Important Life Insurance Information for Those Over 50
Over the years we have found many people coming to us looking for quotes and answers about senior’s life insurance. Anyone looking for life insurance over the age of 50 should read this. The founder of IDC Insurance and some of the agents are seniors themselves so we have experienced much of what others have or will go through when it comes time to reviewing their life insurance needs. Here are the reasoned suggestions we have learned over the years working with our senior clients – some of it the hard way.
We Help Seniors Get the Lowest Rates on Life Insurance
It really is comforting to have some life insurance in place so that when one partner becomes an angel, the survivor will have some quick cash (usually within 2 weeks) to look after final expenses and to top up their pension plan. We also frequently see only the husband has insurance due to affordability. When one partner passes, the government benefits, e.g.
Canada CPP and OAS are significantly reduced or lost, so having some extra cash around to supplement that loss is a good thing.
These guaranteed issue life insurance policies are very expensive as people with medical issues tend to purchase them as if they have no other choices. The burial insurance for seniors that are sold pre-need can be even more expensive. Talk to one of our agents who will ask you about your health and then provide options for your insurance.
A 65 year old non-smoker male in good health can purchase say $10,000 of permanent life insurance for less than $40 per month or about $410 per annum – if you can budget for it you will save up to 8% interest by paying annually. Get quotes and compare the three types of senior life insurance “whole life”, “universal life” and “term-to-100”. Usually the least expensive will work for you, i.e. is the purpose to provide just the death benefit, some tax sheltered cash value, or both?
Insurance companies know that as we age we will be taking medications for such things as high blood pressure and cholesterol as well as some others and in many instances they will still issue a policy at normal or standard rates. Our agents are experts at both asking the questions and then getting quotes from a number of companies based on these answers. We work to get you the best rates. We have successfully got standard rating for people with late onset type 2 diabetes.
As we age, not only does it get more expensive but there is always the risk that health will deteriorate and we will no longer be able to purchase any life insurance at an affordable cost. This is the biggest issue we face with finding affordable life insurance over the age of 50 after a health issue. Suggest to your children (if they will listen – I do have experience with this too) to get some permanent insurance now and, if possible to pay it off in 20 years so that they have the paid up life insurance when they are seniors.
There are many reasons for seniors not to purchase life insurance from their financial institution. It is critical for those looking for life insurance over the age of 60 if there is a chance it will not be paid off by age 69 as the coverage for most bank mortgage insurance expires the very month you turn 70. In addition, bank mortgage insurance is far more expensive than traditional life insurance as you age. Our agents have saved clients thousands of dollars compared to what their bank wanted for their inferior coverage.
If you are looking for a payment if either partner passes, then a joint first to die life insurance policy can save money and if you want a payment when the last partner passes to cover estate taxes, leave a legacy for children, grandchildren or a charity then a joint last to die life insurance policy could save a lot of money.
While having lots of life insurance as a senior may feel good and it is comforting to your loved ones, be careful not be insurance rich and cash poor. We can help you with this balancing. One senior with an income of $25,000 a year and living with his children wanted to purchase a small policy that would have cost over half his income due to his health issues. This made little sense – better to have money to enjoy your family and grandchildren now. He had enough cash around to cover final expenses.
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Compare Senior’s Life Insurance Quotes Online
The quickest and most reliable way to compare senior’s life insurance plans is to get multiple quotes from an online rate comparison service like IDC Insurance. Not only will you be able to compare life insurance quotes from several top-rated companies, but you’ll be able to do so from the comfort of your own home. You’re free to compare the rates at your own pace so you can take however much time you need and feel confident about your decision. Our licensed insurance agents will help guide you through this process and assist you to buy a policy for you or your loved ones when you’re ready.
Video shown above courtesy of Life Happens, a nonprofit organization dedicated to helping people take personal financial responsibility through the ownership of life insurance and related products. IDC Insurance is an affiliate member of Life Happens PRO.
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