Things to consider before you applying for Life Insurance after 50
Things to consider before you applying for Life Insurance after 50
If you have crossed your wiser age and are stepping into your final phase of life, you might be interested in a Life insurance plan that may support lot of your reasons. But now a days with so many life insurance plans available in the market, it can be quite a complicated subject to analyse and decide between term and whole life insurance and without enough research people often end up buying wrong policies for themselves. If you are above 50 years of age and planning to buy a life insurance policy for yourself, this article will help you put things into perspective.
Possible reasons why people over 50 years of age may look for a new life insurance policy
You need an already existing insurance policy to be renewed or get converted from a term life insurance policy to a whole life insurance policy.
Your existing life insurance policy is due to lapse, and cannot be renewed further.
The premiums of your existing whole life policy are quite high.
Free from all responsibilities of life, you may now need small life insurance policy to cover your final liabilities.
At this stage of life which life insurance policy is for you?
You should Opt for term life insurance policy if:
If you are not yet free from all your obligations and expenses like the education of your kids and any mortgages are still continuing.
Your family including your spouse and parents still depend on you financially.
Your children are still financially dependent on you.
You are involved or own an active business.
You should Opt for whole life insurance policy if:
You are planning to leave some money to your heirs as an inheritance.
You are free from all responsibilities and obligations of life.
At this age you are extremely well off and still fall in the high-income bracket and are looking for tax benefits.