When to choose insurance over 50?

When to choose insurance over 50?

Are you over 50, your current life insurance is insufficient to cover the financial needs of your family in the event of death and you do not want to leave your heirs in a mess?

Have you never taken out life insurance and the idea of ​​leaving your loved ones without it? Talk to Picki, who will be by your side to help you make the best choice.

Tell yourself that better late than never!

How does the insurance + 50 years’ work?

If you’re still healthy, you might still consider purchasing traditional term or permanent over 50s life insurance. Of course, the cost of the insurance will be higher than if you bought it at a younger age.

If you are not in good health, you could choose permanent life insurance with guaranteed acceptance. Guaranteed acceptance means that the insurer cannot refuse you for health reasons. However, the amounts of protection will be limited. Generally, insurers offer coverage ranging from $ 5,000 to $ 50,000. The cost of this type of guaranteed acceptance insurance is, of course, higher than that of regular life insurance, since the insurer assumes a greater risk. Most insurers limit underwriting to age 75 and under; a few, however, agree to extend it to 85 years.

Guaranteed acceptance insurance is a good solution for people aged 50 and over who do not wish to be refused for health reasons and who wish to leave their heirs a small sum to cover the costs of death.

You could also combine your permanent life insurance for people over 50 with a savings part in the insurance contract. Since the insurance coverage will not exceed $ 50,000, this would be an attractive option to increase your benefit upon your death. This choice will allow your loved ones to fulfill your last wishes without damaging the family patrimony.

Interesting options for life insurance + 50 years

Some insurers offer interesting options, for example:

  • Amount of insurance multiplied in the event of accidental death
  • Advance payment of up to 50% of the insurance amount
  • Experts will guide you by comparing these different choices for you.

Term life insurance for 50 years and over

Term life insurance will be required to cover the remaining loan balance for the 10 year period. Subsequently, their need for term life insurance decreases since they no longer have a mortgage. A 10-year term life insurance amount would be required to meet their life insurance need.

This case is an example and several other factors can influence the recommendation of the type of product needed. Consult with an independent life insurance broker from the team to assess the best option for your needs.

How to choose the right protection?

To make the choice of the life insurance protection that is right for you, an insurance advisor must analyze your needs and define with you the type of protection and the amount of insurance you need.

The choice of coverage depends on several factors, including your age, the number of dependents, the different coverage within the same contract, the amount of coverage, etc.

David Lockhart