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0 Comments | Feb 19, 2011

Life insurance over 50

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Considerations for life insurance over 50

The half-century mark is a significant milestone in a number of life arenas, and the life insurance considerations are equally monumental. Unfortunately, turning the big five-oh has some deleterious consequences on your life insurance premium amount, if you’re not in an existing guaranteed premium arrangement.

If you’re on the market for life insurance over 50, there are three main options you might explore to meet your life insurance needs.

Traditional life insurance over 50

Just like your 49 and under counterparts, you might qualify for traditional term and/or whole life insurance policy after you turn 50.  You can expect the battery of health examinations and questionnaire items to be significantly more robust than that endured by younger life insurance customers.  That’s because the insurance companies want to precisely quantify any and all risk factors that insuring you might entail.  And even if you come up squeaky clean and virtually risk-free, you can expect your policy premium amount to be more expensive than you’ve paid in the past.

Simplified life insurance over 50

This life insurance policy option is very similar to traditional term life insurance (and there are whole life insurance policy options in this arena as well), with a few significant variations.  First, you can expect the insurance company to ask for fewer health details, and you may not have to submit to a medical examination before receiving coverage.  In return for this lower level of due diligence, however, you can expect the total coverage amount (also called “death benefit” or “face value”) to be lower, and you can expect your premium amount to be somewhat higher than a traditional life insurance policy.

Guaranteed life insurance over 50

As the name implies, this over-50 insurance option guarantees you coverage regardless of past medical history.  In fact, many guaranteed policies don’t even require a medical evaluation or questionnaire. As you might imagine, however, there are significant strings attached to this apparent altruism.  First, you can expect a probationary period of up to three to five years in length, during which your death benefit amount is only a fraction of the policy face value.  Second, the total coverage amount limit will be significantly less than you’re used to.  Finally, the premium amount will be noticeably higher than with other life insurance policy options.

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