Everyone Should Have Life Insurance
As you get older, say 50 plus, you may have to consider get more life insurance coverage. This may because you still bring an income home to your family, or that you carry a large amount of debt yet, or just because you want to have something to cover expenses after you pass away. Whatever the reason buying a policy this late in life can yield some big issues such high cost, so in this article I’m going to cover a few tip for buying life insurance over 50.
Buy Sooner Rather Than Later
The first thing you need to do is buy a policy sooner than later if you want to avoid the real high cost. At age 50 life insurance cost can be high, but at age 60 they can just up more than you think. The reason this happens is because of mortality rates. In fact at 60 is when you see one of the most suggnificant jumps in cost.
To prove my point I ran a quote and found a 30 year term policy with a $100,000 coverage for someone who is 50. The cost was $45 a month. However when I had them rerun the quote for someone who was 60 the cost jumped to $110 a month. So buy ASAP.
Cut Down The Term
If the scenario above has you scared don’t fret their is a way to cut cost down even more, and that is by cutting down the term of the policy. The great thing about doing this that you can enjoy the same amount of coverage at a lower price.
For example if you got a $100,000 worth of coverage at age 50 it would run around $45 with a 30 year term policy. However if you would go with a 10 year term policy the price would drop to around $17 a month. That’s pretty good for being 50 years old.
However what if your 60. A 10 year term policy at 60 years old would drop from $110 a month to $33 a month. This is a huge savings that anyone would be glad to get. So get started today because life insurance for the elderly may be cheaper if start ASAP.