Speak with an experienced advisor!
877-235-9299

3 Critical Tips for Life InsuranceOver 50 Years of Age

It's a common misconception that life insurance over 50 years of age is expensive and that couldn't be further than the truth. Life insurance rates over age 50 are a lot less expensive than you would think.
We encourage you to use our instant quote tool on the side of the page to see for yourself how inexpensive life insurance over 50 is. However, just be aware that the long you wait - the more expensive life insurance will be.
life insurance over 50 years oldLife insurance is one of the most important purchases that you could ever make for your family. Another misconception that we hear a lot is that once you’re past the age of 50, you no longer need life insurance coverage, but in most cases that isn’t true. Not having life insurance could be one of the worst mistakes that you make for your family. If something tragic were to happen to you, and you didn’t have coverage, your family would be responsible for all of your debts and other bills.
With that said, here are 3 critical tips to consider when buying life insurance over 50 years old:

Tip #1: Consider BOTH Term and Permanent Life Insurance over 50 Coverage Together

Most consumers buying life insurance over 50 years old are trying to figure out if they should buy as much term life insurance as they can until they retire...OR buy more expensive permanent coverage so they can leave something behind.
Our suggestion: Do a combination of both!
Many life insurance over 50 consumers are buying a small permanent policy to take care of final expenses and leave something behind. Usually between $10,000 and $100,000 of coverage. ON TOP OF THAT COVERAGE, they're buying a term life insurance policy to cover them until they hit retirement.
The thinking behind this strategy is to have an adequate amount of cheap term life insurance to take care of your family during these last critical income earning years. These years are when you need life insurance the most. Life insurance over 50 consumers are typically purchasing a 10, 15 or 20 year term depending on their estimated retirement date.
When you hit retirement, that term life insurance payment is done. All you have left is a smaller permanent life insurance policy to take care of final expenses and/or to leave something behind.
This strategy isn't for everyone. It's just a common strategy many people over age 50 are using.
It's all just a matter of life insurance planning really. We can help you with this over the phone.

Tip #2: You Can "Shed" Life Insurance Coverage

Many consumers need more life insurance in their early 50's, but don't need as much later. A typical strategy most consumers (or agents) don't know about is you can drop some of your coverage and lower your payment as the years go by.
For example, lets say you needed $500,000 of coverage today and you're 53 years old. Many consumers over 50 balk at purchasing that amount of coverage because they won't need that much when they hit 60 years old and are nearing retirement. At that point, you can "shed" some of your coverage to let's say $150,000 of coverage which will lower your premium payment.

Don't let the premium payments in the future effect your decision to buy an adequate amount of coverage today.

Many life insurance over 50 consumers are scared of the life insurance payment in the future. Just know that you can make adjustments as years go by.
Side note regarding shedding coverage: Some life insurance companies don't allow you to do this, however the majority of the best rated life insurance companies will. If you're over age 50, we'll be recommending coverage with the companies that do allow this for the most flexibility during the course of your term.

Tip #3 AARP is NOT Competitive

Over 50 life insurance ratesIf you're over age 50, you're most likely aware of AARP's life insurance offerings. Most people we speak with bring them up.
What you should know is that AARP sells their life insurance "endorsement" to the highest bidder. Right now, that life insurance company happens to be New York Life. While this is a very reputable company with solid financial strength, they are NOT competitive when it comes to price.
We replace AARP life insurance policies constantly for people over age 50 with much less expensive plans from top rated life insurance carriers. Don't make the mistake of buying over-priced life insurance coverage just because you've heard of AARP. You can do so much better.

Bottom Line

Make sure you work with an independent life insurance agency who has access to all the top rated carriers AND who is experienced in helping those over age 50 purchase low cost life insurance. Unlike traditional insurance agent, independent brokers can bring you dozens of policy quotes all at once. Not only will we save you time, but we can also save you money.
Every insurance company is going to offer you different rates based on your health and their rating system. If you fear your health will not allow you to qualify for a traditional medically underwritten life insurance policy, do not worry, there are other options for you such as no medical exam life insurance policy. The difference in rates that you get could be hundreds of dollars every. Comparing quotes is one of the simplest ways to keep more money in your pocket, but don’t waste your time calling all of those companies yourself, let one of our experienced agents do all of that hard work for you.
We know you would be pleased with our expertise and recommendations based on YOUR unique situation. Please call us or request a quote on the side of the page and we'll be in touch with you.
You can’t predict the future, which means you shouldn’t wait any longer to get the insurance protection that your family deserves. Call one of our agents today and we would be happy to provide you with the best life insurance available.

Copyright © 2017 TermLife360.com - All rights reserved.
This site provides life insurance information and quotes. Each rate shown is a quote based on information provided by the carrier. No portion of TermLife360.com may be copied, published or distributed in any manner for any purpose without prior written authorization of the owner.
phone-handset