For anyone weary of writing checks to pay for life insurance, retirement used to spell relief. With the mortgage paid, the kids on their own, and Medicare and Social Security on the way, common sense suggested you could safely let your insurance expire. But now many fifty and sixty somethings don’t have the flexibility to shorten the life of their life insurance. Life expectancies are longer, and the expenses that the death benefits were earmarked to take care of are hanging around longer, too. You may be retired, but you haven’t retired your mortgage. Without a pension, your spouse may need an extra financial safety net after you die. And what if your children aren’t self-sufficient? You could buy another term insurance policy if you’re healthy, but that coverage could still end before your needs disappear. If you want your insurance to last for the rest of your life — no matter how long you live — then signing up for a “permanent,” cash-value insurance policy may make sense. In return, you get tax advantages and savings guarantees — plus a death benefit that never expires. http://www.kiplinger.com/article/insurance/T034-C000-S002-life-insurance-after-50.html as we are living longer and working longer, senior life insurance has become more important than ever. Many insurance companies now offer life insurance to individuals up to age 89.
However, the rates vary significantly between ages 65, 75 and 85. The best time to look into life insurance is at your current age because you’ll be looking at today’s rate.
Some of the benefits of life insurance over 50 policies:
- Maximizes your pension
- Estate liquidity assistance
- Enables survivors to pay estate taxes
- Covers your final expenses
- Provides for special needs child
- Financial security for family
-Offers income replacement Life insurance over 50 doesn’t have to be the minefield that it is portrayed to be.
In fact, the majority of people over 50 qualify for a standard life insurance policy. Such cover can be cheaper than the ‘tailor made’ option and could even provide an increased level of benefits. We would be happy to help you if you need a quote. The Mintco Financial Team works with several insurance carriers who insure individuals 89 and under.
Call us now at 813-964-7100 or fill the quote form: https://www.mintcofinancial.com/term-life-insurance-quote