Quite contrary to what happened earlier, people today are much more serious about holding on to their life insurance policies even when they are over 50. Earlier many of the people actually gave up their life insurance policy once they reached their mid-50s. The whole idea was to secure the insurance when your kids were still young, so if anything had to happen to you, the survivors would be able to, at least, send your kids to college. That actually led a lot of people to give up on their life insurance policy post 50s. However, in the wake of recession, was felt the need for “providing for the adult children”. Some experts term it as the next level “of helicopter parenting”.
Can you really qualify for a life insurance cover when you are over 50?
Yes you definitely will be able to secure a life insurance cover when you are over 50. However, there are certain points that should be kept in view. You might as well have to undergo a medical check-up. The underwriting procedure should not pose much of a problem for you, provided you are in good health. However, if you have moderate health problems and are a smoker then you would be required to pay up more than a 50-year old who is a non-smoker and does not have health issues.
What exactly should you consider while you are looking for life insurance?
The first question that should strike you when you are looking for life insurance over 50 is who exactly is/are dependent on you financially. After determining who you would like to leave behind the money for, it would be your responsibility to estimate the amount of money required for fulfilling each of their needs. You can either buy a policy and name multiple beneficiaries of the same, or else purchase multiple insurance policies with different nominees for each.
Should you take a life insurance over 50 even if you have no one dependent on you?
There are some policy holders who do not have any one depending on his or her money but they still like to provide for someone. For instance, you may want your adult child to have something beside his own job and property inheritance to fall back on.
Life insurance over 50- A few important factors
It is important to determine the exact amount of money that will suffice for your beneficiaries. A life insurance agent might as well be trying to convince you that you need additional plans, because they will be receiving commissions on sales. You can, in fact, look forward to the help of a no commission financial advisor in that case.
Experts opine that it is very important for married women over 50 to have life insurance policies, so that they can see through the days post their husbands’ deaths. There are many of them who think that there is no point in shelling out a substantial amount of money for the insurance just because they want to leave behind a legacy for their children. Instead, they should invest in long term care insurance so that their children don’t have to shell out money for your care, when you yourself can’t do it.