Most people know a little something about life insurance, but for those of us over 50, it could be a whole new ballgame. Here are some tips to keep in mind when you’re considering your options for life insurance for older people:
1. Decide what’s important to you and how much coverage you need. Before you even go shopping, figure out how much coverage you need to accomplish your goals. Determine whether or not you want a permanent or term policy, and if you decide on the latter, how much time (the “term”) you need. If this is your final opportunity to purchase life insurance rates, make sure you get all the coverage possible because when it expires in say, 20 years, chances are good that medical advances will have made it less expensive; eliminate any unnecessary riders since they’ll likely cost more than what they’re worth; and pay attention to costs — don’t assume that’s excluded from the quote unless it’s explicitly stated.
2. Shop around for coverage! Many people who are over 50 have been with their current insurer for decades. Never feel beholden to one company. You don’t have to. If your current insurer doesn’t have the best rate, you have options! Also, shop around even if you plan to stay with your current insurer for other policies. Just because they’re local doesn’t mean they offer the best value.
3. Watch out for pitfalls! Don’t be lulled into complacency by an agent that pitches all kinds of coverage but really has his or her own financial goals in mind; some agents get paid more if they sell whole life instead of term; and while some carriers will give preference (higher priority) to applicants who are 55+, it’s important to note that this only applies when you apply through their preferred channels — there are plenty of online life companies that won’t discriminate based on age.
4. Get help if you need it! If you’re feeling a bit lost, don’t be afraid to ask for help from friends, family, or an insurance agent. There are plenty of helpful resources available to you, and no one should feel rushed into making a decision they’re not comfortable with.
5. Don’t wait! The longer you wait to buy life insurance, the more expensive it gets. If you put it off until later in life, your health may start to decline and that could mean higher premiums or even being declined coverage altogether. So don’t wait — get started today to get life insurance over 50 quotes!
These are just a few tips to get you started on your journey to finding the right life insurance policy for you. Remember, life insurance is meant to protect what you’ve built — your family, your life savings, your legacy. Make sure it’s something that will serve that purpose for years to come!