Affordable Life Insurance for People Over 50

Looking at life insurance options for people of any age is often overwhelming. Getting insurance quotes for people over 50 is especially hard. The idea is that life insurance at this age is expensive and difficult to obtain.

But that’s not always the case. It’s possible to find affordable life insurance coverage over 50 so that you, too, can take care of your loved ones after you’re gone — even with existing health concerns. And you don’t need to settle for second-rate policies.

The best and most affordable life insurance policies for those over 50 don’t require any medical exams. And the very best ones offer high customer satisfaction ratings and myriad other benefits and the potential for cash value growth.

Options for Life Insurance Over 50

As you age, your requirements for life insurance policies change. You may not have the financial obligations you once did, such as children living at home, but you have other things to consider, such as your retirement or mortgage. The way you looked at life insurance in your 30s is likely to be much different from the way you look at it now.

As is expected, looking at life insurance in your 50s requires you to think carefully about what you need. Do you want your policy to pay your final expenses so that your loved ones don’t have to? Do you want to leave them a cash value so that they’re taken care of when you’re gone?

Selecting the right policy for you and your family ensures that they’re taken care of if something happens to you. To help you determine what kind of policy is right for you, here’s a quick list of tips and questions you can ask when exploring your options for life insurance over 50:

• Confirm whether you’ll need a medical exam for any policy you buy.
• Be sure to confirm the maximum date for conversion on any policy you buy.
• Find out what the limits or exclusions are in the first two years of coverage.
• Ask about cash values and if there are any guarantees.
• Check to see if your policy provides borrowing options and how they impact the death benefit.
• Find out if there are age limits on the policy’s riders.

The Best Life Insurance Policies for People Over 50

Below is a list of some of the most highly rated and affordable insurance policies available for individuals over 50.

Mutual of Omaha

Mutual of Omaha offers a wide variety of policies and riders for those on a budget. The company has been in business since 1909 and is a financially strong option that offers great customer satisfaction scores.

Mutual of Omaha’s policy offerings for people over 50 include convertible term, level premium and whole life with no medical exam options. They offer 10-, 15-, 20- and 30-year terms, and the issue ages are 18 to 80 years old. These policies are renewable annually up until age 95, but that means the prices may go up every year once the term ends.

The company also has three universal life options, one of which has 2% guaranteed interest rates on cash values. Another policy protects from losses in market declines.

Some of Mutual of Omaha’s riders offers include:

• Waivers of premiums for disability and unemployment
  
  
• Waiver of premiums for six months of your home sustains $25,000 or more in damages

Guardian

Guardian is another insurance company with great customer satisfaction scores. The company is also a mutual insurance company, meaning policyholders own a stake in the company and may be eligible to receive dividend payments.

Guardian has been in business since 1860 and offers term and permanent insurance options. Their term life options are available for issue up to age 75, and their whole life policy can be issued up to age 90.

Their whole life policy coverage includes:

• Limited or level payment options
• Available guaranteed level premium options
• Guaranteed cash values and a death benefit up to age 100 or 121

Guardian riders include waivers of premiums for disability, a long-term care rider option, accelerated death benefits riders and an index participation rider for adding investments to the cash value of the policy. The company is also known for its willingness to underwrite policies for people with high health risks.

New York Life

New York Life is another mutual insurance company that pays dividends to eligible policyholders. Since it was formed in 1845, it’s paid out these dividends for 167 consecutive years.

The company offers 10 different types of life insurance plans. These include:

• Term life
• Whole life
• Universal life
• Several group insurance plans, including those for veterans and AARP members

New York Life offers term life insurance policies with a maximum issue age of 75. These also offer conversion options, meaning it’s possible to lock in low rates and then convert your policy to a permanent one later without the need for another medical exam. This level premium convertible plan is available for 10- and 20-year terms.

Riders offered for New York Life include:

• Living benefits for chronic care or terminal illness
• Options for purchasing additional coverage without medical exams
• A money-back option on one of the universal plans should you decide you no longer want your policy

The company also offers a group plan for AARP members that features guaranteed acceptance, no medical exams and a maximum death benefit of up to $25,000.