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Getting Life Insurance Over 50 Is Easier Than You Think

People over the age of 50 may find that they do not hold adequate life insurance but are afraid they won’t qualify for additional coverage. This is why so many companies are now offering over 50’s life insurance products targeted specifically at this market. However life insurance over 50 doesn’t have to be the minefield that it is portrayed to be. In fact, the majority of people over 50 qualify for a standard life insurance policy. Such cover can be cheaper than the ‘tailor made’ option and could even provide an increased level of benefits.

A Medical Can Be Your Friend

Life Insurance Over 50 Thanks to the wonders of advertising, many individuals over the age of fifty are now reluctant to take out life insurance due to the threat of the dreaded medical. In fact many choose to pay a higher premium for a policy that guarantees no assessment will be required. (We’ve all seen the commercials with the respected older actor touting insurance with “No Medical Exam Required” or “You can’t be turned down”).

However for the majority of people, not only is this a ruse to charge higher prices, but the medical can actually reduce the cost of your premiums and improve the chances of a successful claim should the need arise.

A standard insurance medial can take only a few minutes and is an unobtrusive experience. Many over 50’s applicants are not even required to undertake a medical and for many it will simply take the form of a short question and answer session. However by opting to take a medical, not only does it ease the pressure on you to include all relevant medical history on your application, but by providing a clear and precise medical history, you can actually reduce the apparent risk of your application and enjoy lower premiums.  [Editor’s note: Often in the U.S. a medical will include a questionaire, taking your weight, blood pressure, and a blood sample and it can be done in your home or office in a few minutes by a visiting nurse.]

Furthermore, by providing a full and clear medical history to the insurance provider the chances of any future claim you make being successful are significantly increased.

In today’s society a number of claims have been rejected when it is discovered that a full medical history was not provided at the point of application. Therefore by agreeing to such investigation at the outset you can remove this risk and ensure your policy is much more likely to proceed.

How to Obtain Life Insurance Over 50

Whether you are applying for life insurance for the first time or revising your policy to take into consideration a change in circumstances, shop around. It is not necessary to hold all your financial products with the same company and it is not even necessary to hold all your insurances with the same provider.

Avoid being taken in by clever marketing and special offers and compare the fundamental benefits of the products that are going to suit you.

Use online financial comparison guides to compare products like for like and by taking a small amount of time to find the cover that is right for you, you can gain a level of financial security that can support you well into your golden years.

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Image courtesy of “Photostock” / FreeDigitalPhotos.net

Comments

  1. As we are living longer and working longer, senior life insurance has become more important than ever.

    Many insurance companies now offer life insurance to individuals up to age 89. However, the rates vary significantly between ages 65, 75 and 85.

    The best time to look into life insurance is at your current age because you’ll be looking at today’s rate.