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Best Life Insurance Over 50

Life insurance can still be worthwhile if you’re over the age of 50, even though your financial needs may be different than when you were younger. A policy can help financially protect loved ones like your partner or children in the event of your passing. Let’s dive deeper into life insurance for people over 50 so you can decide if it makes sense for your unique situation.

How life insurance for people over 50 works

Life insurance for people over 50 is similar to life insurance for younger policyholders. In exchange for your premium payments, a life insurance company will pay your beneficiaries a death benefit payout if you pass away while the policy is active. Your beneficiaries can then use the death benefit to help cover virtually any expense and help reduce the financial burden they may be facing. Keep in mind that your life insurance company may limit the death benefit amount you can purchase.

Depending on the company and policy you choose, you might be required to undergo a medical exam when you apply for a policy. With some plans, however, you may be able to skip the exam and simply answer a few health-related questions. Additionally, you may enjoy a faster underwriting process.1

Can I qualify for life insurance if I’m over 50?

While it depends on the provider, there are typically plans for older ages. This means you can still get approved for life insurance if you’re over 50. But keep in mind that it will likely be more difficult to find coverage once you’re 80 or older.2 You can also expect to pay more in premiums than younger policyholders.

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Reasons people over 50 should get life insurance

Here are several reasons you might want to consider investing in life insurance if you’re over 50:

You want to provide better financial protection for your family

With a life insurance policy, you can help ensure your loved ones are better financially protected if you suddenly pass away. It’s a viable way to help take a significant financial burden off their plates.

You have debts

If you have debts, like a mortgage, car loan, or student loans, life insurance may come in handy. Without it, your family might be stuck trying to figure out how to pay them off after your passing.3

You want coverage for final expenses

Burial and funeral costs, along with other end-of-life expenses, do not come cheap. A life insurance policy may help your loved one cover these final costs more easily.

You need business protection

A life insurance policy may be worthwhile if you’re a business owner and would like your venture to continue after your passing. The death benefit payout can help your business cover unforeseen operations and stay afloat.

You want to leave a legacy

The death benefit from a life insurance plan can leave a legacy for loved ones or organizations that are important to you. For instance, it can help pay for your children’s college education or support a charity, depending on whom you decide to designate as beneficiaries.

Types of life insurance policies to fit the lifestyles for people over 50

There are various life insurance policies you may want to consider if you’re over 50, including:

Term Life Insurance

Term life insurance offers temporary coverage for a time period that typically lasts 10, 20, or 30 years. If you pass away before it expires, your beneficiaries will receive a death benefit. A term life policy tends to have lower premiums that other life policies.

Whole Life Insurance

Whole life insurance is a permanent life insurance policy that lasts your entire life. It includes a death benefit and a cash value component, which can build value over time. You can often tap into your cash value while you’re still alive by borrowing or withdrawing from it.

Final expense insurance

Also known as funeral or burial insurance, final expense life insurance helps your beneficiaries pay for end-of-life expenses upon your passing. These might include funeral and burial costs, in-home care, and medical expenses.

Simplified issue life insurance

Although Aflac doesn't offer this type of plan, it may be worth considering. Since it doesn’t require a medical exam like other life insurance policies, simplified issue life insurance may be easier to get. Your application will likely be accepted as long as you pass the short health questionnaire. But keep in mind that you may have to pay higher premiums for coverage.

What is the best life insurance for people over 50?

If you’re over 50, the best life insurance policy depends on your unique situation and coverage needs. To find the ideal option, consider your budget and what you hope to accomplish. Final expense life insurance may be a solid choice if your primary goal is to help cover funeral costs after you pass away. On the other hand, if you’d like lower premium costs, a term life policy may be worthwhile.

Aflac offers life insurance for people over 50

Aflac offers a variety of life insurance policies for people over 50, such as term life insurance and whole life insurance. You can apply quickly and enjoy extensive coverage at reasonable rates. Start chatting with an agent today to discuss your options and figure out which plan can help meet your financial goals.

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