Term Life Insurance Over 50 Years Old

Turning 50 marks an important milestone. While you may feel young at heart, your body starts undergoing changes that can affect your health and longevity. Getting life insurance becomes more complicated and expensive. But protection is still possible if you plan ahead.

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Why Life Insurance Still Matters After 50

  • Protect your family's finances - A policy provides income replacement if you pass away prematurely. This ensures your loved ones maintain their standard of living.

  • Pay final expenses - The average funeral costs over $9,000. Life insurance covers these costs so your family doesn't have to.

  • Leave a legacy - The payout from a policy can help your spouse, children, or grandchildren after you're gone.

  • Charitable giving - You can name a charity as a beneficiary to make a larger gift than you could donate during your lifetime.

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Finding Affordable Coverage After 50

Life insurance over 50 is more expensive but rates vary widely depending on:

  • Health - Insurers will consider your medical history and require a physical exam. Certain conditions like diabetes or heart disease can increase premiums.

  • Lifestyle - Hazards like smoking, dangerous hobbies, or high-risk occupations can also raise rates.

  • Type of policy - Term life insurance is the most affordable option for shorter-term needs. Permanent policies last lifetime but cost more.

  • Length of coverage - The longer the policy term, the higher the premiums. Optimize cost by matching the term length to your needs.

  • Face value - This is the death benefit amount. Carefully consider how much coverage you need. Higher values mean higher premiums.

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Tips for Finding the Best Rate

  • Shop around - Get quotes from several highly-rated insurers to compare pricing. Independent agents can help you access multiple carriers.

  • Look for discounts - Some companies offer lower premiums if you have a healthy lifestyle or bundles with other policies.

  • Improve your health - Losing weight, reducing alcohol use, or quitting smoking can potentially lower your rates.

  • Consider stepping down coverage - As you get older, you may be able to reduce the death benefit and save on premiums.

  • Shop while young - this is ovious.

We Can Help You Find the Right Policy

Getting life insurance over 50 takes some extra planning but can still provide important protection. Our independent agents have access to top-rated carriers and can help you:

  • Evaluate your needs
  • Find policies that fit your budget
  • Secure the best rate possible

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Can I Still Get Affordable Coverage

Great news! You are in your fifties (50's), so getting affordable life insurance rates is still possible.

If you are if fairly good health and have to major health issues like, diabetes, heart problems, hypertension (high blood pressure), cancer, etc., the life insurance companies are more than happy to insure you.

Remember, to get the best policy rates you will have to submit to a simple medical exam.

A medical professional will come over your house to examine you and draw blood for tests.

If all is okay with you and no major issues were found, then the insurance underwriter will give you the final policy costs.

It's best to always go with a medical test and not get a policy without a medical exam. These are priced much higher.

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Other things to keep in mind are:

  • If you smoke, your rates will be higher.
  • If you are male, you'll pay more.
  • If you are overweight, your policy will cost more.
  • If you are older, i.e. 60, 70, 80 - you will pay much more.
  • Your family history will affect your rates.

The good news is, you have control over if you smoke or if you are overweight. So, quit smoking and lose some weight before getting a life insurance quote.

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