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Life Insurance For The Over 50s Generation

By Marilyn Katz

Republish: EasyPublish™
Published: 01May2009
Word count: 523
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Can you find affordable life insurance after age 50, and even well into retirement years?

A lot of us used to have great life insurance coverage, either through a term policy that expired, or through a job group benefit plan that expired when we left, were let go, or retired. But now, just as we want to do financial planning for our later years, we have no coverage.

Why Do People Over 50 Need Life Insurance?

Now, as we get older, we can see even more need for life insurance too. We want to leave cash for our spouses or children when we pass away. And we also want to make sure they have enough money to settle our debts, keep making payments on assets, and just to pay for our funerals! You have got to know that funerals can run $8,000 to $10,000 or more in the US right now

I have some great news for those of us who have passed the first bloom of youth.Statistics, which life insurance companies just love, show that we are living longer and more productive lives than any generation that has come before.

Based upon those statistics, top companies have actually lowered rates over the last decade. Even more, many companies have been much friendlier towards older people. I have seen whole life insurance that can be applied for up to age 80, and term policies for people in their 70s.

Of course, that age a person can access some varieties of coverage will depend upon some other details. General health and good health habits will help a policy get approved at lower premium rates.

Guaranteed Life Insurance

While some guaranteed coverage will take applicants, regardless of health, they will be more expensive, have waiting periods, and will probably max out at a lower applicant age. Still, these guaranteed policies can be great for some people who cannot obtain other policies.

Simplified Life Insurance

These policies do have some health requirements, but they are meant to accept most applicants. So the majority of reasonably healthy people who are still functioning outside of an institution, should qualify. They can have an immediate death benefit, with no waiting period, and the rates will be lower than a similar guaranteed plan.

Fully Underwwritten Policies

If you are a fairly healthy individual in your 50s, 60s, and even 70s, you may opt for a fully underwritten life insurance policy. If you get accepted, you will have the best chance of being able to buy more coverage for less money. And you can choose a term or whole life policy too.

A 70 year old may not expect to find a 30 year term life insurance policy, but she may find an affordable 10 or 15 year policy.

Another option would be to look at whole life insurance. As long as the policy is kept in force, these policies will never expire. Of course, because of that, whole life will cost more than term, but it may be a better option for older applicants.

Older people, age 50 to 80, can find life insurance coverage. It is more a matter of finding the right plan for you and your family.

Let us help you find life insurance for older people! You can certainly find whole or even term life over 50 with our safe, fast, and free online quote forms.

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