Life Insurance for the 50+ Crowd

If you are over the age of 50, chances are you have been bombarded by insurance brokers and salespeople trying to sell you a life insurance policy. They come at you from all angles – on TV, in the mail, over the Internet -- telling you every possible reason why you may or may not need certain features within a policy.

But what does all of it mean? Do you even need to buy these policies? Is it worth it? You want to make sure that if you do end up buying a life insurance policy that it makes financial sense for you. This means taking your time and choosing the right insurance plan based on your lifestyle and financial situation. 

Help Protect Your Loved Ones’ Future

The biggest reason most seniors carry life insurance is that they want to help provide money for expenses and debts so that their kids or grandkids won’t be left to pay for them. A home mortgage, funeral expenses and other large expenses can surface after a person dies and add to the suffering of surviving loved ones. The bottom line is, you do not want your loved ones to experience a financial loss after you die.

Cover Funeral Expenses

As much as most of us hate to think about it, there will be a day when we are no longer on this Earth. Chances are there will be some sort of post-life ceremony in your honor, be it a memorial service or funeral. We often underestimate the cost of such an event, but for those who are unaware how much money it costs, it can be an astronomical fee. According to some estimates, an average funeral today costs about $6,000. So be sure to factor in burial or final expenses into your life insurance policy decisions. 

Provide a Financial Safety Net

If you are in still earning a decent income when you suffer an untimely death, it may be difficult for your loved ones who depend on you financially to live. Your surviving spouse may not be able to comfortably retire and your children or grandchildren may not have enough to go to college. This is when having a good life insurance policy is very important.

Even if you are older and living the retired life without earning a big income, your family finances should be stable. If you had a life insurance policy in place from earlier in life when you were earning more money and your expenses were higher, it may be time to adjust your life insurance policy to see that it fits your current needs.

Find the Right Type of Coverage

There is such thing as term life insurance, which covers you for a specific amount of time, usually 20-30 years. Or, another option may be a whole or universal life policy, which is a form of permanent insurance that does not end after a specific number of years.

Consulting with a trusted financial planner or insurance agent is a good way to find out what type of coverage, how much and for how long you need. Having a life insurance policy in your back pocket can help ensure that your golden years are comfortable, secure and enjoyable.

By Samantha Rivers
Samantha Rivers is a freelance writer and editor who covers insurance, finance and related topics both online and in print. She is an editor for UpwardOnward.com and can be found on Twitter @sassysammybee.

Life Insurance Helps Take Care of Your Family

Universal Life Insurance Company (Photo credit: Thomas Hawk)

You take pride in caring for your family. You have provided them with all they need to live and prosper. How would they manage if anything happened to you? If you provided the right insurance, they would me able to be financially secure if you should die. 

There are many types of insurance and picking the right one for you is solely determined by your age. The insurance market place has so many companies that getting a good deal is easier then ever. So you should shop around to get the best price. If you want to pay the cheapest rate for life insurance you need to acquire while your still in good health. When we are in good health and young, death is the last thing on our mind. Coming down with a terrible disease may never happen to you but people die everyday from unforeseen accidents. It's unfortunate but it does happen.

If you do pass the first thing that happens to your family is figuring out how to pay for your funeral costs. After you pass,the last thing you want your family to worry about is the cost of a funeral. Most family's barely survive on their income, having a major financial event like a funeral would bankrupt most families. The enormous costs of funeral expenses are something a family doesn't need to worry about at such a stressful time. Making sure you have life insurance policy is the best way you can provide for your loved ones after your gone. 

At one time people paid off their mortgages by the time they were 50 but today most people are still paying their mortgage well into their 50s and 60s. This is one more reason that you need life insurance. Would your surviving spouse be able to make the mortgage payments if you were gone? Over 50s life insurance can help make the mortgage payment or even pay the house off completely if you should pass away. 

You may think that life insurance for the over 50 person is not affordable, this is not true. There are still great deals available, many even guarantee acceptance. The life insurance industry has many providers all competing for your business. With so much competition the cost for life insurance is more affordable. Click here for term life insurance quotes