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Over 50 Life Insurance Plans
Assuming that you are a healthy 50+ year old, the simplest way to find the right
life insurance and insurance company is to get rates from at least three life insurance companies. We recommend that you do get one with an online only company (no agent to speak to) and two from insurance companies that offer limited online quotes or no online quotes. For the latter, you may have to talk to an agent.Why, do we suggest online and offline? Simply put, experience. We have often found that by using the services of an advisor (with whom you do not have to meet), final rates would tend to come out much lower. Which does not mean they always do, but it is well worth the extra effort. The advisor may not give you lowest quotes, but he/she should know best which insurance companies are more likely to approve you at best possible rates. After all, as you may already know, quotes do not always mean best final rates and, final approved rates are really what matters most. Whether you use all web only shopping or a mixture of online and agent shopping, we highly suggest that, even if you are very healthy, once you have narrowed down your choices, that you apply to more than one company at the same time. As long as the insurance companies are aware that you are applying to multiple companies to get the best rates, that should not affect underwriting. I can give you myself as an example. I actually applied to three companies. My final rates were anywhere between a standard approval to select+ (best possible rates with about a 40% saving).
Now what happens if you are over 50, need life insurance, and your health history is not the best. First you will find that online only companies (quote and application) are not likely to get you the best approval (if approved at all). In this case, you will not only want to locate an advisor that deals with older individuals but also an advisor that knows which company is best in underwriting your health issues. Make sure to ask a lot questions about the plan(s) you select.
How many years should your rates be guaranteed when applying for life insurance and you are over 50? That really depends upon two factors. First is affordability and second is need (in that specific order). You don't want to get the plan you need, find out later that it is beyond your budget and cancel the policy because you cannot afford the premiums. Then you will have lost everything. Most individuals over 50, select the 10 or 15 year life insurance plan. So make sure that, whatever plan you select, it should be affordable. Another important option that your plan should include is convertibility. At younger ages, convertibility is also important but not as critical. What I mean by convertibility is simply the ability to convert your term life insurance plan to a permanent plan of insurance (whole life, universal life, indexed life...). We have ran into many cases where, during or after the term life insurance guarantee period, the insured, because of health reasons, was no longer able to medically qualify for reasonably priced life insurance or any life insurance at all. Convertibility allowed these individuals to retain the approval rating (preferred, Select, standard...) from the term policy they already had and convert it to permanent life insurance at the same rating.
Well, I hope this helped individuals over 50 get a head-start on selecting the right company(ies) for life insurance. As we say in all of out articles, please be sure to ask, ask a,s ask more questions. Be well.
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