How to Find Life Insurance Coverage for Over 50?

If you are over 50 term life insurance can seem nearly impossible to find. However, if you are willing to take the time to research your options and do a little hunting, you will be able to get the coverage that you need without spending a fortune. Once you’re over the age of 50, you become a higher risk to the life insurance company for one simple reason: you are more likely to die. It sounds a little harsh to some, but that is exactly how insurance works. It is all based on risk and likelihood of filing a claim. In the case of life insurance, the main risk factor is death.

When you are searching for over 50 term life insurance, you need to take the time to find companies that specialize in providing coverage to people your age. Of course, if you are healthy and have few risks aside from your age, you might be able to get a reasonable policy from just about any life insurance company. If you are in poor health or have medical conditions that cause you to be a higher risk, your rates will likely be higher. If you are very old or even if you are just in very poor health, you might not be able to get approved by just anyone.

For people over 50 life insurance means guaranteed acceptance life policies. These policies are uniquely designed for people who are high risk, allowing them to get the coverage that they deserve from their life insurance, no matter what their risk factors may be. This insurance is far more expensive and can be quite limited in its coverage, but it does offer an option for financial protection for those who have no other options on their plate. By taking the time to consider this option, finding coverage might be easier than you think.

When you are over 50, term life insurance makes the best type of policy for your needs. A whole life policy, even when you can get approved, is usually too expensive and there is really no need when you can get a 20 or 30 year term policy for much less than whole life coverage. You won’t have the perks and investment opportunities of a whole life policy, but you will have a death benefit that will take care of your final expenses and protect your loved ones once you are gone.