How to Plan out Your Estate Before You Die

Some people never consider the possibility of creating an estate plan because they believe that it’s particularly difficult. In all actuality, there are simple things you can do to get started with building an estate plan as soon as today. 

The truth of the matter is estate planning does not need to be difficult, especially if you follow this 5 step checklist to prepare your documents.

Advance Directive

An advance directive typically referred to as a living will, is a document that provides guidelines as to what medical personnel are authorized to do if you become incapacitated in the future as to which you cannot tell them what your preferences are. 

You can include details such as whether they should utilize life-sustaining measures like breathing tube and feeding.

Life Insurance Policy

If you own a home or if you have children, it’s especially important that you get a life insurance policy as a part of your estate planning efforts. 

A life insurance policy can help to cover estate taxes and pay large amounts of debt, in the event that you pass away and the aforementioned expenses get passed on to your spouse or family members, such as mortgage payments for example.

Power of Attorney

A power of attorney (POA), gives another individual the legal authority to make decisions on your behalf. Most experts recommend that you should establish a power of attorney for your finances and your health as well. 

While this can be the same person, it doesn’t have to be and you can choose to give an estate planning attorney, power of attorney over your finances or health care.

Create a Will

Creating a last will and testament is one of the most basic and critical aspects of estate planning. If you pass away without a will, this enables the government to redistribute your assets according to state law. 

The key thing to consider when creating your will is to determine how many assets you possess and the people that you would like to get them.

Digital Assets

In today’s world, most people have digital assets in digital wallets like Paypal, Bitcoin, Monero, and more. When it comes to creating an estate plan it’s important that you don’t forget about your digital assets. 

As such, it would be a good idea for you to list all the digital assets you possess along with passwords and usernames, as to which you can give someone you trust so that they can access your accounts.

As you can see, the process of establishing an estate plan doesn’t have to be difficult. The most important thing to remember is that you should be aware that any asset that you fail to include in your estate plan, will be surrendered to the government. 

In addition to that, take a look at any debts you pay possess or things your children may need if you pass away, and consider these factors when it comes to planning your estate accordingly.

Selling Your Life Insurance Policy Does It Make Sense?

You might have bought life insurance to safeguard your family or business and supply monetary security when it was needed most, like lots of Americans have done. However, as situations change, your insurance coverage priorities might have changed with them, which is why selling your life insurance policy can make sense.

There are countless reasons you may wish to sell you life insurance policy. Which one is yours?

There are numerous reasons you may consider selling a life policy:

• The premiums are no longer affordable.
• The need to replace lost income in case of death of the insured no longer exists.
• A term policy may be reaching the end of the coverage period.
• Funds are wanted to improve a retirement lifestyle.
• The need for funds to pay estate taxes no longer applies.
• The need to eliminate future premiums payments but keep some life insurance. 
• There is a need for resources to pay for health expenses and long-term care. 
• A business no longer needs key-man insurance. 
• Premiums of policies owned by trusts continue to rise. 

Maybe selling your Insurance policy isn't the right thing to do:

Selling your life insurance can be the answer but sometimes it is not. In the panic of a financial crisis we sometimes jump to a conclusion without getting all the facts. The following is a list of alternatives to selling your policy, one may be right for you.

The sale of a life policy is not for everyone. There are alternatives other than selling a policy that may be appropriate for a policy owner’s circumstances:

• Keep the policy enforce through a loan or use of the cash surrender value.
• Seek an accelerated death benefit, if available.
• Assign the policy as a gift or charitable contribution.
• Covert a term policy to permanent insurance.
• Reduce the death benefit with a lower face value and lesser premiums.
• Lapse or surrender the policy.

Life insurance is an important asset, but with time you may find that your policy no longer matches your requirements-- your children are grown, you have medical expenses to cover, retirement costs are increasing, or premium payments are just too expensive.

Policy owners often grow out of the usefulness of their life insurance policies. And, traditionally, their only option was to lapse the policy or surrender it to the insurance provider.

But you have a much better choice.

You can sell your life insurance coverage policy. It's called a life settlement. And it supplies you with the chance to sell your policy for money you can utilize any method you desire, and even to keep a portion of your policy's survivor benefit without needing to make any extra premium payments. On average, policy owners can expect to get more than four times the policy's cash surrender value.

 Learn More - What is a Life Settlement? 

How Selling Your Life Insurance Policy Works

You can receive more money from selling your policy than you would if you cancelled or surrendered your policy to the life insurance company. Life settlement proceeds can be used for anything you want, including supplementing retirement income, paying down debt or funding long term care. You can even keep a portion of your life insurance coverage while eliminating premium payments.

The process of selling your life insurance policy is not difficult. It is a 9 step process that is mostly handled by the life insurance settlement broker. Besides an application and some of your medical records there is not much for the applicant to do. The following is a simple list of the process.

This process can cause some anxiety and fear in doing it right. Also what if you are not near a local insurance agent that handles this type of service. What do you do? Many firms like Mason Finance can do this online. There is no excuse anymore to solving your financial needs.

Process For Selling Your Life Insurance policy

1. Realization:

Policy owner realizes that his/her life insurance policy is an asset that may be offered for sale.

2. Contacting a Representative of the Life Insurance Settlement Association:

If a life settlement is determined to be the best option, the policy owner or the advisor get in touches with a member of the Life Insurance Settlement Association who is either a life settlement broker or provider to start the procedure. It's possible to engage in a life settlement through either.





3. Application:

After selecting proper representation to settle a policy, the policy owner should complete an application and provide policy, ownership and insured information providing a list of doctors and/or medical records for underwriting. It is essential that you review all your personal privacy and security rights.

4. Underwriting:

The settlement company submits the medical records for review by an independent life expectancy company. Life expectancy business calculate the probable life span using actuarial and physician experts.

5. Analysis:

Each life settlement provider/buyer calculates the marketplace value for the policy offered for sale. Companies may consider different aspects when valuing a policy, including contract specifics such as premium expense, death benefit and provider ratings, as well as insured details like age and life span underwriting.

6. Preparing an Offer:

The provider/buyer will either decline or prolong an offer to the policy owner or agent. An agent will seek competing offers from other providers/buyers. The policy owner can accept or decline any offer.

7. Purchase and Sale Agreement:

If the policy owner approves a deal, the provider that made the deal will prepare a purchase and purchase contract and other documents formalizing the transaction. The policy owner, insured and beneficiaries then sign this package. The provider will evaluate, complete due diligence and countersign the plan. The money for the settlement sale are then placed in an escrow account.

8. Notification:

The insurance provider is informed of the modification of policy ownership and named beneficiary to the different owner, the provider.

9. Money Transfer:

Upon written confirmation of the change of ownership and beneficiary, the escrow agent releases the settlement payment to the seller of the policy.

The process is simple and painless. It's easily handled by your Settlement specialist. In a very short time you will be in possession of your money.

- Click Here: Selling Your Life Insurance Policy, Does It Make Sense? -

What is a Life Settlement?

A life settlement is the sale of a life insurance policy. A life settlement is the selling of an existing life insurance policy to a third party for more than its cash surrender valuation but less than its net death benefit. In a life settlement deal, the policy's owner transfers ownership of the policy to the buyer in exchange for an immediate cash payment and, in some instances, a curtailed interest in the survivor benefit for the policy's beneficiaries. 

The purchaser of the policy pays all future premium payments and is given the survivor benefit upon the death of the insured (as soon as the policy matures).

What is a Viatical Settlement

A life settlement is dissimilar from a viatical settlement in that the individual insured on the policy has a longer life expectancy. In a viatical settlement, the life expectancy of the insured is 24 months or less.

Many American senior citizens-- generally those 70 years of age or older-- are finding that life insurance policies that once seemed necessary, have become unaffordable or no longer satisfy their needs.

Because of this, most seniors lapse or surrender their policy back to the insurance provider. Policies with more than $100 billion of face value are lapsed by seniors over age 65 each year, mostly because they are unaware an alternative might be offered-- including the sale of the policy.

Who Can Help?

It's usually best to consult with members of the Life Insurance Settlement Association (LISA). Member companies are certified in all areas of the life settlement market; however, to initiate the sales process of your policy you need to work with a licensed life settlement broker or specialist like Mason Finance.

Life settlement brokers provide an essential function of guiding a policy owner through the sales process, including assembling the required information to finish the sale. Additionally, they look for competitive offers for a policy and provide guidance concerning the deal that best meets the needs of the client.

Life settlement companies purchase policies either through a life settlement broker or straight from consumer individuals for either their own account or on behalf of an investment firm. State regulations require that all policies are offered through a licensed life settlement provider.

Law firms, medical underwriters and other intermediaries serve specific requirements associated with the settlement process. LISA members yearly attest to sticking to a Code of Ethics and Standards of Professional Conduct.

Click Here - How Selling Your Life Insurance Policy Works

Term Life Insurance - A Scheme That Fits One And All

There are several policies in the market which make the process of choosing any one option a Herculean task. However, if you lock on to the right Insurance policy, one that fits the budget and caters to your needs, then the battle is won.

Important Questions And Life Insurance

The sustenance and comfort of dependent family, in case of an eventuality, is a constant concern of all insurance holders. This is also the basic thought behind the decision to buy any insurance policy. Most standard questions that hit the buyer's mind are-

• Who will meet the daily household expenses?
• Who will repay the loans and the debts?
• Who will ensure savings and plan investments?

Who will undertake costs involved in education/ marriage and other needs of the children?

However there are several policies which would meet most or all of the requirements stated above. One must first understand the core purpose behind investing the insurance scheme. This would be facilitated, once you have the complete understanding of the options that are available under the head of life insurance.

Term Insurance and Plans

Term life insurance has gained great popularity as a pure protection oriented plan. One which covers the risks involved in cases of untimely death. If the insured individual dies during the term of insurance plan, the nominee would receive a lump sum amount. Term insurance also rests as one of the cheapest kind of insurance available in the market. There are several types under the category of term life insurance; two popular ones are discussed in the succeeding paragraphs.

Level Term Scheme

The level term scheme involves a basic form of term life insurance. In this scheme the amount assured to the nominee remains fixed during the entire span of the term. If an amount of 20 lacks is opted at the beginning of your policy, the same amount would be paid in the event of the death of the policy holder.

Decreasing Term Scheme

The decreasing term scheme is usually opted in order to cover the housing loans or any loans against one’s property. Under a decreasing term scheme, the policy ensures that amount assured stays in accordance with remaining payments of one’s house loan. With the passage of time, as one’s outstanding loan amount tends to decrease, cover amount of the insurance policy required to be paid by insurer tends to decrease too.

Endowment Assurance Scheme

The endowment assurance tends to provide policyholders with risk cover within the policy period and also gives good return at the end of the term. These plans are essentially meant for people seeking high and guaranteed returns without risks. This is a great long-term saving investment which is expected to give a bulk amount as a return on maturity of the policy. However the endowment plans are generally expensive as the period of premium payments is shorter.

If you are someone looking to opt for term life insurance, you must look into some term life quotes as well as check the 20 year term life insurance quotes for better insight into your options. So, opt for term life insurance for flexibility and better returns.

How Much Life Insurance Do You Need

No one wants to think about life after they are gone. Not many people feel the need to plan that far ahead. Canadians are very practical people and planning for the future is something that comes natural to them. Taking care of the ones that they love is deeply rooted in the fabric that makes up the Canadian pride.

So they ask… How much life insurance is enough? And when do you know you have enough? The average insured person has only 3.6 times his annual income in life insurance coverage, and that comes out to be around $166,800 at the time of pay out. See more statistics about life insurance in Canada. 

That may seem like plenty of life insurance now, but will it be enough for your family and loved ones when they need it the most?

An incorrect assumption… Is that 78% of people are thinking that they have enough or too much life insurance. But unfortunately this is not so, many people greatly underestimate their needs. That means only 12% of all Canadians have enough life insurance to take care of loved ones and ensure that all their future obligations are cared for without a significant reduction in their quality of life.




  Let’s take a look at the math… 
For many experts, it is recommended that you have at least ten times your annual income in coverage. For most people that have coverage, the insurance pay out amount will be around $166,800. 

While the recommended life insurance coverage is over $405,840 and even higher if you have a large family. This amount would ensure your family could maintain the mortgage and not lose the family home. Plus allow for future education needs and cover emergencies. But who’s to say that even this will be enough. Many families have more obligations and commitments, so customizing your insurance needs is important for the safety and security of the family you love. 50's plus finances has wrote about why life insurance is required! 

How much insurance do Canadians really need...? 
When you stop to consider all the things your family will need after your gone it can start to add up very quickly. And just when they need you the most, there will be funeral costs and possibly medical bills to take care of. There will be debts to pay off and money for everyday living expenses, plus the kids may need braces or want to go to college. 

The reality is you will need more than 10x your gross annual income in order to support your loved ones. But you still need to sustain a balance between what your family will need and how much you can afford to pay. 

By shopping online you can get the best rates by going to Insureye.com to compare rates and coverage plans. You can read reviews online for many different companies and get real consumer company reviews in order to make an informed decision about Canadian Life Insurance. 

Don’t be part of the 78% who think they have enough insurance. Shop today and get quick and fair rate quotes from people who care.

Life Insurance Options for the Over 50's

Even though you may not be officially considered a senior yet, it is still never too early to consider planning for your family’s future. It is still very possible to obtain life insurance even if you are fifty years of age or older, and there are a few particular implications to consider if you are thinking of doing so.

• It is clear that there will be plenty of grief upon your death, but there will also be a significant amount of costs involved.

Our mortality is an uncomfortable thing to talk about, but it is a reality that we all face. Therefore, life insurance can provide you and your family with a better sense of security for the future. It will be easier for your family to move on with their lives knowing that they have coverage in the case of your death. Having a good insurance plan can keep everyone protected during these hard times. This is especially useful considering how expensive funeral and estate taxes can be.

• Signing up for life insurance becomes increasingly complicated as we age. 

For senior citizens, obtaining life insurance is not quite the same as it is for younger people. Understandable, our bodies become more vulnerable to illness as we age, and life insurance companies take this factor into account and charge premiums depending on your age and health.

• Insurance may also be open for mortgage coverage. 

Sometimes a mortgage might not be paid off until well after you retire. Therefore, a life insurance policy that covers your mortgage may be open to you if you are over fifty. This helps to ensure that your spouse or significant other doesn't lose the family home upon your death.

• Insurance may also be open to pay for your child's education. 

You can take in a term life insurance policy to cover the expense associated with a child's college or higher education. This may work well if you are looking to find a policy that would benefit your children or others in your family.

• You can find lower insurance premiums by having a healthier lifestyle. 

People who live healthy and positive lifestyles are more likely to get better rates on their insurance policies or to even be accepted in the first place. This is generally due to the fact that a healthier lifestyle tends to improve life expectancy. In fact, getting a policy just might be the key to actually improving your lifestyle and giving you the best possible form of protection.

• Tax deductible policies are also available. 

You can find policies that are tax deductible, meaning that you may end up taking the premiums and having them cover some of the costs of your taxes. This should be particularly helpful for you in your older age as you become more likely to have less money to use as income, thus keeping the financial burden of taxes from being worse at your age.

You should strongly consider a life insurance policy if you are to protect your family and your loved ones. Even if you are at least fifty years of age, you can still benefit from a policy. Be sure to contact an expert as soon as you can because it's often better for you to get your insurance plans organized and in place early so you won't miss a thing.

Considering getting life insurance even at 50 or older can be a wise decision because it can involve a good deal of coverage for all kinds of expenses upon death. Wealth Smart can assist you with finding insurance if you are in this age group.

Do You Need Life Insurance in Retirement?

When most people think of retirement they think of taking extended vacations to warm climates, lounging on the front porch with your grand-kids, and just flat out relaxing. What you might not realize is when you reach the retirement age, you are going to have a lot of things to think about when it comes to your health and finances. You want to make sure that everything is settled and ready as you age, which is possible. To make sure that there are not going to be any worries, you should invest in life insurance. As a senior, you know that you are getting up there in age. To make sure that you are not leaving anything behind and that your family will be able to cover all necessary expenses, you should have that money ready for them. This can give your family the chance to pay for the funeral and all other expenses after your death. 

Life Insurance in the Golden Years

At the retirement age, you might not consider it important or possible to get life insurance. Some people assume that life insurance for seniors is not worth the money, especially with the difficulties involved. The truth, however, is that life insurance seniors can get is actually very helpful. This gives you access to money and peace of mind, which you may not always have on your own. This will help your family to pay for all expenses after your death, allowing them to relax and grieve without stress. This is going to take a lot of pressure from your loved ones. If you are afraid that life insurance baby boomers can get is simply too difficult, do not worry. This does not have to be as hard as you might imagine, especially with the options available. You will be able to find something that matches your needs and that requires minimal effort. 

How to Make it Affordable

Beyond contrary belief, even in retirement getting life insurance can be affordable. Remember, you do not have to go for the most expensive or the longest. When you reach retirement, you may not be able to, want to, or need to get the biggest that you need. Short term is easier to get as a senior and a smaller amount would be better since you will not have as many expenses to be covered. This will give you the ability to have the money that you need and increase your chances of acceptance. If you have health issues that you think will prevent you from getting life insurance coverage, you still have other options. The most popular option is guaranteed issued life insurance. With this type of policy you can actually avoid the medical exam and get life insurance coverage simply by answering some basic questions. The "catch" with these type of policies is that the premium will be much more expensive that your typical term policy. 

Is Life Insurance in Your Future?

If you are still wondering if life insurance baby boomers can get is necessary, the answer is yes. Every person should invest in life insurance, especially with the high funeral costs and many bills left behind. If you want to be sure that your family is not going to be drowning in debt, you need to protect them. That is what life insurance does, and it does that incredibly well. You will be able to choose an amount and policy term so that it works for you and gives your family what is needed. For extra assistance, contact a professional right away. You need life insurance and you need more information about what you can get. Since life insurance seniors would qualify for is different from what someone younger would get, you should have all of the facts. This will help you to get the right one and to be fully protected. 

Jeff Rose is a certified financial planner and an Iraqi combat veteran. He runs the blogs GoodFinancialCents.com and LifeInsurancebyJeff.com.

Insurance – A Partner for Today and for Tomorrow

insurance (Photo credit: Alan Cleaver)

To be insured is to be ensured that in future no matter what the problem is financial problems can be met without a second thought. Whether it is about the bread earner who is no more or he suffering from long term disease, insurance is about both the facts. Insurance is a partner for today and tomorrow. A family is a bread earner’s utmost responsibility. He or she aims at ensuring a safe future for their family. They strive for the best. There are two untimely things which stop them from getting what they want, those are death and disability.

Death is inevitable but saving our loved ones from its effects is possible. Same is the case with disability. Disability can disable one physically but not economically. This is possible due to two policies - the first one is term life insurance and the other is disability insurance. For a better understanding the following subheads can be followed.

Affordability

Insurance is affordable. The coverage varies. The market offers a wide range. Comparison of policy range is very important. In order to get the best deals, knowing the options is the most important thing so that we get the best of what we want.

Quotes

The next important part is finding the quotes. This could be done by filling forms from any reputed firm. This ensures getting best of knowledge of deals. A disability insurance is generally filed by the person’s company itself but this can also be approached on an individual basis.

Agents

An agent is the one who is dealing with policies etc. He is a company representative. When you choose an agent care should be taken that he is trustworthy because the claims and coverage and other details and exchange of information depend solely on him or her.

Going for the Policy

While applying for the policy certain proofs and documents are required. Few of these include identity proof, income proof etc. The documents required vary from company to company. As soon as the policy is filed the customer receives a policy number also there is a bunch of official documents clubbed with it. These are sent to the buyer to ensure that the company has made him aware about all the needs etc. Along with the policy number certain other confidential points are briefed to the policy holder.

There are several more points to be taken care of while going for a policy. The company should be reputed and all the conditions etc. should be taken into account. Also it is the duty of the buyer to make sure that he / she have supplied the company with all genuine documents. There should not be any misleading document or discrepancies in the information, which may lead to legal problems in near future. The benefits of both the policies differ widely. In one the family is the nominee and gains the benefit after the decease of the policy holder.


There are several FAQs which come into mind while going for a policy. These can be dealt and understood by referring to the disability insurance quote available on TermLife-Insurance.com. One should be very keen in selecting such things.

Life Insurance – A Must in Today’s Uncertain World

Is it a Necessity? 

Life certainly is uncertain and it might just be the opposite of what it is today. So you need to be careful and make sure that you add a security to your life and of those who are close to you, your dear ones. The best part about opting for a life insurance is that it will help you to retain a peace of mind and allow you to live your life to the fullest. So it might be said that yes, Life insurance is certainly a necessity, considering the uncertainties of life.

How many times in life have we seen that when the bread earning member of a family or a key person of a business dies, their family or the business gets affected to a great extent. 

Probable Solutions

This can however be avoided if we opt for a life insurance policy. With the help of a life insurance plan you can add security to your child’s education or the outstanding loan that you are repaying. It can also offer enough for one’s day care costs. Hence these are some of the advantageous aspects that one can reap with the help of a life insurance plan.

Let us now go through the things that must be kept in mind in order to choose an appropriate life insurance plan. The most useful thing that can help you to do so is a life insurance quote. In order to understand the merit of an insurance plan you need to make a close study on its various aspects. For example the premium that is to be paid the term of the insurance and the other terms and conditions. All these are clearly stated in a quote. Companies offer individuals the opportunity to get free life insurance quotes. While opting for quotes, one needs to be certain that the information that provide is true or at least they are not misleading. Companies might ask for your smoking habits or the family health history and other such related things. These information are vital in offering the best life insurance plans.

These are a few important things that should be borne in mind while opting for a life insurance quote. On a concluding note it must be said that owing to innumerable insurance companies it is always a good idea to ,make a thorough research to find a plan that is cut to our needs.

Things You Must Ask Yourself Before Buying Life Insurance Policy

Universal Life Insurance Company (Photo credit: Thomas Hawk)

For all those who want to have a life insurance policy, it could be a difficult decision to choose the best plan. The main reason may be the terminologies related to life insurance plan as all these terms can be new to them. Well, the solution for this is proper research and the best way to figure out this situation is to ask yourself few important questions. Today, we will discuss some of questions that you should ask yourself before investing on a life insurance plan. 

One: Do You Really Need A Life Insurance Plan?

First of all think whether there is a need to buy a life insurance plan or not. Our peers and friends have a huge impact on our decision. Our lives are usually influenced by them. Don't go for an insurance plan just because somebody has suggested it. The basic purpose of a life insurance plan is to make all our dependents stable after us. Let’s say you are single having no family. In that case obviously there is no need of a life insurance plan.

Two: Which Type Of Policy Is Best Suits Your Needs?

Usually there are two main types of life insurance policies. One is Term Life Insurance Policy and the other is Whole Life Insurance Policy. You should know the basic difference between them.

· Term Life Insurance:

Basically Term Life Insurance Policy is for specific period of time. Once your plan is expired, it's up to you whether you want to renew the policy or to end the coverage. The term life insurance policy gives you benefit in case of accidental death or debilitating injuries. If you are purchasing term life insurance plan in earlier years of your life, you will find it cheaper. It means that try to purchase the policy right after your marriage. The reason is in earlier years the chance of death is relatively low.

· Whole Life Insurance:

Contrary to Term Life Insurance, Whole Life Insurance Plan is not for specific period of time. You can avail it from the day you bought till your death. There are two components of whole life insurance policy. One is insurance and the other is investment. The insurance component will pay stated amount upon your death. Investment accumulates a certain cash value that you can borrow or withdraw. 

Three: How Much To Pay for Insurance?

The answer to this question lies behind the potential needs of your beneficiaries. There is no need to follow the rules as you know better about your needs. Make an estimate of the needs and wants of your beneficiaries. Estimation is very simple to do. Just multiply the needs of your dependents with the numbers of years the support is needed individually. Then, add the estimated amount of all dependents.

Final Words:
These few core questions will definitely lead you to make a right decision of investing on life insurance plan. You can also save your time as well as your money, if you have complete knowledge about what plan you are going to choose.

Author’s Bio:
Lori Robinson is the leading contributor to Monkey Insurance, a car and life insurance comparison site. For every car insurance quote taken out, Monkey will donate a portion to your charity of choice.

Life Insurance Tips for Over 50s

If you have passed your 50th birthday and are beginning to worry about if your spouse will be able to maintain his or her current lifestyle after your death, you are not alone. Many people put off purchasing life insurance while they are young and spry because humans have the ability to think they are invincible until their bodies begin to show signs of aging. Thankfully, even those on the other side of fifty have some good options for purchasing life insurance coverage in order to secure their family’s future or help with the expenses related to a death. The following information may be helpful to those who need more clarity about their life insurance choices at this time: 

Least Expensive Life Insurance for Men and Women over Fifty 

Term life insurance policies are usually the most inexpensive way to get some protection. These policies offer a certain amount of insurance at a guaranteed monthly or yearly rate for a certain time period. For example, an individual might buy a $500,000 policy for a period of 20 years. If a person lives beyond this coverage period, the rates will probably rise significantly, but the hope is that the policy holder will then be in better financial circumstances. The idea behind this type of life insurance coverage is that by the time men or women reach age 70, most are no longer responsible for the expenses of children and have paid off their homes and other vital debts. Term life insurance may not be a good idea for parents who had their children later in life, for those with special needs children, or for those who will still have a home mortgage well into their later year. 

Whole Life Insurance Policies for Seniors 

People who are still healthy and are able to afford a higher monthly premium may still be able to buy a whole life insurance policy, even if they have already celebrated their 50th birthday. Although the premiums never change, these policies cost more because companies must cover a much older population of people, and the risks are higher for their corporations. Most whole life policies require the applicant to submit to a physical before they can be accepted for coverage for this reason. 

Investment Insurance Policies for Middle-aged People 

Much debate has occurred about using insurance policies as a form of investment, but this is still an option available from some companies. It usually takes at least eight years of payments before any cash value begins to accrue, and most advisers feel the stock market is a better investment. It is important to remember that every year that you wait to purchase life insurance of any type increases the price of the premiums. Because it is impossible to guess the future, the best course of action for those over fifty is to look at their current circumstances and dependents and buy enough life insurance coverage to protect the things and people who are important to them. Claire Atkinson writes for the Kanetix.ca comparison service, where you can read more about life insurance.