If you are over the age of 50, you might be wondering whether you need to get life insurance. Often, people think that they only need life insurance while they have children in their homes. This is because their children are depending on them.
Why You Need Life Insurance Over 50
There are reasons that everyone should have life insurance no matter how old or young they are. Overall, it helps to give people peace of mind about their death.
Life insurance can help with a variety of expenses that your loved ones may have to handle when you pass away. These expenses include final expenses, like a funeral and burial as well as medical expenses. Estate taxes will also need to be paid at the time of your death.
Life insurance helps with pension and retirement income replacement. If the insured is a business owner, life insurance can be useful for business succession. By getting life insurance, you can add a liquid asset, which is useful for final expenses and estate tax.
Types of Life Insurance Over 50
- No Medical Exam Life Insurance. No medical exam life insurance is often a last resort if you have been denied coverage with another policy. If you are in poor health, you will likely have to get a no medical exam policy. This is more expensive, but you will be able to get coverage despite any health issues.
- Guaranteed Universal Life Insurance. Guaranteed universal life insurance will cover you for the rest of your life until you are 120 years old. This is recommended for people who have sizeable estates and will need to pay estate taxes. This is also a good choice if you are wanting to give your children or spouse an inheritance.
- Term Life Insurance. Term life insurance can be a good option if you are not retiring soon or if you want to have coverage while in retirement. This is a good choice is you are wanting to cover a long-term debt. Most commonly, long-term debt includes mortgages that will need to be paid off.
How to Get Life Insurance Over 50
If you are going to get life insurance at any age, it is important to work with an independent agent. An agent can help you to find the perfect life insurance for your needs. By working with an agent, you can get the help you need without any bias.
“If you work directly with a life insurance company, you may run into problems with the agent trying to sell you their policies. Working with an independent agent prevents this and allows you to get the guidance you need.” says Ryan, founder of Over50lifeinsure.com.
Summary
No matter how old you are, you should have life insurance. If you are over 50, there are several reasons that you need to get life insurance. There are many expenses that your family will have to pay at the time of your death. When you have life insurance, they do not have to try to come up with that extra money as they grieve.
There are plenty of life insurance options available to people 50 and over. Some of the best options include no medical exam life insurance, guaranteed universal life insurance and term life insurance. Life insurance is not one-size-fits-all so you need to find what works best for you.
It is best to do your research about each one before making a decision. If you are going to get professional help, make sure you work with an independent agent who is not biased toward one company over another. This will help you to get the right policy for your needs.
