0 Comments | Feb 19, 2011

Over 50 life insurance

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What is over 50 life insurance?

As the name implies, over 50 life insurance refers to whole or term life insurance policies for policyholders over 50 years of age.  This age group is put in a category of its own, because it signifies the “knee in the curve” of policy premium expenses for new life insurance policies taken out.  In other words, if you’re starting a life insurance policy and you’re over 50, you can expect to pay higher premium amounts than your 49 year-old counterparts.

Over 50 life insurance policy options

There are a number of available options for your over 50 life insurance needs.  As you consider the option best for you, keep in mind that policy face value (or death benefit), medical investigation detail, and premium cost all counterbalance each other.  Choose carefully.

  • Normal whole or term life. If you’re in good shape, with no outstanding medical conditions and relatively few life insurance risk factors, you may qualify for a traditional whole or term life insurance policy.  Your cost per thousand dollars of face value will still be higher than younger customers, but less than the remaining options we’ll cover.  You can expect to undergo a thorough medical examination during the application process.
  • Simplified life insurance policies. These are much like a traditional whole or term life insurance policy, with three important distinctions:  first, the medical qualification requirements are less stringent (ie, fewer physical exam items required), but the premium amount is higher, and the maximum death benefit amount is lower.
  • Guaranteed over 50 life insurance. These policies guarantee coverage for you regardless of medical conditions.  They typically have a maturation period of up to several years, during which your death benefit amount remains a fraction of the policy’s face value.  After the probation period, your survivors will receive the full face amount.  Again, premiums are much higher than for traditional life insurance policy types.

How to save on over 50 life insurance

The most important way to keep your over 50 life insurance policy costs under control is to stay healthy and reduce your risk factors.  Yes, the following list will read like a list of things your mother told you to do.  But in addition to lower life insurance premiums, you’ll also enjoy higher quality of life.

  • Don’t smoke
  • Don’t drink
  • Don’t engage in high-risk activities
  • Exercise regularly
  • Eat well
  • Reduce stress factors

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