Best Over 50 Life Insurance Online Quote [Best Rates]
Life insurance is essential if you have a family or dependents who rely on your income.
If you die without proper coverage, your spouse and kids may be unable to pay the mortgage or meet daily expenses. The key is getting the right kind, and for most people that’s term life.
With term life insurance you pay a fixed premium that covers you for a specific period—usually 10 or 20 years—after which you would need to renew and face much higher premiums.
Life insurance is available to people over 50 provided that they are in decent health and can pass a physical. T
he main problem of securing life insurance at 50 or older is the possibility of health breakdowns and cost.
A term policy can be secured with many companies up to age 65, but it is expensive and may not make any sense.
The older a person gets the more sense it makes to buy a permanent policy, but it is obviously expensive locking into that age for pricing.
Obviously, buying a lot of face amount at that age may be cost prohibitive.”
It is still very important too many people at that age to have insurance and it may become important as they retire and have no more life insurance.
There are good options for people who are 50 or older and it is helpful for your agent to know what is available and to walk you through some of the options.
Things a good agent will know, is what companies have the best rates, what companies underwrite the most favorably for different situations, and different term and permanent options on the market.
Another thing to look for are guaranteed issue options that many companies have. Some of these companies, will allow minimal underwriting up to certain face amounts and can be fairly easy to secure.
Common Reasons to Buy over 50 Life Insurance:
In addition to providing for your survivors, there are many other reasons to buy a life insurance policy. Here are just a few of many:
To Cover Final Expenses (Medical & Burial Expenses): Medical bills and funeral expenses can easily run into the thousands of dollars. Hopefully, you will have medical insurance. But it may not cover everything. The average funeral now costs over $10,000. Some people choose to buy a burial insurance policy or final expense insurance. While a final expense policy may be helpful, it may not be adequate for your family’s other financial needs.
To Replace a Primary Income: I am the primary income earner in our family. And my family would not be able to cover our regular bills without my monthly income. But our life insurance policy would cover the outstanding balance on our mortgage and leave enough to help pay for living expenses for the next 20 years or so – until my wife would be able to start making penalty-free withdrawals from our retirement accounts.
Life Insurance Online Quote Age 50
Men who are age 50 and take out a $1,000,000 term life insurance plan can expect to pay $1,692 per year for a 20-year plan and $3,301 per year for a 30-year plan. For a whole life insurance policy, a 50-year old male would pay around $21,483 per year.
Women who are age 50 and take out a $1,000,000 term life insurance plan can expect to pay $1,233 per year for a 20-year plan and $2,349 for a 30-year plan. For a whole life insurance policy, a 50-year old female would pay around $17,760 per year.
Over 50 Life Insurance No Medical
If you need life insurance coverage, but having blood drawn makes you pass out, you dislike being poked, you don’t have time to undergo an exam, or you have potential medical concerns, you may want to check out no-exam life insurance.
However, no-exam life insurance usually isn’t cheap, and the coverage is often limited.
Types of No Medical Exam Life Insurance over 50
There are two types of no physical exam life insurance over 50:
Simplified issue life insurance. For this kind of coverage, the carrier will ask a few health questions depending on the amount you are buying and the carrier. There is no medical exam; however, they will check the Pharmaceutical Database, Motor Vehicle Record, and Medical Information Bureau. The max amount you can buy is $500,000 in death benefit. Also, you can expect a phone interview with most carriers.
Guaranteed issue life insurance. As the name implies, this coverage is guaranteed with no medical exam or health questions. The max death benefit is typically $25,000, and there is a graded benefit, which means that the carrier will not pay the full death benefit for the first 2–3 years. If you die within 2 years, your beneficiaries will get the premium amount you paid plus 10% in interest. This is the last resort for someone who can’t get approved for a traditional policy. This type of policy should never be your first choice. You can read more about top companies that offer guaranteed issue policies.
Best over 50 Life Insurance Policy Online Quote
Don’t assume that your health condition is impossible to insure. Being denied by one company doesn’t mean they all will do the same. Underwriting differs from one company to another.
Give us a call at 813-964-7100.
We work with more than 50 insurers and promise to present you with all the options so that you can make an informed decision.