Whether you are in your 50s or already retired, it’s never late to get yourself life insurance or to extend your current policy. A very common myth among people over 50 is that getting life insurance for seniors would be expensive and paying the premiums would be a huge financial burden. However, this is a complete myth and getting life insurance in your 50s,60s, or even 70s is easier than you think. The only part that is not so easy is to find the right, plan for yourself. If you’re 50+ and willing to get life insurance, you might find it beneficial to keep reading.
Life insurance plans for seniors
If you’re in your 50s and considering to get life insurance or extending your existing policy, consider term life insurance over whole life insurance. Term life insurance policies provide all the benefits of whole life insurance with the only benefit of custom terms and conditions. The premium rate for term life insurance is fixed for the whole term of the insurance policy. Term insurance policies are generally for a fixed period from 10 to 30 years. This scheme is especially beneficial for those who have fixed monthly expenses or financial obligations such as college costs, house rent etc. And are looking for a budget life insurance policy.
Another scheme that may interest them is a convertible life insurance policy for seniors. Under this plan, you can convert your term policy into whole life insurance policy without many formalities such as medical tests or proofs of instability. This flexibility helps you to change the plan as per a change in your needs. However, the conversion of the policy is only possible between the period agreed by the insured and the insurer company in the insurance document.
Old age? Don’t worry
With an increase in the age of an individual, the bills of a person rise, including medical bills, increased living costs etc. After the age of 60, term insurance may not help with all the increased expenses, and even if you already have one, you might consider converting your term insurance to whole life insurance. Therefore, universal life insurance is something that you might consider in your 60s. With universal life insurance, you can increase or decrease your death benefits along with the amount of monthly premium that you pay. Besides, this policy also provides tax benefits to the insured.
Above are some life insurance policy plans that you may consider getting for your old age.