How does life insurance for people over 50 work?

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.

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. You can also expect to pay more in premiums than younger policyholders.

Best Life Insurance Over 50

Your financial needs change as you age, and if you’re over 50, a life insurance policy may be an important part of your financial planning. Life insurance can help financially protect loved ones like your partner or children in the event of your passing. Aflac offers a variety of affordable life insurance policies, so you can get life insurance quotes over 50 to find a policy that suits your unique needs.

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Key Takeaways

Life insurance for people over 50 can protect your loved ones financially in the event of your passing.
The death benefit can help beneficiaries cover debts, final expenses, or even a college education.
Aflac offers affordable whole life, term life, and final expense insurance policies for people over 50 that can help you meet your financial goals.

How life insurance for people over 50 works

Here’s how life insurance for people over 50 works:

You pay regular premiums to maintain coverage.
In exchange for your premium payments, a life insurance company will pay your beneficiaries a death benefit if you pass away while the policy is active.
Your beneficiaries can use the death benefit to help cover virtually any expense, which can reduce the financial burden they may be facing after your passing.

Depending on the company and policy you choose, you might be required to undergo an 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.¹ Additionally, you may enjoy a faster underwriting process.

Keep in mind that it will likely be more difficult to find coverage once you’re 80 or older, and it will be more expensive.² That's one reason why it may be wiser to get a policy while you’re younger.

Types of life insurance policies 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 from Aflac offers temporary coverage for a 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 for people over 50 tends to have more cost-effective premiums than 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. People over 50 can often tap into your cash value while you’re still alive by borrowing or withdrawing from it. Aflac offers whole life insurance with lifelong coverage.

Final expense insurance

Also known as funeral or burial insurance, final expense life insurance is a small permanent life insurance policy Aflac offers that 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

Simplified life insurance doesn’t require a medical exam, so it may be easier to get. Your application will likely be accepted as long as you pass the short health questionnaire. However, you may have to pay higher premiums for coverage. Aflac doesn’t offer simplified issue life insurance.

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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 help 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.

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 a budget friendly 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, including term life insurance, whole life insurance, and final expense insurance policies. You can apply quickly and enjoy extensive coverage at reasonable rates. Start chatting with an agent today to discuss your options and get life insurance quotes over 50.

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