The main reason for life insurance for people over 50 is to provide financial support to a loved one in the event of your passing. We get a lot of questions from people over 50 on whether they still need life insurance coverage, and is life insurance for people over 50 affordable. For many people, they still have significant financial obligations in their 50’s which would be a large financial impact on their loved one’s in the event of their death. When this situation exists, it is usually smart to cover those liabilities with a life insurance policy. Most people over the age of 50 are also surprised with how affordable it is to obtain term and universal life insurance coverage.
The most obvious person who would be impacted upon your death would most likely be your spouse. Many people will speak with over the age of 50 are still paying off their mortgage on the primary residence, and some have recently taken on a new mortgage on a second home. Many of these mortgage payments could not be met with the income of only one spouse. If one spouse were to pass away the last thing anyone would want to occur would be for the remaining family members to have to sell the house. In this situation, it may make sense to purchase a term life insurance policy which matches your coverage amount to your mortgage amount, and your term duration to your mortgage duration.
In the event of the passing of one spouse, the other spouse would receive the life insurance proceeds and be able to pay off the house.
When most people think of life insurance, they think of using the money to be buried. This is just one of the many uses of life insurance, but is definitely one which should not be overlooked.
If you look around your town you will likely find money raising benefits in order to provide funds for a family to bury a loved one. This is a very real, and sad, situation which could have been solved with a life insurance purchase. Many people do not have $10,000-$15,000 in an account earmarked for their unexpected death and burial. Through an affordable monthly premium you can ensure your family will never have to deplete assets in order for a proper burial. Life insurance can also be used for estate planning purposes, to create a legacy, or even to pay off any other debts you or your family may have.
Most people over the age of 50 are surprised with how affordable it is. Just like with life insurance at any age, it primarily depends on your current health and your past medical history. When applying for life insurance over 50, you first need to undergo underwriting. If you are relatively healthy it may make sense to lock your life insurance rate for the next 20-30 year, or for the rest of your life with a universal life insurance policy. If you are smoker who is over the age of 50, you will pay a higher premium, but you are still providing your family with essential life insurance protection.
Life insurance for people over 50 is an affordable and viable option to protect what matters most: your family and your obligations. To see how affordable this option can be for you and your family it only takes a minute to get a free quote.