Affordable life insurance for over 50 year olds is a much more popular product and offered by more insurance companies than at any time in the past as the baby boom ages and becomes one of the biggest and most lucrative market for insurance companies. In addition, a 50 year old looking for life insurance is taking better care of themselves than at any time in the past as this generation of folks has realized that the golden years will only be golden if people have their health so the can enjoy their later years in life and life insurance can certainly give you and your loved ones a level of peace of mind that is very often difficult to achieve most other ways.
Affordable Life Insurance for Over 50 is Possible
At Online Insurance Agents.net we provide discount affordable life insurance for people over 50 through our exclusive rapid quote partner network of top level life insurance companies every single day. The free service we provide for you to obtain multiple free quotes ensures that you get the best quote for your personal and financial needs to protect you and/or your spouse in your later years.
Since no two life insurance companies quote cheaper life insurance for over 50 year olds the same way nor is your first quote often your lowest, getting three or more quotes is essential in your price comparison shopping if you want to save the lowest amount of money. Whether you’re looking for term insurance or permanent insurance your ability to find what you’re looking for with the pricing, terms and cash value you need is very achievable now and you can take advantage of that fact.
Affordable Life Insurance for Over 50 – Types of Life Insurance
The types of life insurance vary and learning the products that are available and what they can and can’t do for you looking for budget life insurance over 50 is critical. Here they are:
Term Life Insurance for Over 50 Years Old – Term life insurance is pretty easy to understand and is a common form of life insurance that offers the most coverage for the least amount of cost. It also is the type that coined the phrase “save with term and invest the rest” though the other types of insurance can also be viewed as investments. Here you pay a stated price for a defined period of time. If you die during the life of the policy you’re beneficiaries receive the death benefits. Again, there is no cash value buildup or investment component with term life insurance.
Whole Life Insurance
Whole life insurance isn’t just for a period of your life like term insurance. It’s literally for your “whole life” which is something that few people understand. The rate you pay remains constant for the life of the policy and a portion of your premium is invested so that you receive either a dividend from the investment or a guaranteed rate of return over the life of the policy.
Universal Life Insurance
Here you have a minimum premium and it’s up to you to decide how much you want to put in over that minimum amount. The company takes car of choosing how to invest the money which is often in fixed instruments such as bonds. The amount invest and the returns grow in a “cash value” account and you can use these funds to pay the premiums or to allow the account to grow as an investment alternative. A variation of a universal policy, often called universal variable life, allows policyholders to choose investment vehicles.
Variable life – With a variable policy, there is often a broader choice of investment products, which may include stock funds. Similar to a universal policy, the return on the investments can be used to pay for the cost of premiums or to build in the account. Depending on the how the policy is set up, the beneficiaries will either receive the face value of the policy or the face value plus all or part of the cash account.
If you don’t have any children or a spouse, you might not need any life insurance. Life insurance is meant to help dependents continue with life, and protect them from financial difficulties in the case of your death. You can save money by not buying life insurance if you have no dependents, and you are not planning to have children.
If you’re married, look into joint-life policies as a possible way to save some money on premiums. If saving money sounds good to you, this is a great option. One less positive aspect of a joint policy is that it terminates at the death of one spouse. The first spouse’s death results in a payout, but then the policy is discontinued and the second spouse is left without coverage.
If you’re serious about affordable life insurance over 50, you can see you have investment options and while we can’t recommend one over the other without detailed knowledge about your situation, taking your over 50 status into account may make the choice more clear.
To obtain multiple quotes for the best life insurance over 50, simply enter your zip code into our quote network system at the top of the website and begin quoting and make sure you quote the same type of insurance with the same variables so your premium costs are comparable.