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Do people over 50 years old have any choices if they want to buy life insurance? Today, insurers consider older people a big market, and they do provide many different products. Because people are actually living longer and more productive lives today, rates may be actually be affordable too. It is certainly possible for baby boomers and seniors to find a policy if they want it.
Why are baby boomers and seniors looking for policies? At thirty or forty, a lot of us bought a twenty or thirty year term life insurance policy. That seemed like plenty of time to save money, get our kids educated, and pay off our mortgage. We figured that by the time we were fifty or sixty, we would have everything in order, and we would not need coverage any more.
How did that idea work out for you? In many cases, it did not work all that well. Our kids took longer to get off on their own than we planned. Maybe they haven came back home, and maybe they have their own kids now. Those mortgages we planned to pay off are still there because we moved or took out another loan to cover some expenses. And job losses or other problems meant that our savings just never really grew like we thought they would.
You may also think that we should already have coverage by the time we get to middle age. Most of us did have some sort of policy in our lives. But our term policies may have expired after 20 or 30 years. Thankfully we outlived them! Or we may have had coverage from a group policy at work. But we left that job long ago because we quit or retired. So now we find ourself older, but without any coverage.
How should we shop for a policy at our age? Well, before you purchase any policy, you should sit down and think about what you want that policy to do for you. There are a lot of reasons that older people purchase life insurance policies, and you need to uderstand what you want out of yours.
If you just want insurance, consider term. Premiums are cheaper anyway, and that will be important because an older person is likely to cost more to cover than a younger person. Even if you are middle aged, or in retirement age, you may still be able to find an affordable term policy.
You may want to find a term policy that you can convert to whole life later. These will not require you to prove you are healthy as long as you make the conversion within the specified time limit. That way you can have cheaper term now, and you can have the option to covert to a whole life insurance policy later!
If you want to use your policy to build an asset for yourself, or for your family, you probably want to consider whole life. After time, it can build a cash value which can be handy. You could use it to borrow against, cash in, or in a life settlement transaction. In any case, you will have lifetime coverage.
How much will this cost you. Premiums will vary by many factors. These include the size of the death benefit, the type of insurance, your age, and your general health. An experienced insurance agent should be able to help you explore your options. Just be careful if they seem too concentrated on one type of policy.
Also consider Single Premium Life vs Annuities for retirment planning.
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Tags: baby boomers, elder care, Estate planning, Finance, financial planning, insurance, life insurance, over 50, seniors, term life insurance, whole life insurance