Over 50 Life Insurance -- Should You Get It?

Here is something you need to know about life insurance as you head towards your senior years. individuals over 50 years old are more likely than younger individuals to make claims on their life insurance policy, premiums may be higher if you are over 50 and trying to buy life insurance. Some insurance companies may consider it a greater risk to insure an individual who is over 50 than someone younger. Some of the risk factors insurance companies consider when insuring a person over 50 are health and likelihood of filing a claim with the insurance company. Here are some of the most frequently asked questions when it comes to life insurance over age 50:

Should I get over 50 life insurance?

Because life insurance premiums may be higher than average if you are over 50, it is important to ask yourself how much you can afford in premium payments while shopping around for a policy.

• Find out if premium levels will increase or remain the same over the term of your life insurance policy.

• How much coverage do you desire from your life insurance policy? Typically, the higher the benefit amount, the higher the premium rate of the policy. Be sure to inquire about premium rates as they related to benefit amounts when you are obtaining quotes for policies from different life insurance carriers.

• Do you need a life insurance policy? If you are single and financially independent, you may not need an over 50 life insurance policy. However, if you have dependents or individuals who are financially dependent on you, then you may desire the coverage of a life insurance policy.

Should I take a physical exam?

Most insurance companies require that you undergo a physical examination and answer some questions related to your health in order to purchase a life insurance policy. Will you pass a physical exam? If you are in poor health, you pay be offered a policy with a low benefit amount with a high premium rate. You have the option to apply for no-exam life insurance coverage with some carriers. With a no exam policy, you are generally guaranteed coverage, although the benefit amount may be lower than you desire, depending on your coverage needs.

If you are interested in purchasing an over 50 life insurance policy, do your research before making a decision. Be sure to obtain quotes from different life insurance companies for different types of policies. With so many carriers on the market, you are sure to find a policy with the coverage you need at a premium rate you can afford.