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Life Insurance For People Older Than 50
Author: Marilyn Katz
Why Do People Older Than 50 Need Life Insurance?
When you were young, had a high mortgage, were responsible for supporting kids and a spouse, and were in the middle of your career, your coverage needs were probably obvious. If something were to happen to you, you wanted to make sure your spouse and kids had some money, the home loan was paid for, and income got replaced. Young families frequently consider this when they choose to purchase a higher face value term policy.
What? You say that you still owe money on your mortgage, your kids and wife still depend upon you fo support, and you still need to work for income? Well, the reality is that people in midlife face many of the same challenges they did when they were 30. Homes get refinanced, or people move to larger homes with bigger mortgages. The kids do not always get educated on time. And that savings account is not large enough to allow the luxury of retirement.
The Good News About Life Insurance After 50
Statistics show that Americans are living longer, and that they are also working longer. Insurers pay close attention to numbers like that. With a lower risk of passing away at a young age, life insurance companies can afford to lower premium rates to stay competitive in the marketplace. All things being equal, premiums may be much lower than they were a decade ago.
All things are not equal though. We are all 10 years older than we were when we got ready to party like its 1999. But our lives have changed too. In the past 10 years, even though we may not have paid off our mortgage, we may have paid off several thousand dollars of it. And even though all 6 kids are not out of the house, maybe half of them are. Even though we still need coverage, perhaps we do not need as much.
It is a given that our premiums could be higher because we are older. But since premiums have dropped, and our needs are less, we may be able to find a lower premium. If a million dollar policy could be replaced by a $250,000 policy, it could cover our current needs and cost less!
I am not advising everybody to look for new policies. But I am asking people to consider their coverage needs, premiums, and the money that might be spent elsewhere. Many older people would be better served with lower coverage and lower premiums. The extra money could pay bills or go into a retirement plan. Those things can really help a family financial situation too.
It is simple to compare rates these days too.
Before you consider any action, why not find out how much your own premiums would be today? It used to be hard to go through multiple agents, brokers or insurers. You had to give them all of your application details, and sometimes take a physical, just to find out how much a policy would cost.
Nowadays, you can simply login, find a competitive quote form online, and get answers delivered to your home pc.
Are you looking for life insurance, or would you just like to compare rates?
Find life insurance over 50 with our simple online quote forms.
Seniors may also want to explore final expense insurance rates too.
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