Over 50 Life Insurance – Not Too Late For Protection
Article by Kevin Phillips
It has always been said that insurance is something that you should take out when you do not have the need for it. When it comes time when you are actually close to needing the benefits of your life insurance, there is not likely to be a lot of insurance companies lining up to make you an offer to apply for coverage.
Luckily for you, there is such a thing as an over 50 life insurance policy that you can turn to for a small amount of coverage – your last bet so to speak. This kind of life insurance coverage is your last chance at being able to add on to your insurance coverage. The ideal scenario would be to be able to start your insurance coverage at a young age and to build on your coverage’s as you age.
If, however, you failed to include this in your financial plan, you can check out your options in over 50 life insurance coverage’s offered by a number of insurance companies today. Do not expect to get the same premium rates as someone who is thirty years younger than you. You should be ready to pay higher premiums if you are to get an insurance coverage at your advanced age. Also, the kind of insurance coverage that you are likely to get would most probably be bereft of any additional benefits such as those that concern accident, hospitalization, and any additional living cash benefits.
Normally, people over the age of 50 would not have much of a need for life insurance since their children are mostly finished with schooling and their loans are all nearly paid off. As the premiums are higher at this point in their lives, it does not make a lot of sense for them to have to spend for their insurance coverage. In all likelihood, the amount of money that they would be spending on premiums would be spent on their healthcare needs.
While these people might already have everything pertaining to their children’s education, their retirement, and their financial obligations all laid out, they might still see the need to get an over 50 life insurance coverage to provide for what is called as “clean-up” expenses. These would include whatever hospital bills they might incur prior to their passing as well as funeral expenses. Others would set up their over 50 life insurance coverage as a way to cover transfer expenses or estate tax provisions.
As such, these insurance coverage’s are usually limited to small amounts. These could be granted on a non-medical basis through a guaranteed insurability option. This, however, means that there is a certain time frame after issuance of the insurance policy within which no death benefits could be payable.
This is normally one to two years. If the insured passes away during these years, only his premiums paid will be given back to his beneficiaries. Unlike your regular whole life insurance coverage’s, guaranteed issue insurance coverage’s for people over 50 years of age usually do not have cash values that can revert to the insured when the policy is surrendered.
About the Author
It is reassuring to know you are insured, that is why it’s important to get the right information on your joint life insurance. More help, advice and resources can be found at the life insurance website – Here: http://www.lifeinsurance.cu55.com