Cheapest Life Insurance for over 50

Cheapest Life Insurance for over 50 can be found comparing quotes through a site such as www.MintcoFinancial.com

Over 50 people choose life insurance for a number of reasons:

  • to leave money for family members which can also help with inheritance tax planning,
  • to pay off outstanding debts and,
  • to help pay towards funeral costs

The basic factors that affect the premiums for life insurance for people over 50 are three-fold;

  • Age
  • Health
  • Benefit

Types of Life Insurance for over 50

Here are the most popular types of life insurance for seniors:

  • Term life insurance is the most popular option. It’s the easiest, cheapest way to go. If your health is good, this will be your most affordable option.
  • No-exam life insurance is more expensive, but lets you skip the medical exam usually required to buy a policy. Graded benefit polices are a more affordable type of no-exam life insurance, usually only available for those 50 and up.
  • Whole of Life insurance also pays out an agreed cash sum when you die but the application process does include health and lifestyle questions. If you are accepted however, the cash sum paid out is at least 40% higher compared to the Guaranteed option, so it may be worth considering if you are thinking about a whole of life insurance plan. As long as you continue to pay the monthly premiums which are usually payable for life, the cash sum is guaranteed to be paid out when you die.

It’s important to point out though that if you are happy to provide more personal details which includes health and lifestyle information, then an Underwritten plan may be more suitable as it could offer at least 40% more cover for your money.

How to apply for Cheapest Life Insurance for over 50

Most of us have heard sad stories about unexpected passing of people that has left their families with a terrible financial burden with No Life Insurance. 

Most of us find it hard to think about what will happen when we die, but we know from conversations with many families that even the simplest conversation about your final wishes can make a hard time a little bit easier.

pply now at www.MintcoFinancial.com

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