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Affordable Life Insurance After 50

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.

  1. To pay off debt, such as credits or other lines of credit.
  2. For final/burial expenses.
  3. To provide a steady stream of income to your beneficiaries.
  4. 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 FeaturesTerm Life

Insurance

Whole Life

Insurance

Lifetime coverageNoYes
Intended durationLimited

5, 10, 15, 20, 30

Lifetime
Guaranteed permanent

Death benefit

Only term period

guaranteed

Yes
Accumulates cash valueNoYes
Interest earnedNoYes. May be guaranteed

and tax-deferred

Premium costLowHigh
Policy loansNoYes

Now that you know the key differences between term and whole life, stop procrastinating and get covered now for your family and business sake.

 

Get free quotes from the top insurance companies.

 

 

 

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Protect Your Ministry With Pastor Key Man Insurance

Pastor Key Man Insurance – Pastors also require life insurance to protect their church and their family. What would happen to your church if the pastor unexpectedly died tomorrow? What would happen to the ministry? Would most members of the congregation leave? Would giving decline due to lower membership? Would the church have the ability to pay the bills and salaries?

That’s where a Pastor Key Man Insurance policy is important. A Key Man Insurance policy provides the necessary funds needed to allow the church members to keep the church operational by paying bills, loan payments, and employee salaries.  It also allows for time for search for a new pastor who could provide the financial support as the deceased pastor.

How Does Pastor Key Man Insurance Help Churches

Leader’s Successor – the search to find a charismatic speaker is a gigantic task and takes an extraordinary amount of time and effort. A Key Man Insurance policy allows for the proper time to conduct a meaningful and exhaustive search for the church’s successor.

Combating The Decline In Giving – One of the key aspects of the pastor is the move and motivate the congregation with an inspiring and uplifting message that provides members with a sense of purpose and adoration of faith. This is a divine gift that is not given to everyone. A Key Man Insurance policy provide the proceeds while a replacement is found.

The Ability To Pay Financial Obligations and Loan Protection – In a Pastor Key Man policy, if set up correctly, the church is listed as the owner and beneficiary of the policy. Upon the untimely death of the pastor, the policy would provide funds to operate the church and to offset decline giving. Banks also require a key man policy to secure new loans and for existing loans.  The set up of the beneficiary and the owner is not straight forward when a lender is involved. To ensure the contract is established correctly, a industry expert is required. Someone with more than 10 years of industry experience is advisable in this complex area. Remember, not all insurers accept collateral assignments which is a key element in setting up a key man insurance policy involving a lender.

Types of Pastor Key Man Insurance Policies

Typically term is used for Key Man policies, but many churches are opting for coverage that will return the premiums paid if an untimely death does not occur. Of course, this is the ideal situation. The pastor is covered but the premium is returned after the term.

To explore the best options for your church and to determine the amount of insurance needed, please contact Qwik Life Insurance Services today at 1-800-241-6544 or complete the application request form. We’ve have been helping churches for over 20 years. We are the leading Key Man Insurance firm with 1,000’s of satisfied clients.

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