So you may be over 50 or over 65 and thought that you would not need life insurance after retiring. You may have thought that you would be well off after the house was paid off and the children were all off on their own. The bi term life insurance policy that you bought would do as it would be expiring in a few years, and you would have put aside or invest lots of money for your family to inherit when the day came that you died.
Unfortunately, this type of mindset does not always pan out for many people over 50 or over 65. As in the instance of when they purchase a mortgage life policy. They may have planned to have their house mortgage all finished at the time of the policy expiration. A loan extention, another home purchase, or a second mortgage on their current home could all put a stick in those spokes. At this point, the mortgage life insurance policy is gone, but they still have the mortgage to pay and if they die, their family will end up in alot more debt than originally planned.
Of course younger and healthier people will always have lower health and life insurance premiums. But these days, Americans are living longer and healthier lives than they were two or three decades ago. A middle aged person, and even someone in their senior years, can still have many options regarding their life insurance. Even if you already have life insurance, your needs may have changed. Because you are ten years older than you were a decade ago, you may now need less coverage, and of course you may be able to find a new life insurance policy with less coverage for a lower premium. Term Life Insurance For Seniors over 65 - Large insurance companies may be willing to offer 10 to 20 year term life insurance policies to people in their 70s. Of course, the person must be pretty healthy for their age, but a senior can still qualify for a couple hundred thousand dollars worth of term life insurance.
Seniors Whole Life Insurance Policies - These are usually whole life insurance policies that were specifically made for the over 65 crowd. With simplifed underwriting (some policies do not require underwriting), the face values or pay outs on these policies tend to be lower, but the monthly costs are very affordable. This is called "cash value life insurance" and it will not expire after a certain number of years.
So, for you seniors over 50 or even over 65, insurance coverage may still be available in the form of a ten year over 50 life insurance term policy. And if you want to pass on a tax-free gift to your children when you die, or leave your family some money so your funeral and final expenses can be taken care of, you may want to look into a whole life insurance policy.
If you found this information on Over 50 Life Insurance useful, you'll also want to read more about Seniors Life Insurance by Tim Sprye.
Of course younger and healthier people will always have lower health and life insurance premiums. But these days, Americans are living longer and healthier lives than they were two or three decades ago. A middle aged person, and even someone in their senior years, can still have many options regarding their life insurance. Even if you already have life insurance, your needs may have changed. Because you are ten years older than you were a decade ago, you may now need less coverage, and of course you may be able to find a new life insurance policy with less coverage for a lower premium. Term Life Insurance For Seniors over 65 - Large insurance companies may be willing to offer 10 to 20 year term life insurance policies to people in their 70s. Of course, the person must be pretty healthy for their age, but a senior can still qualify for a couple hundred thousand dollars worth of term life insurance.
Seniors Whole Life Insurance Policies - These are usually whole life insurance policies that were specifically made for the over 65 crowd. With simplifed underwriting (some policies do not require underwriting), the face values or pay outs on these policies tend to be lower, but the monthly costs are very affordable. This is called "cash value life insurance" and it will not expire after a certain number of years.
So, for you seniors over 50 or even over 65, insurance coverage may still be available in the form of a ten year over 50 life insurance term policy. And if you want to pass on a tax-free gift to your children when you die, or leave your family some money so your funeral and final expenses can be taken care of, you may want to look into a whole life insurance policy.
If you found this information on Over 50 Life Insurance useful, you'll also want to read more about Seniors Life Insurance by Tim Sprye.
