subject: Applying for Life Insurance after 50 [print this page] Applying for Life Insurance after 50 Applying for Life Insurance after 50
Life insurance can be quite a complicated subject to navigate through. Middle-aged consumers especially have a tough time deciding between term and whole life. Unfortunately, too many people fail to do a bit of research and shopping around before buying their policies, and end up making the wrong choice. If you are 50 years and above, this article will help you put things into perspective.
Reasons why you may be looking for a new policy
Some of the common reasons why you may need a new policy after the age of 50 are:
You own an existing term life policy that is due to lapse, and it can't be renewed or converted to whole life.
You have a whole life policy and you are finding the premiums too high.
You have fulfilled life's major obligations, and all you need now is a smaller policy to cover your final liabilities
You have an existing term life policy on which you have the option to convert to whole life or renew the term.
Whatever your reasons are, applying for a new life insurance policy should be thought through carefully before coming to any decision.
The first steps in policy buying
The first step is to do some research and read up on the types of life insurance . When you have an idea of the options available to you, you would be in a position to work out the amount of life insurance you need. You can use an online life insurance needs calculator, which will do the math for you.
Term or whole life insurance
It is now time to decide whether you want term life insurance or whole life. Whole life insurance offers great benefits such as level premiums for the rest of your life, a guaranteed death benefit and a savings element that builds cash value. On the other hand, term life keeps your premiums low, and gives you affordable life insurance. Term is like renting a house, while whole life is like owning it.
Follow this checklist as a general guideline to decide which one is for you.
Opt for term life if:
- You have to fulfill a financial obligation such as a mortgage or your kids' college expenses
- You have a business
- Your kids still depend on you financially
- Your spouse or aged parents depend on you
- You need a final expenses policy
Consider whole life if:
- You are in the high-income bracket
- You are extremely well off and you are looking for tax benefits
- You wish to leave an inheritance
- You have fulfilled life's financial obligations
If you own an existing term life policy, and don't know whether to renew or convert it
When a term life policy expires, it is obvious that a new policy will cost you higher premiums. Check with your life insurance provider if the option to convert or renew is available on your policy. If it is available, then you have the option of converting to whole life or renewing the existing policy based on the above checklist.
Apart from the checklist, there is one other factor to consider - your age in relation to the length of your term. E.g., if you are in your early 50's, you have a 15-year term policy, and your term is likely to expire in another 5 years, renewing the term will give you coverage for another 20 years, By that time you will be in your early 70's. However, if you only had a 10-year term, then you would be covered until your early 60's and converting to whole life may be better than renewing your term. Alternatively, if you are confident that you can rely on your retirement income and pensions, renew the term. So age in relationship to the term period has to be examined carefully, before you come to a decision.
The importance of shopping around before deciding on a policy
Life insurance premiums largely depend on the underwriting process. Some companies look more favorably on certain health complications than others. On account of this, premium rates vary considerably from company to company. Shop around online for not just the best rates, but also for the best policies. Since online life insurance companies keep abreast of the underwriting guidelines of life insurance carriers, their quotes are accurate and unbiased.
Don't be intimidated if you're over fifty and shopping for life insurance coverage. These days coverage for your age group is easier to find because people are simply living longer than they used to. Major life insurers are extending better offers to the older generation.
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