Thursday, September 20th, 2018

A Few Simple Life Insurance Tips for Baby Boomers


life insurance tips 300x175 A Few Simple Life Insurance Tips for Baby Boomers

Has the big 5-0 birthday hit you yet? Maybe the 6-0? You may be wondering what you can do about life insurance at this time in your life. Those who are over 50 will have different concerns about life insurance than younger individuals.

Please…Read on to pick up some important facts about life insurance for all of us over 50.

6 Benefits of Life Insurance

• Provide financial security for your spouse and children.

• Add to your pension.

• Provide money for unexpected expenses.

• Cover funeral expenses.

• Provide funds for estate taxes.

• Provide income for a child with special needs.

Higher Risk Applicants

If you have any of the medical conditions listed below, you may have a more difficult time acquiring insurance.

• Diabetes.

• High blood pressure.

• Cancer or history of cancer.

• Heart problems.

• Pre-existing conditions.

• Obesity.

• Respiratory problems.

If you have any of these medical issues, you can still get over 50 insurance. You may want to elicit the help of an independent agent who will be able to connect you with an insurance carrier handling policies for applicants who are considered a higher risk.

This will also apply if you have certain lifestyle factors that will put you at a higher risk, such as having a dangerous job or hobby, smoking cigars or cigarettes, or using smokeless tobacco.

7 Services an Independent Agent Can Provide

If you are a higher risk applicant, what will an independent agent be able to do for you?

• Find the best plan for your specific circumstances.

• Have knowledge of which companies to check out for you.

• Know of programs that are available that may be able to provide you with better prices.

• Help with filling out insurance applications so that you will have a better chance of being accepted.

• Work with you to fine-tune your plan so that it will be the best for your needs.

• Help you to work out a plan for making payments in an affordable way.

• Help you ascertain the amount of coverage you should have for your particular lifestyle and needs.

Types of Insurance to Consider

1. Term Life Insurance

With term life, you will purchase the insurance for a certain period of time, such as anywhere from one to twenty years. If anything happens to you before the term is up, your family will receive the full value of the policy. Your rates for this type of policy will be locked in and will usually be less expensive than whole life insurance.

2. Whole Life Insurance

Whole life is just as the name implies. It lasts for the duration of your life as long as you continue to make payments on the policy. With whole life, you also have the option of cashing out the policy should you require immediate cash. You will receive the amount of money that you have paid into the policy.

Only you can decide what type of insurance plan will work for you. Rest assured that you can obtain life insurance to provide you and your family with peace of mind.

About the Author

Claire Atkinson writes on behalf of a website that compares popular life products and has more advice on choosing a life insurance policy.

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