Shopping for Term Life Insurance After Age 50
Are you looking for the best deal on term life insurance from a safe, secure insurance carrier?
If you’re over 50 and in need for quality, affordable protection for your loved ones, comparing term life rates from leading insurers can help you find the best plan that meets your personal life insurance needs and fits your family’s budget.
What is Term Life?
It’s temporary life insurance that pasts for the "term" you select – from 10 up to 30 years.
How Does Term Life Work?
It’s simple – You pay the insurance company a monthly or annual premium for a set amount of life insurance for a specific period of time, and the insurer agrees to pay out a death benefit to your beneficiary (you choose) upon your passing.
If you outlive the duration of your policy, there coverage ends, and there is no payout.
How Long Does Term Life Coverage Last?
You may be able to choose coverage for a period of 5, 10, 15, 20, 25 or 30 years depending on the insurance company, your age and health.
How to Compare Prices?
You can compare rates on term life coverage by requesting a free quote online.
You simply fill out a short quote request form answering a few simple questions and then click on a button to instantly receive the lowest prices available from 40 of the leading insurance carriers.
Sample Rates – Term Life Insurance for 55 Year Olds
10 Year Term Life Sample Rates for Healthy, Non-Smokers
15 Year Term Life Sample Rates for Healthy, Non-Smokers
20 Year Term Life Sample Rates for Healthy, Non-Smokers
How to Save Money?
If you want to save money on your policy you can follow these easy tips:
How Long Is My Premium Guaranteed?
If you purchase level term life insurance your premium is guaranteed to remain level (the same) for the entire duration of your coverage, up to 30 years.
How Long Is My Coverage Guaranteed?
If you purchase level term life insurance your coverage amount is guaranteed to remain the same for the entire duration of your policy, up to 30 years.
Do I Need to Take a Health Check-Up?
Usually, a life insurance carrier would require a medical exam for anyone over age 50 requesting to purchase over $25,000 of life insurance protection.
However, guaranteed issue policies do not require any examination.
What If I Have Been Turned Down?
If you have applied for life insurance and been turned down, there are life insurance policies with guaranteed approval for people ages 45 to 85. With guaranteed issue policies, you won’t have to take a physical exam or answer any questions about your health.
Can I Get Coverage for My Spouse, Too?
Yes, you have insurable interest in your spouse, so a husband could purchase life insurance on his wife. And, a wife can purchase life insurance on her husband.
How Much Life Insurance Should I Get?
It depends on your situation and needs. You’ll want to consider what goals you want your life insurance policy to accomplish.
You may need life insurance to protect your mortgage, provide for your child’s college education, help fund your spouse’s retirement, replace your income, maintain your family’s lifestyle, pay off debt, pay for living expenses, etc.
However, many financial advisors recommend you carry somewhere between 7-10 times your annual income in life insurance. So, if you make $70,000 per year, you may need around $500,000 or more of coverage.
But it also depends on how much you have saved, how much you owe, your monthly expenses, your monthly income, and your financial goals for the future of your family.
We suggest you use a term life insurance calculator to help you quickly and easily determine your actual life insurance needs. It will give you an accurate estimate of how much coverage to buy based on your own specific situation.
Term Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote