The best life insurance for over 50 can secure the financial stability of your loved ones and give you valuable peace of mind. While you might think life insurance is pricey for older policyholders, that’s not always the case. In fact, many providers offer affordable policies designed specifically for those over 50. The key is understanding what you need and shopping around for the best plan. Start a search today to find affordable life insurance.
Types of Life Insurance
There are various types of life insurance policies available, each with its own unique benefits.1 Here are some common types to consider while searching online:
Term Life Insurance
Term life insurance offers coverage for a specific period, typically 10, 20, or 30 years. If you pass away within this term, your beneficiaries receive the death benefit. Term life insurance tends to be cheaper than other types, making it a good option for those on a tighter budget.
Whole Life Insurance
Whole life insurance provides lifetime coverage and has a cash value component that can grow over time. It’s more expensive than term life insurance but offers additional benefits such as the ability to borrow against the policy’s cash value.
Guaranteed Universal Life Insurance
This type of policy offers a balance between term and whole life insurance. It provides coverage for life, like whole life insurance, but without the cash value component, making it more affordable.
Final Expense Insurance
Also known as burial insurance, this policy covers funeral and burial expenses. It’s a policy with a small benefit, typically ranging from $5,000 to $25,000.2 It’s an affordable choice for those primarily concerned with covering end-of-life expenses.
Comparing Life Insurance Options
When choosing the best life insurance for people over 50, there are a few key factors to keep in mind. For instance, here are a few things to consider:
- Financial goals: The choice of life insurance should align with your financial goals. Whether it’s to cover funeral expenses, clear debts, or leave a financial legacy for your family, your goals will help determine the appropriate type and amount of coverage.
- Health status: Your health can impact the cost of your policy. However, even with pre-existing conditions, there are insurance options available. Some plans, like guaranteed issue life insurance, offer coverage without a medical exam.
- Budget considerations: Determine what you can comfortably afford to pay in premiums. It’s better to have a smaller, affordable policy than to lapse on a larger one because the premiums are too costly. You want a policy you can pay in the long term.
The Best Life Insurance for Over 50
Since choosing the right life insurance provider is so crucial, here are a few of the top life insurance companies for those over 50:
Renowned for its broad range of insurance products, Nationwide offers a range of policies for those over 50. Their offerings include term, whole, and universal life insurance. They are noted for their customer service and financial stability.
Guardian offers a selection of term and whole life insurance policies designed to fit different needs and budgets. They are recognized for their diverse policy options and great customer service.
Protective offers affordable term and universal life insurance policies. Their standout feature is perhaps their customization options, which allow policyholders to adjust their coverage as their needs change over time.
With a long history in the life insurance business, MassMutual is known for its whole life policies that offer lifetime coverage and a cash value component. They are also lauded for their strong financial ratings, providing historical reassurance of their ability to pay out policies.
Mutual of Omaha
Offering a variety of policies, including term, whole, and universal, Mutual of Omaha stands out for its no-medical exam policies. This feature makes it an appealing choice for those over 50 with health concerns who might struggle to secure coverage elsewhere.
Of course, these are just some of the great options on the market.3 Online research can help you explore the full range of options.
The Bottom Line
While it might seem complicated, the process of finding the best life insurance for over 50 can be made easier by understanding the types of policies available, considering factors like your financial goals, and choosing a reliable life insurance company. With careful planning, you can find a policy that offers peace of mind without breaking the bank. After all, making an informed decision now can help ensure the financial stability of your loved ones and give you the contentment you deserve.