Life insurance quotes for individuals over 50 don’t have to be expensive. Purchasing at a younger age and living a healthy lifestyle may result in lower premium rates. However, it’s never too late to look for a life insurance policy that offers the coverage you desire for your beneficiaries in the event of your passing.
Life insurance is an important investment in supporting the financial future of your beneficiaries following your death. While many individuals purchase life insurance in their 20s and 30s, enrolling in or switching to a new life insurance policy is still possible in your 50s, 60s, and beyond.
Over 50: Term or Whole Life Insurance?
One thing to consider when buying life insurance over the age of 50 is whether you want to enroll in a term or whole life insurance policy. Term life provides coverage for a set period of time while whole life is permanently active as long as you pay your premiums.
One way to affordably protect your income and beneficiaries is to enroll in a 15 or 20-year term life policy with a conversion option. This fixed period of coverage can provide you with better control over your budget in the short term while allowing for flexibility in coverage down the road.
However, once that term life policy nears its expiration date or conversion deadline, it could be financially beneficial to convert it into a whole life insurance policy. That way, you may avoid the risk of losing your coverage due to new age-related health conditions.
It’s important to note that maintaining a healthy lifestyle may be the key to finding the most affordable life insurance quotes over the age of 50. You may qualify for lower rates simply by visiting the doctor’s office for annual checkups and preventive services, refraining from smoking, and avoiding risky activities like hang gliding or skydiving.
There are many factors for customers to consider when shopping for life insurance quotes at any age, let alone those over the age of 50. At HealthMarkets Insurance Agency, we understand your unique situation and can help answer your life insurance questions and concerns.
Our licensed agents can provide a portfolio of products from reputable insurance companies nationwide. Find a local life insurance agent today.
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