What are the best life insurance policies for those over 50
When you’re in your 50s, you may wonder if it’s still necessary to get life insurance. After all, you probably don’t have dependents and your children are now adults with careers of their own, right? But just because you aren’t thinking about life insurance doesn’t mean that it isn’t something you need to protect yourself with! Here are three reasons why legal and general life insurance over 50s can be useful no matter how old you are or how well off financially you are.
Different types of life insurance
There are three basic types of life insurance that you can purchase to cover your family in case you die. These include term, universal and whole life. Each type has its own pros and cons. Term is usually cheaper but has a limited duration, universal and whole have no limit on duration but tend to be more expensive. It’s important to research each option before buying any policy so that you can make an informed decision about which one is right for your family.
How much do I need?
The amount of cover you need is dependent on your personal circumstances. The good news is that term insurance can be tailored to your needs. You should discuss your financial goals and risk appetite with an advisor before deciding on what type of policy will suit you best.
Individual Versus Group
The biggest difference between individual and group coverage is that individual policies only cover one person, while group coverage covers multiple people. If you want to make sure you’re covered if something happens to you, and your family is protected even if they don’t work, then a group policy might be better. If, however, you want lower premiums, there’s not much choice but to go with an individual policy.
Picking a Provider
When it comes to picking a provider, consider these factors: price, coverage (what your policy covers and what is excluded), terms and exclusions, and payout options. Be sure to compare your offers side-by-side so you know you’re getting a fair deal. Once you have your offers in hand, you can decide which ones suit your needs and budget.
Will I have to take a medical exam?
Most people over age 65 won’t have to take a medical exam to get their term life policy. This is good news, because your health can change drastically in that time—for better or worse. If you’re under 65, you’ll probably need to take a medical exam and answer some health questions before being approved. The questions will vary by company but may include: Have you had any serious illnesses? Do you smoke? How much do you weigh? Have there been any recent surgeries?
How long will it take to get coverage?
In most cases, we can offer you coverage within days of your application and payment. You’ll also be able to continue with your current level of coverage until your new policy is approved. If you need help figuring out which policy will work best for you, don’t hesitate to give us a call.
Extra Coverages (Accidental Death, Long-Term Care, Disability)
If you have kids and you’re concerned about how they’ll manage your affairs if something were to happen to you, consider purchasing extra coverages that include accidental death and/or long-term care. The extra money spent now could give your family more peace of mind in an otherwise stressful situation. Make sure you don’t go overboard though, as many term life coverage options cap benefits for these additional benefits—which can end up costing your family more than it saves them in the end.
When Can I Be Covered by Life Insurance Again?
When you’re no longer insurable (because of pre-existing conditions), that’s when. Most term-life policies have a proving period, or time in which you can apply for coverage and not be turned down because of your health. For example, if you’re under 65 years old, most insurers will let you apply after a one-year proving period has elapsed.
The Costs Associated with Getting Life Insurance
Getting life insurance after 50 may not be as easy or inexpensive as you’d think. What is a healthy amount to get? And how much will it cost you? There are actually several costs associated with getting coverage—some that you can control and some that aren’t so controllable. Here, we’ve broken down these costs and what you can do to make your policy affordable.