What Are Your Over 50s Life Insurance Options? – Guest Post
Considering one’s mortality is a rather uncomfortable subject, so people tend to avoid it. They may avoid it so long that they reach their 50s without ever having purchased life insurance, but they are aware that they would like to provide their families with a sum of money to help them pay the expenses after their deaths. Even though they are older, they do have options for over 50s life insurance.
The price of over 50s life insurance depends on several things, but one very important issue for life insurance companies is age. The younger people are when they purchase their insurance, the lower their premiums can be. People over 50 have missed their chance to obtain their life insurance at the youngest ages, but they can ask several insurance companies for a quote on over 50s life insurance. With several quotes, they will, undoubtedly, find some that are very affordable that they can look into.
In order to obtain the lowest quotes for over 50s life insurance, people over 50 can choose one of the several types of term life insurance that exist. It is less expensive than whole-of-life policies that last the policyholder’s entire life. Term life insurance only lasts a determined number of years and will only pay the beneficiaries if the insured dies within the term.
People over 50 have the same choices for over 50s life insurance as people in younger age groups. For example:
1. Level Term: With level term life insurance, people over 50 purchase life cover that will last for one year or they can purchase cover that lasts 20 years. The amount of the payout will be the same no matter the year that the insured dies. If the insured lives the entire term, the policy will expire.
2. Increasing Term: Over 50s life insurance also includes increasing term with which the payout increases every year by a percentage to cover inflation. It’s excellent for longer terms.
3. Decreasing Term: People opt to purchase decreasing term life insurance when they have a loan, for example, to cover. As time goes on, the amount needed to pay the loan decreases, so the benefits may also decrease.
4. Convertible Term: The convertible term policy gives people over 50 the option to convert their term life insurance policies into whole-of-life policies if they so desire. They may also choose to convert them to endowment policies and if they decide to do this, the insurance company must allow them to even if their health is currently failing.
5. Renewable Term: After the term has been completed and the insured survives, they have the ability to renew the policy no matter the state of their health.
Sometimes, over 50s life insurance depends on factors that the insured cannot change if they wanted to such as gender; because males have a lower life expectancy, they will be charged higher premiums. But, people over 50 can choose to purchase term insurance rather than whole-of-life insurance, compare quotes from more than one insurance company and they can also choose to live healthier lifestyles to encourage lower premiums.
This article is written by Michael Turner, on behalf of LV Insurance.