Can You Get Life Insurance if You Are Over 50?
Good news! Life insurance is readily available if you are over the age of 50, as most life insurance companies offer a variety of products for you to choose from. Although, there may be limited products available, the older you are when it comes to the number of years for term life policies. A 50 year old may find many life insurance carriers offering term life insurance for up to 30 years. Whereas if you are 70 years old, you may find a few number of carriers offering a maximum of 20 year term life insurance policies.
Many life insurance companies will offer the same underwriting classes to you if you over age 50 as they would to people under age 50. This means that you can still be eligible for the carrier’s best rating class resulting in the lowest possible premium cost.
Most life insurance premiums are based on a number of factors including age, gender, tobacco use, health and family history. Generally, the cost of life insurance increases with age. The medical exam requirements are typically more extensive the older you are. You should review your life insurance needs at the earliest age possible to take advantage of more favorable premium costs and plan availability.
People over age 50 are typically in their peak earning years and their needs for life insurance may change as their children may have moved on, their mortgage may be paid off and they begin to start thinking of retirement. Term life insurance is an excellent plan to provide for income replacement as you are planning for retirement.
Some people feel secure with the life insurance policy offered through their employment. But did you know that the life insurance coverage offered through your employer could be terminated by retirement, termination of employment or a change of company benefits? Finding the right term life policy can be challenging, at any age!
About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.