Frequently Asked Questions About Over 50 Insurance

You might already know the benefits of life insurance when it comes to providing the financial needs of your family in case worst things happen. Life insurance is designated to provide an amount of cash to your beneficiaries that they can use for their needs. 

Most customers purchase a life policy to pay their mortgage so their families won’t have to worry about it when they are gone. But if you acquire the over 50 insurance, by that time, you may already have paid your mortgage or educational fees for your children is already over. With that, your needs might change accordingly. Instead of paying your house or any other expenses, you might want to pay for your funeral costs or final hospital bills so your family won’t have to shoulder these expenses. Leaving some money for your loved ones will also look like you are leaving them something like an inheritance.

However, life insurance policies when you are over 50 is a bit complicated compared to those who are still in their 30s. This higher rate is due to the fact that the insurer might pass away during this term of thepolicy. Furthermore, there are restrictions on the policy which depends on your age. Here are some other frequently asked questions that you should know.

Frequently Asked Questions (FAQ)

Are there other options aside from the over 50 insurance? 

There are two options to consider, the term life insurance and the over 50s policy. Term life insurance is preferably for healthy people. But if you are experiencing some health conditions and you find term life insurance too expensive then you should consider applying for over 50s life insurance.

Over 50s life insurance is available for people aged 50 to 80. This policy allows you to choose your monthly contribution, making it a lot convenient and affordable. The lump sum of money that your family will receive will be based on your monthly contribution. The more money you pay, the larger the lump sum which will be paid to your beneficiaries. One of the benefits of over 50 insurance is their guaranteed acceptance, even without medical checks. However, smokers need to pay more compared to non-smokers.

Is there a qualification period for over 50 insurance? What is it?

Usually, this policy requires you to survive a specific period of time for your family to receive the full amount of lump sum money. However, if you pass away during that time, the total payout will be deducted an additional percentage or the total amount that the insurer paid.

How can I compare and choose the right provider?

Look at the different providers online or ask friends for recommendations. Just be sure to consider more options, the waiting period, premium payments and the age. Take note that cheap life insurance is not always the best option. Compare things accordingly and find the best one that will suit you well.

Don’t rush things. You have lots of options online and through the recommendations of your friends. Make sure that your family will benefit from your choice and they won’t have to suffer in the end.