Life Insurance Over 50: More Accessible than Many Realize

Qualifying for life insurance over 50 can be intimidating. Many people worry about possible medical tests and fear they may not be able to obtain the life insurance policy they need, while others assume that insurance coverage for older individuals will be priced out of their reach. In fact, neither scenario is likely; life insurance policies for people over 50 can be quite affordable, and a number of companies offer these policies without requiring extensive medical testing or a prolonged approval process. By selecting a company that specializes in life insurance for older applicants, it is possible to obtain life insurance without undue stress and delay.

Membership in a national organization can provide significant advantages in your life insurance search. For instance, AARP provides a group life insurance plan specifically designed for people over 50 and their spouses; it requires a minimal amount of paperwork and no medical examination is required. Policy amounts range from $2,500 to $50,000, and whole life and term coverage is available. Whole life policies typically accrue a cash value over time, and feature stable monthly payments and a fixed face value; term life insurance usually costs less, but has a specified duration and expiration after which you must renew at the rates prevailing at that time.

Another option for obtaining life insurance over 50 is to apply for coverage from one of the companies that specialize in providing policies for older individuals. Colonial Penn’s Guaranteed Acceptance Plan is one of the best-known examples of this sort of coverage; it requires no health examination and no medical questions. The policy provides limited benefits for the first two years, and begins accruing cash value after the first year of coverage. Colonial Penn guarantees that its rates will never go up and the benefit will never decrease due to your age; coverage cannot be cancelled so long as you pay the monthly premiums. This life insurance policy and others like it provide a safety net for older people who may have believed they could not qualify for life insurance. By comparing the various life insurance options and rates, consumers can find the right coverage at the right price, regardless of age.