Cheap Life Insurance for Seniors Over 50
It is possible today, unlike the traditional, to obtain an cheap life insurance policy. It is that has the best rates and that is affordable. Also, you could get a policy that does not need medical exams. Because most older adults do not like this option. You can get more than 50 quotes by researching the best insurance companies on the Internet.
As with many other financial strategies. Buying life insurance is one of those things that is ideally done when you are young. This is because purchasing a policy can become more difficult and considerably more expensive as you age.
- 1 Cheap Life Insurance for Seniors Over 50
- 1.1 Life Insurance Coverage
- 1.2 Affordable Life Insurance For Elderly
- 1.3 Best Overall: Mutual of Omaha
- 1.4 Mutual of Omaha Term Life Insurance
- 1.5 Life Insurance For Seniors
- 1.6 Best Final Expense Insurance: AIG
- 1.7 Two-year Gradual Death Benefit
- 1.8 Best Term Life Insurance: Haven Life Issued by MassMutual
- 1.9 Best for Estate Planning: Principal Life Insurance
- 1.10 Low Coverage Options Not Available
- 1.11 Best Indexed Life Insurance: Transamerica
- 1.12 Transamerica Index Life Insurance Policy
- 1.13 Best for a Quick Decision: Fidelity Life
- 2 What is Life Insurance for Those Over 50?
- 3 Why do You Need 50+ Life Insurance?
- 4 How easy is it to get 50+ life insurance?
- 5 What are The Expected Costs of Life Insurance for More Than 50 Years?
- 6 Low Cost Life Insurance Over 50 to 80
Cheap Life Insurance for Seniors Over 50
However, there are many reasons why you may find yourself looking for new life insurance coverage later in life. You could lose your employer-sponsored coverage due to a job change or retirement. Come to the end of a term policy purchased years earlier. Or simply find you need more coverage (as was the case with 31% of baby boomers surveyed in 2016) .
No matter the reason, there is a very real chance that you will find yourself looking for an insurance policy later than expected. We’ve compiled this guide outlining the best life insurance for people 50 and older based on price, coverage, and more.
Life Insurance Coverage
About life term insurance. For people over 50 but younger than 85, it is possible to obtain cheap term life insurance. In this type of insurance, the premiums are low and it is easy to qualify for them.
This is a temporary insurance, which means that when the specified term period ends. This policy ends or its rates will skyrocket. Get comprehensive life insurance and universal life insurance quotes.
These two types of elderly life insurance are almost the same when it comes to guarantees of lifetime rates. Universal life is quite flexible; however, when you stop paying premiums, you can lose all coverage.
This is different from all cheap life insurance over 50 to 80 where. If the payment of the premium is stopped, it is guaranteed that part or even all of the coverage will remain in force throughout its life.
Affordable Life Insurance For Elderly
Universal insurance is known for its low price compared to all life. In addition, it offers greater value in cash. This type of insurance offers a lot of flexibility with the payment of premiums. It is right for you I would like a broad and flexible coverage. However, this requires medical examinations for people older than 75 years.
cheap life insurance for senior citizens
On the other hand, cheap life insurance for senior citizens is the best when it comes to final expenses. This is due to the provision of incorporated cash. With this, many companies will not offer medical exams until a certain age as 55. If you or your parents probably need a plan that is good, that will take care of all your final expenses, including burial costs, this is the best type sure to go by.
Best Overall: Mutual of Omaha
Whether you’re looking for a standard term policy or something unique like cancer or heart attack insurance, all with extended age ranges for approval, Mutual of Omaha’s products and services make them the best overall provider for people over 50 years old.
Life policies are available to people ages 45 to 85
Term policies can be issued between the ages of 18 and 80
Offers renewal of term life insurance up to age 95
Whole life policies have a two-year gradual death benefit
Whole life policies have low minimum death benefits ($ 2,000)
Larger policies will need to be purchased directly through an agent.
Mutual of Omaha Term Life Insurance
Which first opened its doors in 1909, has been providing a variety of financial services to its clients for more than a century. They are trusted by almost five million insurance clients and have an A + (Superior) financial stability rating from AM Best.
In terms of life insurance, Mutual of Omaha offers a range of products that include term life, whole life, universal life and accidental death policies. Mutual of Omaha is available in all 50 states and the District of Columbia, although not all products and policy options are available in all states.
Term life insurance policies are available to clients between the ages of 18 and 80. Once the initial period expires, renewals can be done in one-year increments, not to exceed 94 years. This offers peace of mind until old age. The terms are 10, 15, 20 or 30 years with coverage starting at $ 100,000.
Term insurance coverage can be converted to a permanent policy in the future. However, for a more permanent solution, Mutual of Omaha offers two options: whole life and universal life.
Life Insurance For Seniors
It is available for ages 50 to 85 (or 50 to 75 in New York) and for coverage between $ 2,000 and $ 25,000. No medical exams or health questions are required for lifetime coverage and acceptance is guaranteed. If death occurs within the first two years of a lifetime policy, beneficiaries will receive 110% of the premiums paid instead of the full death benefit.
Underwriting guidelines for Mutual of Omaha life insurance policies may vary. As with most other companies, you can expect higher premiums or even denial for certain serious health conditions. However, if you are purchasing a whole life or universal life policy, there is no need for a medical exam or health questionnaire.
There are many riders and extras to choose from with Mutual of Omaha, including long-term care coverage; Accidental death coverage; and even safe against cancer, heart attacks, and strokes.
We did a quote and found that through Mutual of Omaha, a healthy 50-year-old could get $250,000 of coverage for 20 years for about $40 a month.
Best Final Expense Insurance: AIG
With guaranteed acceptance offered to clients through age 85, AIG’s final expense life insurance can provide up to $ 25,000 in coverage for a variety of final expenses. With no health questions or medical tests to worry about, this is the best option from our review for final expense policies with a hassle-free purchase at age 50 and beyond.
Guaranteed issue whole life insurance is available without a waiting period or the need to speak with an agent.
No medical examination required
Coverage is available from $ 5,000 to $ 25,000
Not offered in New York
Two-year Gradual Death Benefit
From humble beginnings in 1919 to the present day, AIG has grown to provide life insurance coverage in 80 different countries and jurisdictions.
Final expense insurance coverage is provided by AIG’s guaranteed issue total life insurance policy. As the name suggests, this policy is available with guaranteed acceptance for customers ages 50 to 85, with coverage ranging from $ 5,000 to $ 25,000. There are no health questions to answer and you will not be subject to a medical exam to purchase this coverage.
AIG’s guaranteed issue whole life policies are underwritten by American General Life Insurance (AGL) in all states except New York. Also, it’s important to note that AIG’s guaranteed issue policies come with a two-year gradual death benefit. This means that if death occurs within the first two years of the policy, beneficiaries will receive 110% of the premiums paid, not the full death benefit.
Of course, AIG offers more than final expense insurance. Even if you are over 50, you can purchase term life coverage, for example. According to AIG’s online quote form, a 50-year-old woman in good health could purchase a 20-year, $ 250,000 term policy for about $34 a month (or $34 a month with certain passengers added).
Best Term Life Insurance: Haven Life Issued by MassMutual
For customers in their 50s and 60s, Haven Life makes applying for term life insurance easy. The limits are as high as $ 3 million and with Instant Term, customers up to age 59 can get a real-time decision for up to $1 million in coverage. For these and other reasons, Haven Life term life insurance is our first choice for people over 50.
Backed by MassMutual, a trusted name since 1851
Policies offered from $ 100,000 to $ 3 million in coverage
Qualifying applicants age 59 and older can purchase coverage up to $ 1 million with instant approval
Available in all 50 states and the District of Columbia
Term life coverage cannot be purchased after age 64
Not available to active duty military or those currently enlisting
Haven Life is a fairly new name in the world of life insurance, having been founded in 2014. However, its parent company, MassMutual, has been in business since 1851 and brings with it a trusted name and nearly two centuries of financial stability. In fact, MassMutual fully owns and endorses Haven Life with an A ++ rating, the highest possible rating from AM Best.
If you expect to buy term life insurance in your 50s or older, Haven Life is worth a look. The company offers term policies ranging from $ 100,000 to $ 3 million in coverage for clients up to age 64. Terms range from 10 to 30 years, however if you are 59 or younger and qualify, you can even apply for InstantTerm, which offers eligibility decisions for coverage up to $ 1 million.
Haven Life is available to US citizens living in all 50 states and the District of Columbia. You cannot purchase a term life policy through Haven Life if you are on active duty or are currently in the process of enlisting. Term life policies through this company are also not available for business purposes or as a replacement for an existing life insurance policy.
Also, while Haven Life still invites those with certain major health problems, like diabetes, to apply for coverage, they caution that the company may not be able to extend an offer in the end.
Through Haven Life’s quick online quote tool, we were able to see that a 50-year-old woman in excellent health (and a non-smoker) could purchase a 20-year, $ 250,000 term life policy for approximately $ 41 a month.
Best for Estate Planning: Principal Life Insurance
Principal offers some of the highest coverage limits, while allowing clients to purchase policies up to age 80.
Term policies are available from $ 200,000 to $ 5 million
10, 15, 20 and 30 year term options
Term coverage can be issued between the ages of 20 and 80
Policies are renewable annually up to 95 years
Four types of permanent life insurance available
Offered in all 50 states
Buying a policy involves calling or meeting with an agent
Low Coverage Options Not Available
Recognized as another established and respected financial services provider, Principal Life Insurance Company was founded in 1879. Unlike other companies that eventually made their way into this vertical, Principal began as a life insurance company.
Currently, Principal offers five whole life insurance products: term life insurance and four permanent options: universal life insurance, indexed universal life, variable universal life and survivor insurance. They serve more than 18 million customers worldwide and are rated A + (Superior) by AM Best.
If you’re looking to buy a large life insurance policy, especially with the intention of using those benefits for estate planning purposes, Principal might be a company to consider. With a minimum temporary coverage of $ 200,000, it is not the best option for clients looking to buy modest policies.
However, clients can purchase up to $ 5 million in life insurance protection through the company. This makes a primary life insurance policy a viable option for creating generational wealth, financing a family trust, or even establishing an endowment for an important cause. And because policies can be purchased from ages 20 to 80, and temporary coverage can be renewed in one-year increments up to age 95, the peace of mind these policies provide is long-lasting.
We searched for a policy through Principal’s online quote generator and found that a healthy 50-year-old could get $ 250,000 of coverage for 30 years at $ 52 a month.
Best Indexed Life Insurance: Transamerica
Transamerica is our best option for index life insurance coverage because it offers new policies up to age 85, along with the option for a terminal illness rider. This rider allows you to access funds prior to your death if you are diagnosed with a qualifying illness, up to 100% of your policy’s death benefit.
Available in all 50 states and DC
Offers indexed life insurance coverage up to age 85
Coverage offered from as low as $ 25,000
Certain factors, such as a history of heart disease, cancer or diabetes, weigh heavily on the elementary classes and will exclude you from coverage.
If you want to make changes to the beneficiaries in your policy, you will need to submit a paper form
Transamerica has provided reliable financial services for over a century and has been offering life insurance policies since 1858.
Transamerica Index Life Insurance Policy
You can buy a Transamerica Index life insurance policy, called the Transamerica Financial Foundation IUL (FFIUL) up to age 85, or up to age 75 if you are in Florida. Coverage is available from $ 25,000 to $ 500,000 and up, depending on your age group.
When purchasing a FFIUL policy from Transamerica, you can customize your coverage with the addition of optional riders. Options include the Income Protection Option (IPO), a guaranteed insurability rider, an accelerated terminal illness benefits rider, and even a disability waiver of a rider, just to name a few.
Personal factors considered during the underwriting process include BMI (height and weight), cholesterol, blood pressure, tobacco use, health history (including chronic disease or cancer), family health history, and risky hobbies or activities.
Certain diagnoses, for example, can result in higher premiums or even exclude you from coverage entirely. However, with Transamerica FFIUL policies, you can still buy a policy even with a number of risk factors present, including previous tobacco use and skin cancer.
Best for a Quick Decision: Fidelity Life
Some life insurance companies begin to limit products and coverage options once clients reach age 50 or older, often taking weeks or months to underwrite.
Offers a variety of policies including term life, whole life, accidental death and final expenses
Two different policy options for final expense coverage
Term life policies are only available with coverage up to $ 500,000
Accidental death coverage is only available up to age 59
Some Senior Policies
Since its inception in 1896, Fidelity Life has provided a variety of life insurance coverage options to clients throughout the United States. The company is licensed in all 50 states and the District of Columbia (although some products may not be available in certain states) and has an A- financial stability rating from AM Best.
The life insurance products offered by Fidelity Life include term life, whole life, accidental death and permanent life, each with a variety of optional riders to choose from. With term life, final expense and permanent life policies, Fidelity Life offers the RAPI Decision® feature. This feature provides applicants with fast coverage, in days, rather than weeks or months, often without the need for a medical exam.
Senior Whole Life
Age and coverage limits depend on the type of policy purchased. For example, RAPIDecision® Senior Whole Life is available for people ages 50 to 85 and in coverage amounts ranging from $ 10,000 to $ 150,000. However, RAPIDecision® Senior Life Term is available for people ages 50 to 70, with terms between 10 and 30 years and coverage between $ 10,000 and $ 150,000.
If you have certain health problems, you may not qualify for term life coverage. However, with the guaranteed issue of RAPIDecision®, there is no medical exam or subscription.
In addition to offering so many different products to people over 50, Fidelity Life is also competitively priced. A healthy 50-year-old could buy up to $ 250,000 in term life coverage for 20 years for just $ 46 a month.
Read the full review: Fidelity Life Insurance
What is Life Insurance for Those Over 50?
In essence, life insurance for people 50 and older provides the same financial benefits as life insurance policies purchased by people in their 20s and 30s. The difference, of course, is that as you age, your financial needs change, so you may intend for your life insurance to cover very different things.
When it comes to purchasing 50+ life insurance, it’s also important to note that it is typically harder (and more expensive) to get. Many life insurance companies set age limits for purchasing certain policies, and premiums increase with each birthday.
Why do You Need 50+ Life Insurance?
By purchasing life insurance at a younger age, you may intend to protect your children until they reach adulthood or your spouse until you reach retirement. You can plan for that death benefit to pay off the shared debt. This or even cover the mortgage on the family home.
However, once you reach 50, you are in a different stage of life. As your spouse approaches retirement, your home pays for itself, or your children grow older, life insurance takes on new meaning. Instead, you can now intend for those benefits to cover your final expenses. It will also protect your wealth, or even fund a charitable donation.
How easy is it to get 50+ life insurance?
While you can certainly buy insurance in your 50s and over, it gets harder with each passing year. That happens for a number of reasons.
The first is that as we age, our chances of developing certain health problems will increase. For example, obesity, heart disease, cancer, high blood pressure, diabetes, and high cholesterol. Thiscan lead to higher premiums or even denials of coverage.
The Average Life Expectancy
Another reason it is harder to buy life insurance in your 50s. It is that it poses a higher risk to the insurance company. this is with each passing year. The average life expectancy in the United States at this time is 78.6 years; The closer you are to that number, the greater the risk an insurer takes in offering you coverage.
As a result, many life insurance companies have imposed age limits on certain policies. And even if you can buy a policy as you get older, you will likely pay a higher premium to do so.
What are The Expected Costs of Life Insurance for More Than 50 Years?
The cost of life insurance will vary. Whether you are over 50 or not, based on a number of personal factors. Everything from your age to your health, family history, job / hobbies, and even location. This can influence the premiums you’ll pay for coverage.
With that said, here’s a look at what a non-smoking 50 year old. It is in good health might expect to pay for term life insurance:
Low Cost Life Insurance Over 50 to 80
The types of senior life insurance over 50 to 80 mentioned depend on your various personal needs and goals. You should ask the specific insurance provider for all your affordable life insurance questions. In addition to this, you should review your various objectives.
You should also get an agent to help you get a plan to help you. These agents will recommend the type of insurance and the appropriate one according to how you present your case. It means that you have to be honest with this agent to get the best out of him. This will let you know exactly what plan you are going to take and get the best life insurance for over 50 to 80 years old.
- Cheap Life Insurance for Seniors Over 50 to 80 Years Old Age.