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50 Plus Life Insurance Options

By Marilyn Katz

Republish: EasyPublish™ Published: 07Jul2009 Word count: 524 Viewed: 74 time(s) Get Free Content For Your Site

Most of us never planned on needing life insurance in our middle years, or even as senior citizens. When we were younger, agents painted a rosy picture of our futures. They told us that by the time we got older our mortgages would be paid off, savings accounts would be fat, and our kids would be self supporting.

But is that how everything always worked out? No, and many financial professionals may have been well meaning, but some may have had other reasons for wanting us to pay less for 20 or 30 year term policies. Maybe they got more commissions for getting us to invest the excess money in other financial products they could sell. Who knows?

What I do know is that many of us reached middle age without any coverage, and yet we had not outgrown our need for life insurance!

That mortgage did not get paid off. Was it because we needed a 2nd mortgage to pay bills during a job loss or to help our kids with college? Or did we move and assume an even bigger home loan than we had before. Either way, things had changed.

Many older parents are finding that their grown kids did not grow up and complete their educations on schedule either. Some are moving back, and sometimes they even bring spouses and their own kids to our homes.

And those savings accounts never did get as fat as we thought they would. We are older, but still responsible for ourselves, our bills, and even for other people!

I have some good news though. Americans are enjoying longer, more productive lives than ever before. Insurers have noticed this too, and in order to remain competitive, they have begun to market a variety of affordable life insurance policies for older people.

A 70 year old in reasonably good health can still find affordable term policies. Maybe he or she cannot find a 30 year term, but he or she should have a selection of 10 year policies to pick from.

If you are stil working, or especially if you run your own business, this may be a great solution to make sure that your assets and family are protected if you pass away.

And whole life insurance may be more attractive at 60 than it seemed at 35. After all, this type of policy will not expire as long as it is kept in force. When the premiums are paid, or the policy is paid off, you can have the securty of lifetime coverage.

If you are older or have developed some health issues, a smaller face value whole life policy can still be an affordable way to pass money to the next generation. At the very least, you could purchase enough coverage to make sure your funeral would be paid for. But you can also consider buying more coverage, to leave your kids or grandkids an estate.

How can you find coverage over 50?

It is simple to compare premiums and plans in your local area these days. Online quote forms take a few minutes to fill out, allow you to compare multiple insurers, and can save you money and time.

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