The best time to buy life insurance is when young. At a younger age, your immune is high so you are less likely to falling ill, your life expectancy is still high, so you are less-riskier to insure. That’s why it gets more expensive to buy life insurance as you get older. Buying life insurance at an old age isn’t the best idea, but if you happen to be over 50 years, there are still a few options to consider. That said, below are the 5 best life insurance products for people over 50.
Term Life Insurance
Term life insurance is a great choice of life insurance if you are over 50 years. For instance, if you are 60 years you can lock in a 20-year term policy, or if you are older you can buy a smaller policy. Chances are that the policy will pay out because you are less likely to outlive the policy. Also, term life insurance is affordable unlike permanent options, so you won’t be stretching your finances thin, considering that you are facing retirement or have already retired.
Guaranteed Universal Life Insurance
Also known as GUL, it is an affordable kind of whole life insurance policy, so it has both sides of term and permanent life insurance. The death benefits for this type of coverage are guaranteed with a potential return of the premium. While affordability and lifelong coverage are major perks of GUL, another advantage that makes it unique is flexibility. This is in terms of the death benefit amount. So if you feel like the death benefit amount is too big depending on your needs, there is an option to reduce it. This can be a great option for life insurance over 50.
Final Expense Life Insurance
Final expense life insurance is mostly meant for paying medical bills and burial expenses for the policyholder. Perhaps you have your retirement savings in place but have never thought of the cost of your medical bills and funeral expenses should you pass on. The death benefit is not large per se, but it is better than nothing and easy to get approved since a medical exam is not required. The premiums remain constant and as long as they are paid all through, the death benefit should payout.
Universal Life Insurance
Universal life insurance is a permanent type of life insurance, meaning that it gives you lifelong coverage. So if you are 50 years old, then coverage lasts whether you die at 60 or 80, there is no timeline. The premiums are low when compared to whole life, and it has a cash value component. The policy allows you to borrow against the cash value and the premiums are flexible so you can adjust the death benefit whenever the need be.
Read More: How to Save Money on Life Insurance
Whole Life Insurance
Whole life insurance is yet another life insurance policy you can consider. It provides coverage for a lifetime, though the major downside is that the premiums are expensive. However, it accumulates a cash value component, which you can borrow against or use it to withdraw money. Also, the premiums don’t change over time, so you don’t have to worry about higher premium rates in the future after committing to lower rates.
Each life insurance policy has its pros and cons. It’s for you to assess each before deciding which one suits you best. Weigh your options then find a good insurer because it also goes a long way to giving you a smooth experience. If you were in an unpleasant position to have your claim denied, you should seek help from a life insurance attorney who specializes in denied insurance claims.