Affordable Life Insurance After 50
Having life insurance after the age of 50 is a must if your intentions are to leave your love ones financially secure after your death.
There Are Many Reasons Why You Should Buy Life Insurance after age 50.
- To pay off debt, such as credits or other lines of credit.
- For final/burial expenses.
- To provide a steady stream of income to your beneficiaries.
- And finally, to generate peace of mind knowing that your family and loves will be taken care of in the event of your death.
When is The Right Time to Buy?
As a person ages, the cost of life insurance increases. Not only that, but the longer you wait to purchase a policy, chances are the timeline to purchase could run out. Most insurers cease issuing life insurance policies at age 89 just before a person’s 90 birthday. Therefore, the right time to purchase a life insurance policy IS NOW while prices are low and your health is good or good enough to get coverage, since most Americas beyond the age of 50 are taking some type of medication.
How To Get Affordable Life Insurance After Age 50?
You need the fоllоwing …
- Adequate health and not necessarily great health, since Qwik Life Insurance Services can help you find the right life insurance policy for your needs. If you have a health issues such as high blood pressure, diabetes, sleep apnea, overweight, a smoker, or any other ailment that is being treated with and is under control with medication, then you may be able to qualify for life insurance coverage.
What Type of Policy Is Best For Me?
Choose your life insurance policy wisely …
At any age above 50, you will need to choose your life insurance wisely. There are 2 major insurance categories: TERM LIFE INSURANCE and PERMANENT INSURANCE such WHOLE LIFE INSURANCE. Let’s discuss them briefly.
TERM LIFE INSURANCE is issued for specific yearly periods – 5, 10, 15, 20, 25, and 30 years. Term essentially can be compared to renting where the need is only for a specific period and expires after its term. Term insurance has no cash value. Term is has very low rates and is a good alternative if the insurance.
See sample rates:
If you need insurance for longer than 20 to 30 years then WHOLE LIFE INSURANCE would be a good option. Whole life provides insurance you cannot outlive if you pay the scheduled premiums on time. Whole life includes an investment option called cash value which grows at a guaranteed rate. You can borrow against the cash value or surrender the policy for cash.
The premiums remain the same as long as you pay the monthly premiums and the face amount is guaranteed. Before deciding which insurance type best suits your needs, please the comparison table below.
| Term vs. Whole Life | ||
| Policy Features | Term Life Insurance | Whole Life Insurance |
| Lifetime coverage | No | Yes |
| Intended duration | Limited 5, 10, 15, 20, 30 | Lifetime |
| Guaranteed permanent Death benefit | Only term period guaranteed | Yes |
| Accumulates cash value | No | Yes |
| Interest earned | No | Yes. May be guaranteed and tax-deferred |
| Premium cost | Low | High |
| Policy loans | No | Yes |
Now that you know the key differences between term and whole life, stop procrastinating and get covered now for your family and business sake.
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