a month compared to a $250,000 whole life policy which will run him about $255 per month.
When looking for life insurance over 50 consumers are typically looking for lower amounts compared to younger adults in their 30′s and 40′s as the more mature consumer has most likely paid down most of their debts and has set aside some savings for retirement. One of the most common need for life insurance over 50 consumers is to make sure a spouse has adequate income replacement if the primary earner were to expire before retirement benefits kick in.
Also when looking for life insurance over 50 it is wise to make sure that you are seeing your doctor on a routine basis for preventative care including all scheduled tests including the the dreaded colonoscopy. We have seen a number of cases returned from underwriting on a postponed status because the recommended preventative care testing has not been completed. To get an instant quote simply fill out the quote form on the website or call 877-805-9624