What You Need to Know about Acquiring Life Insurance at 50 and Beyond

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Unlike other kinds of insurance, which you purchase so that you can take care of your needs in case of an emergency, you purchase life insurance so that you can take care of someone else if you pass away. If you’re thinking about getting life insurance and you are over 50 years of age, there are some differences that you need to consider, as your age can become a factor in the kind of insurance you can get, the rates of the cover, and so on. Here, then, is what you need to know about acquiring life insurance at 50 and beyond.

Determine your dependent/s

You should first determine who is dependent on your income. Who are the people who rely on you to provide for their needs? Your financial dependent could be your spouse, of course, but it could also be your children, a sibling, or even your parents. Once you have determined your dependent/s, assess the amount of financial assistance you provide for your dependent/s, which will help you choose the kind of policy which can take care of what they need. You have the option, for example, of selecting a life insurance policy which has several beneficiaries so that you can provide each recipient with a particular amount, or you can choose to purchase multiple policies so that every beneficiary can have their set amount.

The process

The process of getting life insurance when you are over 50 involves underwriting, which is when you have to answer various questions about your health, and it also includes going through a thorough physical examination. Of course, if you are generally healthy and have no serious medical issues, going through the process of underwriting should be a breeze. However, if you are a smoker or if you have specific health problems, you can still get life insurance, but you may have to pay a higher amount for your life insurance policy than a person who is generally healthy or a non-smoker.

The types of insurance available to you

Bear in mind that the higher the life insurance payoff, the higher your premiums as well. It’s important to choose a policy which you can afford but which can still adequately provide for your loved ones after you’re gone. If you aren’t quite sure of what to get, you can always speak to an insurance advisor such as those from TermLifeAdvice.com. They can give you advice on which kind of life insurance policy is ideal depending on your circumstances and requirements.

There are different kinds of insurance, but the two main categories are term life and cash value insurance. Term life insurance involves having a yearly premium, but there isn’t any cash value that is attached to this kind of coverage. Cash value insurance, as its name implies, provides you with cash value in the form of a savings account. Cash value insurance can come as whole life insurance, variable universal life insurance, and universal life insurance.

Term life insurance can be perfect if you have a specific need, such as wanting to provide for your children’s tuition or paying off a home mortgage, and once you fulfil that need, you can cancel the policy. Cash value insurance is ideal if you have a permanent need, which means that even if you live for a very long time, you will still have a policy which pays out when you are gone.


Author: Cliff Pendell

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