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Life Insurance Over 50s

Life insurance is an important method to ensure that your loved ones are taken care of in the unfortunate event of your death. However, this type of insurance is one of the most ignored and overlooked products until a person reaches a certain age. Unfortunately, life insurance premiums are typically much higher the older a person gets. After the age of 50 every decade creates a significant insurance premium increase. The following is some helpful information regarding life insurance for people over 50, 60, 70 and 80.

Companies That Specialize in Life Insurance for Over 50s
There are several companies that specialize in life insurance for older people. Globe Adult Life Insurance is one of the more prominent companies that offers life insurance for over 50s. Unlike other life insurance companies, Globe Adult Life has first-time policies designed for people all the way up until age 78! These policies, of course, are simple issue term policies with a minimum of coverage, but they don't require a medical exam and you can apply online and find out if you're approved in minutes. If you have an existing policy when you reach age 78, you're covered until you pass away. However, it's very difficult (if not impossible) to get a new life insurance policy once you reach this age.

Another popular company that offers life insurance for over 50s is AARP. This is one of the most recognized names in life insurance and other services for senior citizens. This company offers term and whole life insurance plans with affordable premiums and other benefits for members between the ages of 50-80.

How Much Coverage Is Right for You
If you're looking for insurance for over 50s, the first thing you should do is decide how much coverage is suitable for your needs. Typically, it's ideal to get a policy that is equivalent to five times your annual income. That means if you make $50,000 a year, your life insurance policy should leave about $250,000 to your beneficiary. That way, your beneficiary can invest a large portion of the money so it generates an income while using the smaller amount for living expenses.

Decide What Type of Life insurance Coverage Is Best for You
There are several types of life insurance policies that you can choose from. The two main policies, however, are permanent and term life insurance. With term life insurance, you pay your premiums for a certain period of time. If you pass away during that time, your beneficiaries receive the face value of the policy. If, however, you live out the term of the policy, you do not have any coverage. This is usually reserved for people who are self-insured after 20 or 30 years and only need coverage while building wealth.

A permanent life insurance policy covers you until your death if you make your premium payments on time. This type of policy is more like an investment and you can often "dip into" the built up cash if you have financial emergencies. Permanent life policies are typically more expensive than term life policies, too.

There are many decisions to make about life insurance for over 50s. By researching the companies and the policies they offer, you can make an educated decision that's best for your and your family