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Thanks to improvements in technology, Americans are living healthier and longer than ever. But no one is invincible, and a life insurance policy can help support your loved ones if you’re not able to. Though finding life insurance when you’re over 55 can be more difficult than taking out a policy when you’re younger, it’s possible to find coverage that fits your budget.
There are plenty of reasons why having coverage in place could not only benefit you, but your family as well. A life insurance policy can help you:
Yes. Many providers offer life insurance policies designed for people 55 years and older. If you’re in good health, you should be able to find an affordable life insurance policy that suit your needs.
We pulled sample rates for a 20-year, $500,000 term life policy for a healthy 55-year-old man and woman in perfect health.
Provider | Man | Woman | |
---|---|---|---|
Legal & General | $140.14 | $98.96 | |
Pacific Life | $138.76 | $98.93 | |
Lincoln Financial Group | $146.08 | $100.63 | |
AIG Life Ins (American General) | $144.88 | $107.73 | |
Protective Life | $141.09 | $98.97 |
*Based on sample rates from Policygenius, August 2019.
Yes. While you may pay a bit more for a policy that doesn’t require a medical exam, this option could be useful if you don’t like doctors or want to avoid all underwriting.
It’s important to note that even though these policies are typically guaranteed as long as the premiums are paid, if the provider finds out that you were untruthful while investigating in the event of a potential claim, they can deny your benefit payment — making the coverage useless.
Many factors can affect the cost of your life insurance policy if you’re 55 years and over, including:
Aside from life insurance, you may also want to consider:
If you’re finding it hard to be approved for a life insurance policy due to your age and other restrictions — such as occupation and health — you may want to consider final expense insurance as an alternative.
In the event of your death, this type of policy can provide a lump sum payment that can be used to meet your funeral expenses and any other related costs. Applicants can generally apply for a policy of $5,000 up to $20,000. And since you’re typically not required to complete any medical exam, your application will have guaranteed acceptance.
It’s not impossible to find life insurance that suits your needs and situation even if you’re over the age of 55. It’s important to compare different life insurance policies that are available on the market to determine the most suitable coverage for you and your family.
When in doubt, seek advice from an insurance adviser that has industry knowledge and expertise to help you find options tailored to your needs.
Picture: Shutterstock
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