subject: Life Insurance - It's Never Too Late [print this page] Having a life insurance over 50 will always be a wise decision. It is a clear indication that you are after the welfare of your loved ones when the right time comes. While it is true that we must be emotionally prepared for that reality, we are also bound to be financially ready as well. It comes with one's responsibility to assure that what we left behind will be in good hands.
Life insurance is a policy that people pay for from a life insurance company which will serve as protection and to help beneficiaries in a financial aspect after the owner of the policy dies. It can also be a type of investment in the long run if the plan offers the option of contributing regularly. Life insurance industry continues to grow and many companies offer a wide variety of plans to its target market. Life insurance over 50, just like any other life insurance category, is offered by almost all life insurance companies where there are so many to choose from. It is therefore your obligation to select the best and have an informed decision on which life insurance over 50 to go with.
Life insurance has two main classifications, the permanent and temporary life insurance. It can be further subcategorized into universal, term, whole life and endowment life insurance. Considering all these, it can be suggested that term insurance would likely suit the needs of people that opted for the life insurance over 50.
Term insurance stay effective for a specific number of years, let's say, 5 years or 10 years and the like. If the insured died within that specified period, the beneficiary would have received the full value of your policy. Otherwise, nothing would be payable to the beneficiaries since the period has already expired. The following are examples of term insurance: increasing/decreasing term insurance, renewable term insurance, level term insurance and convertible term insurance. In addition, the three significant considerations for term insurance would be the face amount or death benefit, length of coverage and the premium.
On the other hand, there are some who preferred to have a long period insurance. Example is increasing term insurance which says that there is a spontaneous increase in premium payments, with the rate of 2%-10%, which have direct relationship with the face amount of death benefit. Conversely, decreasing term insurance is where the amount of death benefit decline each year of the fixed term although the premium stays the same. This is an economical choice for people who have substantial amount of liabilities.
It's never too late having a life insurance over 50. Different people come with various necessities and the decision which one you would choose definitely lies in your own hands.
by: Peter B Yard
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