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The following is a guest post. Enjoy!
What is Different about Life Insurance for People Over 50 Years Old?
Remember to Read the Fine Print of Your Policy
Finding a Policy that Best Fits Your Needs
There are a couple of ways to find a package which best fits your needs. The first of these involves utilizing an insurance professional, such as a broker, to conduct research on your behalf. The second is to use online resources to customise searches which allow you to add or remove requirements. Whichever of these two you use, it is essential to remember to do your homework in selecting the proper policy. Once you hit 50, insurance will allow you to have great peace of mind.
How about you all? Do you currently have life insurance? If so, what type of policy do you have? Term or whole?
At what point in your life did you decide to take out the policy? Do you think it is wise to wait until you’re over 50 to purchase insurance, or should you get it earlier?
Share your experiences by commenting below!
Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.
- Interesting post here!
- Since I decided that life insurance wasn’t needed for my current personal situation, I don’t have a ton of experience in this area. As such, it’s always good to bring this topic to the forefront of the discussion.
- When someone hits 50 years of age, I would not imagine that their life insurance needs and/or considerations would change all that drastically.
- For example, you would still follow the same advice for purchasing a term life insurance policy, avoiding whole life insurance policies since they are generally not worth the money.
- In addition, you would pay premiums on a policy that would be enough to cover your funeral expenses and to support your family for the lost income.
- If you don’t have anyone that relies on your income, you would still want a small term life policy and/or use your investments to cover funeral expenses once you pass on.
- In fact, I would probably argue that most people should have their life insurance policy plans figured out before turning 50, since by then, most people are either married or have had children and hence, have people that depend on their income.
- pre-existing medical conditions you have, which could increase after the age of 50.
- In reading the post above, one thing I was not aware of was that some policies have restrictions for paying out, depending on whether or not your death was caused by an “accident” or “natural causes.” I would imagine that you would want to make sure that the policy you decide on provides coverage for both of these possible outcomes.
***Photo courtesy of http://farm3.static.flickr.com/2610/4117033888_c1d5a23fac.jpg