Mike’s Life Insurance Advice

Dear Ed,

Without knowing the specifics of what you bought when you were younger I can’t really comment on that. However, I’ve got some interesting information to share with you about what the insurance industry is calling “senior insurance policies”.

Perhaps it’s because many of the executives at life insurance companies are middle aged or older, or maybe they’re just getting wiser, but a lot of life insurance companies have recognized that many people that have reached the age of fifty are looking to purchase life insurance. And like any good businesspeople, they are addressing these needs.

As someone over 50 who wants to buy life insurance I’m sure you know that equivalent coverage will cost you considerably more than it would if you were twenty years younger. However you do have a number of money saving options available to you. What say we take a look at some of them?

A lot of life insurance companies have put together different plans whose terms and benefit vary. So, when you shop for affordable life insurance you’ll want to compare the costs and options from a number of different companies before you decide on the best plan for you – the one that gives you the most benefits for your money. Here’s what to look for:

What are the Limits of Your Policy?

Senior life insurance term polices are usually limited to a ten to twenty year term rather than the fifteen to thirty year term that’s usually available to someone in their 20s or 30s. However you can get a whole life insurance policy to fit your needs, especially you want a policy for estate planning purposes.

How Healthy Are You?

Whatever your age insurance companies want to know about your health. They’re mostly concerned about your family health history, your personal health history, whether or not you currently are a smoker and if you ever were a smoker.

They will most likely require you to have a medical exam which will include both a urine test and a blood test.

What Other Things Do the Insurance Companies Consider?

In order to qualify for a senior life insurance policy the insurance company is interested in whether or not you have a criminal record and your driving history.

What Should You Look For In an Insurance Policy?

In addition to comparing prices you should consider the insurance companies ratings. Since an insurance company may offer a variety of plans that have different premiums, payouts, and coverage, make sure that the information you’re getting is accurate and that it is for people over 50.

And do not forget to ask about and then compare discounts because they are available for an over 50 life insurance policy. The most common discounts include those for online purchases and those for a non-smoker. Also if you’re shopping for a term policy compare the cost per year for the term of your policy because you may be able to get a discount based on the policy’s length.

The best thing you can do is to find a reputable life insurance agent. He or she will be happy to help you find a policy that suits your needs and also will be able to let you know if you qualify for any of the aforementioned discounts.

Mike