Term Life Insurance For 50-59 Year Olds

Written by Jason Fisher

Term Life Insurance For 50-59 Year Olds

Buying life insurance over 50 can serve many different purposes.

Term life insurance for 50-59 year olds is a critical need in your financial portfolio because you are in your peak earning years. If something were to happen to you, your significant other may miss out on those last few years of your income which is needed to complete your retirement nest egg.

If you haven’t already purchased life insurance and you’re over 50, now might be the time to evaluate your own situation to see if you need to buy it.

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After your 50’s, you will even lose the ability to buy certain types of life insurance and the alternatives might cost significantly more.

Let us help you find the right policy for you, and at the most affordable premiums.

Life Insurance Over 50

There are many reasons someone might still require some amount of life insurance after they have already turned 50.

  • Unpaid Mortgage
  • Unpaid Debts
  • Replacement Income
  • Burial Needs
  • Legacy Planning

Americans move homes nearly as much as they jump from job to job. If you find yourself in your fifties with an unpaid mortgage, you’ll want to keep coverage in place to make sure whoever depends on you will have the ability to pay off the mortgage if you die prematurely. If you’ve purchased a second home, make certain you include it if it’s something you’d like to hold on to as well.

If you carry an unpaid debt balances, having coverage in place to decrease or pay off these debts completely will give your beneficiaries and dependents a much needed relief, as opposed to a recurring bill and reminder of what you’ve left behind. There are certain types of obligations which may go away when you die, but if anyone has co-signed or it’s an obligation which has to be repaid no matter what, you’ll want to include this amount in your net death benefit amount.

Perhaps the single greatest need for life insurance is the need to replace income if you die before your working years have ceased. If you’re in your peak income years and your nest egg  isn’t completely topped off to the minimum amount you’ll require to retire comfortably, consider enough life insurance to supply your spouse or dependents with the future income they’ll need. Multiply your remaining working years by the amount of money you make per year, up to 10 years.

Burial needs are a small part of your life insurance needs as well, but if affordability is your main concern with buying life insurance in your 50’s, perhaps it’s the most important. Having cash available for final expenses, like burial and other medical costs, is imperative to allowing your family the time to recover after you pass, rather than scramble to get enough funding together to give you a proper goodbye.

One of the more “fun” pieces of the over 50 life insurance puzzle is legacy planning. Think of legacy planning as gifting. When you die, a portion of your life insurance goes to family, friends, a charity or other venture of your choosing as a last gift. There are many ways to create a legacy with life insurance, but the idea behind it is to leverage the dollars you have now, and have the ability to multiply your gift when you are no longer able to give in person.

Health Risks And Life Insurance Over 50

One of the main reasons life insurance becomes harder to obtain after the age of 50 is because of declining health. Depending on the life you’ve carried out until now, coupled with family history and any other environmental factors, your health is simply more susceptible as you age. Of working persons over the age of 50, nearly half will deal with an acute or chronic injury or illness which can be quite destructive to your primary finances.

The most common health concerns we see for those applying for life insurance over 50 are:

  1. High Blood Pressure
  2. High Cholesterol
  3. Diabetes
  4. Arthritis
  5. Heart Issues

While these won’t necessarily restrict you from buying life insurance, they can quickly increase what you’ll pay, and can also limit how much coverage you can ultimately apply for if your health is too shaky. If you have certain health conditions but need life insurance and you’re wondering if you can qualify for life insurance with lupus, we can help! Let us evaluate your individual needs and help you find the coverage you deserve.

Advanced Planning With Life Insurance Over 50

There are some advanced planning techniques when buying life insurance as 50-59 year olds, and they usually involve some different types of life insurance, not just term insurance.

If you have a significant estate which can leave behind sizable tax burdens to your heirs, utilizing life insurance in a proper and legal way can enable them to keep more assets without the need to sell them for tax repayment purposes. Survivorship life insurance is a key component to anyone’s financial plan if a large estate needs planning.

Life insurance can also help make a transfer of living assets, such as a business, more seamless if the change in ownership involves multiple parties.

In either case, you’ll want to also utilize different planning tools, such as wills, trusts and other estate planning management techniques with your tax professional and legal professional.

Apply For Life Insurance Online

If you’re looking to compare the most affordable term life insurance for 50-59 year olds, we have what you’re looking for. Get a quote directly from our website while you’re here and you’ll find the top carriers with the best premiums. We are independent agents, so we never give you life insurance quotes from just one company. We save you the time, the hassle, and the headache of dealing with 15 or 20 different agents from as many companies.

If you do have health concerns, you may just want to contact us directly. If you buy life insurance online, the rates you see won’t reflect the increase in premium for any issues you may be dealing with, but we also have the expertise to match with a carrier who would underwrite your particular situation most favorably.

If you’re looking for term life insurance as a 50-59 year old, we’d be happy to help you.

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