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Life insurance is a critical purchase. In fact, it’s one of the most important purchases that you’ll ever make. A life insurance policy is the only way that you can ensure that your family and loved ones will be provided for, even if you were to pass away tragically.
There are a lot of people that think once they hit their 50s, they don’t need life insurance anymore, but in most cases, this couldn’t be further from the truth. Millions of Americans are over the age of 50 that don’t have life insurance.
Not having life insurance could leave your grieving family with thousands and thousands of dollars of debt that your loved ones would be responsible for paying for. Losing a family member is never easy, but being left with unexpected bills is going to make the situation much harder to get through. This is where a life insurance policy comes in.
Now that you’re in your 50s, you’re in an exciting season of your life. You’re getting closer and closer to retirement. Your kids have moved out, or are about to (hopefully), and you’re enjoying being settled down. One of the most common questions at this stage of life is, “do I still need life insurance?” and more than likely, the answer is still yes. But, there are questions that you can ask yourself to see if you still have a need.
Do you still have a large amount of debt? One of the first purposes of life insurance is to pay off any of those debts that you would leave behind to your family member if you passed away. Do you still have a mortgage payment hanging over your head? What about student loans? Don’t forget to include expenses like your funeral costs or any possible medical bills. With the proper life insurance policy, your family won’t’ have to worry about paying off any of these bills.
How many people rely on your annual salary to meet basic needs? If you have a spouse and children or other family members that depend on your income, they will struggle financially if you passed away. A life insurance policy will give them the resources they need to have time to find a permanent replacement for your paycheck. If you didn’t have that life insurance policy, your family could lose their standard of living or struggle to pay off necessary expenses.
The last question you need to ask yourself is, what kind of legacy do you want to leave behind to your kids or grandkids? If you want to leave your family with a portion of your hard-earned money, a life insurance policy is a great way to ensure that they get that. While you want to leave an inheritance to your family, Uncle Sam wants his portion as well, which can quickly leave your children with a fraction of what you wanted them to have. A life insurance policy will help offset those taxes and fees and keep them with the inheritance you wanted them to have.
These are just a few of the possible uses for a life insurance policy. There are a thousand different reasons that someone would purchase a life insurance policy, or it could be a mixture of these reasons. If you fall under one of these categories, then you need to buy a life insurance plan today.
There are two main types of life insurance policies, each of them has different subsets, but the two main categories are term life insurance and whole love insurance. Each of them has different pros and cons that you’ll have to weigh based on your particular circumstances.
Term life insurance policies are bought for a pre-determined amount of time. They are usually sold in 10, 20, or 30 year terms, which each company should sell different lengths. After the time has expired, so has the plan, which means that it’s no longer effective and you’ll have to buy a need policy. These plans tend to be the cheapest option for life insurance coverage.
The other type is whole life plans. As you can guess, these policies provide permanent coverage for their applicants. As long as you pay the premiums on the policy, you’ll have coverage. This is a great option for anyone that doesn’t want to have to worry about reapplying for life insurance in the future.
Deciding which plan is best for you can be a difficult process. There are several different things that you have to consider. In most cases, a term policy is going to be the best option. Because you’re getting closer to retirement, closer to paying off your mortgage, and closer to your kids having their own income, you aren’t going to need life insurance for much longer. With a term policy, you’ll be able to purchase the policy for 20 years, and then once that’s over you can save the money.
This probably isn’t the first time that you’ve bought life insurance. You might notice that the insurance quotes that your receive are much higher than the last time that you bought coverage. That’s because age is one of the biggest factors that the insurance company is going to look at when getting your rates. Just because you’re in your 50s doesn’t mean that your plan has to break your bank. There are several things that you can do to get the lowest insurance premiums possible.
The first thing is, don’t wait any longer to apply for insurance. Yes, you’re in your 50s, so insurance is going to be more expensive, but it’s only going up. The longer that you wait, the less affordable it’s going to be. This tip is two-fold, not only will you get cheaper coverage, but you never know when tragedy is going to strike. Don’t drag your feet until it’s too late.
Another technique is to focus on your health and get in shape. Aside from your age, your health is going to play a huge role in how much that you pay for your life insurance plan. If you want to save money on your insurance, you’ll need to start a healthy diet and start getting regular exercise. Both of these are going to drastically improve your health and help you get better results from the medical exam. The better your results from the exam, the lower your premiums are. You’ll want to improve things like your weight, your blood pressure, your cholesterol, and your heart rate. Not only will your doctor thank you, but your wallet will as well.
Another way to save money is by getting smoking or using chewing tobacco. Each company is going to view your tobacco usage differently, but in most cases, you’ll end up paying twice as much as a non-smoker. A lot of it is going to depend on what type of tobacco you use and the company that you choose.
For example, some companies will allow the occasional cigar, while other companies will automatically lump you in with the smokers and hike your premiums up. The same is true for other tobaccos like e-cigs or chewing tobacco. With some companies, you could get a preferred rating while other are going to charge you smoking rates.
If you want to know that you got the best rates possible, the best way to do that is by working with an independent agent. Unlike a traditional agent, independent agents represent dozens of different highly rated companies across the U.S. There are several advantages to working with an independent agent.
The first is the one that we’ve already mentioned, you’ll save money. Our agents have experience working with thousands of applicants over the age of 50. Because each company is different, it’s vital that you find the company that is going to view your application favorably and is going to give better rates to people over 50. There could be a hundred or even thousand dollar difference between two companies. It’s easy to see why working with an independent agent is a good idea for your wallet.
You could spend hours and hours calling different companies getting rates for your coverage. The other advantage to working with an independent agent is that it will save you time. Instead of having to collect all of the quotes yourself, we can bring all the rates directly to you. No calling. No hassle.
Because there are so many different factors that go into calculating your coverage premiums, it’s difficult to give a rough idea. But if you take the average costs of insurance coverage for a person that is 55, we can give you a ballpark number. Let’s say you’re 55 years-old, man, and a non-smoker and you want to purchase a $250,000 10 year term policy. On average, you’ll pay around $40 every month for that coverage.
While this is probably less coverage that you would purchase, and these are only generic numbers to give you an example, life insurance tends to be cheaper than most applicants think.
If you have any questions about life insurance, the different policy types, or ways that you can save money on your insurance coverage, please contact us today. Additionally, if you’re looking to get a quality and affordable life insurance policy, we can help connect you with the perfect plan to fit your needs. There are millions of people that pass away unexpectedly every year, and their families are suddenly struggling to pay for simple expenses. Don’t let your loved ones become one of these stories.
You don’t know what’s going to happen tomorrow. You can’t predict what life is going to throw at you tomorrow, but you can always plan for the worst. Life insurance is the best way to do that.