5 Factors to Consider When Looking For the Best Over 50s Life Insurance
It is difficult to find the best over 50 life insurance rates because of so many available choices. You need to have an accurate idea of what kind of cover you require. If you are over the age of 50 then there are also many other factors involved in determining rates. This article looks at a few of these.
The first thing you should do is to carry out a complete medical checkup to get a fair idea of your health. This is important as it will determine how much premium you will pay and the type of coverage you get. Price and value for money are something you should always consider, which is why comparing quotes is helpful. Online calculators for over 50 insurance allow you to see how much pay you can receive for your monthly cash flow. They are simple and free to use and can give you competing quotes from several leading insurers in minutes. They use basic information like name, gender, age, occupation and so on to generate your final expenses comparison.
One of the most important considerations when looking for over 50 life insurance policies is to find one that does not lock in your debts into the policy. Many people tend to choose term life insurance policies when they are young and healthy. However, as the years go by they often find that their earnings do not support the repayments on their policies. This leads to increased monthly premiums, and if this happens the policy becomes a burden instead of a financial saving device. Some insurers will offer guaranteed acceptance of secured debts but it should be noted that these policies often come with a high level of interest.
Instead look for an over the term policy that offers guaranteed acceptance insurance policy. With this type of coverage you are locked into a rate for the length of the policy. If you should change jobs or move to a new area, you would not have to re-apply for coverage. Also with this type of policy you do not have to worry about medical exam requirements. In fact the medical exam requirement is specifically checked during the application process and often only requires a simple medical.
Another thing to take into consideration when looking for guaranteed acceptance over the 50s life insurance cover is the premium. You need to ensure that you find a premium that is affordable relative to your current earnings. If you have a family you may also want to consider a co-pay feature to reduce out of pocket costs. Of course you do not want this feature to completely remove any savings that you have built up over time. So, rather than choosing your life insurance based purely on its face value you should carefully consider all aspects of the policy.
The third thing you want to take into consideration when looking at guaranteed acceptance over the 50s life insurance cover is your ability to pay. If you have a large estate or many outstanding debts, it is likely that the policy will be a high premium policy. It is important to remember that when you take out an insurance policy you are putting a lot of money into the policy as well as the peace of mind you will get from knowing your family will be able to pay any bills or debts in the case of your death. As such you want to ensure that you have enough left over each month to cover these debts. In addition to this if you have a large amount of outstanding debts, the policy will likely be a high deductible policy.
The fourth factor to consider when looking for guaranteed acceptance over the 50s life insurance cover is whether the policy will payout upon the death of the policy owner. Often the company that markets the policy will give you an opportunity to convert the policy into a line of credit. This is known as “closing cost” and it works in the same way as a mortgage when you borrow money against the value of your policy. You can borrow more than the face value of the policy and, if you pass away before the end of the term, the closing cost will be refunded to you by the company.
The fifth most important factor to consider when taking out affordable 50s life insurance is to make sure you get a company that allows for you to make monthly premium payments based on your current health. It is important to remember that your health will have changed over time and you will need to add certain conditions and risk factors to your medical history. If you miss too many premium payments then you may find that your rates will increase dramatically. In addition to this if you have had any recent hospitalization or surgery you could be charged extra for the added risk that you pose to the company.