Guaranteed Acceptance Life insurance for People over 50
Guaranteed Acceptance Life insurance for People over 50
There was a time when life insurance policies were scarce and uncommon and a very limited class of society actually signed up for a life insurance policy. Today people have become more aware of the benefits of having a life insurance policy. It is basically a measure to safeguard your future and that of your family.
Earlier there were not many insurance plans for people over 50. There was not much point in offering an insurance plan to someone who might or might not be alive in the next few years. Today, People enjoy longer lifespans opening the doors of life insurance to people over 50. There are a number of insurance companies that offer the option of different insurance plans for people over 50.
Before looking at the various types of insurance plans that are being offered today, let's understand why a person would need an insurance plan after the ripe age of 50. A lot of elderly people are concerned about the welfare of their spouse who will have no one to care for them once he/she is gone. In other cases, there might be younger children who are still dependent on the parent and need financial support for the next couple of years. Generally property that is left to a spouse or a child is tax-deductible. That is not so in case of life insurance. This allows the family to get a large chunk of money without having to worry about the various taxes they have to pay on it. There are also older individuals who have no one close to them left behind but need the money for funeral and other expenses after their death.
There is no denying the fact, that opting for a life insurance policy at a young age is the wise thing to do. At that age, insurance premiums are low and affordable. But a lot of people do not realize or understand the importance of life insurance policies until later in life. Though, there are several insurance plans now for people over 50, the premiums tend to be higher and not always to your liking. There are also certain restrictions that apply for people over 50.
If you look for an insurance plan at 50 it might be quite affordable. However, the more you wait the higher and higher your premium will climb. For people between 50-80 fixed term life insurance policies are available. With these you are required to pay a fixed amount of money, say for the next 30 years or less. If you die before the 30 year time period, your family receives the complete amount. In many cases, cashing in options might not be available foe people over 50. Another type of insurance plan is one with the adjustment payment plan. This is far more complex and how the adjustment in payment takes place has to be taken up with the insurance company before hand.
Selecting a certain insurance plan if you're over 50 might not be the easiest thing to do. Online brokers can guide you to some extent but to be sure you have chosen the best plan possible, seek the help of a professional. Single Premium Life Insurance - Is It For You? Survivorship Life Insurance Policies Types of Term Life Insurance, Choose the Right One for You! Survivorship Life Insurance - What Are Its Uses? Markets and Uses for Universal Life Insurance Characteristics of Single Premium Life Insurance Defining Life Insurance for Taxation Purposes Characteristics of Variable Life Insurance Products Corporate-Owned Life Insurance Life Insurance Tax Treatment Evaluating Life Insurance Needs Term Life Insurance - The Pros and Cons Types of Life Insurance - Are They All The Same?