Over 50 Life Insurance

Do people over 50 want a life insurance policy? I noted some figures on how people over 65 are covered today. Americans over 65 kept around four percent of life insurance by dollar amount, but that group of older people has 3/4 of the deaths. So why would an age group who is most likely to need to plan for their own deaths be an age group that also is not well insured? Here are a few reasons.

First, many of these people probably were insured at one point in their lives. They could have had a term life insurance policy that ended after a few decades They could have had coverage from a job, but lost it when they quit or retired Now, just when they are over 50 or 65 they may think that they have passed the age for getting life insurance. Or they just have not thought about it, or they may think it will be too expensive for their budget. Because we are living longer and healthier lives, insurers are actually dropping premiums. In addition, many top life insurance companies are looking at the aging baby boomer market and selling policies to middle aged and older people.

Reasonably healthy people can find term life insurance well into their 70's, while almost everybody can find a whole life policy until they are 80! Some whole life policies even accept 85 year olds! Reaching the golden years does not mean that a person's obligations have ended. It also does not mean that people do not want to provide for their own final expenses and also give money to their loved ones. A life insurance policy for an older person can be an affordable way to deal with financial planning.

Many older people want to leave money for their own funerals. That is simple to do with a small final expense policy. Others have more complex wishes like the transfer of wealth, or even of keeping a business running after they pass away. Older people still can need life insurance. The good news is, that it is on the market!