It is advisable to purchase life insurance while you’re still young because buying life insurance when old or over 50 can be very expensive. If you don’t have life insurance now that you’re young, it will be very discouraging when you choose to look for life insurance when you’re over 50. It’s very expensive and difficult to get insurance over 50. But in this article, we will provide you with the best life insurance for people over 50. Whether you lost your employer-sponsored coverage because of a job change or retirement, there is an amazing health insurance company that offers amazing coverage for age range and life stage.
In the meantime, life insurance is very essential and many families having life insurance at an early stage tend to benefit more while they are older. Because as they grow older the cost of having life insurance is quite expensive. But the truth is that if you’re looking for the best life insurance for people over 50, this can be difficult. The best option is to understand the type of insurance that you need for that particular age range.
Which Type of Life Insurance Best for Someone Over the Age of 50?
First of all, there are so many options or coverage included in life insurance for someone over the age of 50. Based on some life insurance companies, their policies are specifically meant for seniors and they can still qualify for a term or permanent life insurance. There is why you need to know that type of life insurance best for people over 50.
Terms Life Insurance
The word “Term” in life insurance actually means that a life insurance policy is sold for a particular length of time. In other words, the policy coverage includes a certain period of time before it expires. Plus, you can find term life insurance of 10 years, 15 years, 20 years, and 30 years.
Permanent Life Insurance
For those that still feel they can live longer than what is recommended, or you don’t like the fact that your life insurance will expire, you can decide to go for a whole life insurance plan. The whole life insurance plan or permanent life insurance plan does not expire but it is very expensive.
Life Insurance with No Medical Exam
Life insurance with no medical exam is suitable for those with severe health issues. Also, life insurance with no medical exam helps to acquire life insurance especially if you have been declined for life insurance before.
What is the Best Life Insurance for Someone Over 50
The best method to look for the best life insurance for people over 50 is to compare various life insurance providers. based on our findings and analysis, we found out that the following list of insurance companies best server for life insurance for people over 50
- Mutual of Omaha
- AIG
- Haven Life Insurance
- Transamerica
- Fidelity Life
- New York Life
- State Farm
- Northwestern Mutual
This are our list of the best life insurance companies for someone over 50. Therefore, you can visit the respective platform to check out their life insurance policy suitable for you.
How Much is Life Insurance for a 50-year-old?
| Ages | Average monthly rate for non smokers | Average monthly rate for smoker |
| 25 | $31 | $86 |
| 30 | $33 | $92 |
| 35 | $38 | $117 |
| 40 | $50 | $179 |
| 45 | $78 | $277 |
| 50 | $118 | $426 |
| 55 | $190 | $663 |
| 60 | $318 | $1,007 |
| 65 | $593 | $1,528 |
Do I Need Life Insurance After 50?
Yes, even while you’re over 50, you still need life insurance because this helps to cover your medical expenses. But it is advisable to buy life insurance at an early age, it provides financial protection for your children until they reach adulthood. Also, the reason why you need life insurance after age 50 is that it offers you
- Family protection: it help to provide you and your family with financial protection from economic lost and more.
- Coverage for final expenses: most of the life insurance policies does includes coverage for funeral and death-related costs.
- Business protection: you might be wondering how does life insurance offers business protection. Yes it does by helping to ensure that your business is well taken care of during critical situation.
Others also include pension replacement, estate planning, saving for retirement, a charitable remainder trust, and more reasons why you need life insurance after age 50.