Life Insurance Over 50: Why Get it and Why Not
Death is inevitable, and what a better way to minimize its effects than by living behind a long-lasting legacy. The legacy can be in the form of a life insurance coverage that beneficiaries can cling on as they come to terms with the unfortunate event. At 50 years, it would be wise to take a life insurance policy so that beneficiaries can access some cash benefits once you are not there.
The death benefit paid out by insurance companies upon the death of the insured can go a long way in settling medical costs, mortgage payments as well as funeral costs.
Life Insurance Coverage At 50: Pros
A cash payout is a guarantee that comes with a whole life insurance policy as such policies are designed to offer coverage until one dies. Similarly, one can take a term life insurance policy at fifty years and renew it upon expiry to secure a death benefit.
Upon taking life insurance coverage at 50 years, you will no longer have to worry about how your family will cope when you are not around. The death benefit on offer can go a long way in helping them maintain a given life standard as well as cater for any unexpected costs that might come about as a result of death.
For people above 50 years, taking a whole life insurance cover would be ideal. It is because such policies tend to last forever as long as one keeps on making regular monthly payments. Unlike term life insurance, which provides coverage for a limited amount of time, one can rest assured that their beneficiaries would be taken care of, regardless of when death strikes.
You Can Be Turned Down
Contrary to perception, there are many life insurance policies in the market designed to cater to different needs. Regardless of age, one is always sure to find a life insurance policy that fits any underlying needs.
Similarly, there are insurance companies that don’t require clients to undergo medical examinations for life insurance coverage.
That said, any person above 50 years does not need to worry about being turned away when it comes to life insurance coverage.
Life Insurance At 50: Cons
While it is possible to get life insurance coverage at 50, the risk of paying more in terms of premiums is always high. Insurance companies tend to charge more for people above 50 years, given the increased risk of death. Likewise, any person looking for a higher payout in the form of a death benefit must also be ready to contend with higher premiums.
Similarly, any persons above 50 years who do not want to undergo a medical exam would also have to contend with higher premiums, which can end up making the entire life insurance policy expensive.
The Process Can Be Tiring
The process of getting ideal life insurance coverage at 50 years can be tiring and emotionally draining. Getting the best life insurance coverage at 50 can be challenging, given the increased risk of death that insurance companies take into consideration.
Likewise, the process can be complicated when trying to tailor life insurance coverage towards different purposes, such as estate planning or other unique family circumstances. Reluctance to take a medical examination can complicate the situation even further.
Life insurance coverage is an essential aspect of any estate planning. The death benefit left behind when the insured passes on can go a long way in supporting the beneficiaries for some time until they find their feet.
Conversely, finding the ideal life insurance coverage at 50 years can be a challenge given the increased risk of death that insurance companies take into consideration. For that reason, most people are advised to consider life insurance cover earlier, before attaining the age of 50.