You might be asking, how do you get life insurance for people over 50 years? Well, that is what this article is meant for.
Purchasing a life insurance policy can be incredibly valuable, even for individuals who are in excellent physical health and those with sufficient savings.
However, once you turn 50, you may find that your life insurance needs are much different than when you were younger.
You may no longer have young children to support and have paid off a significant portion of your debts.
Turning 50 can be “a natural review point” for your life insurance needs, says Scott Witt, an insurance adviser and actuary in New Berlin, Wisconsin.
Prior to that age, you may have been worried about passing away prematurely without providing sufficient for your spouse or getting your kids through college.
After your 50th birthday, it’s a good idea to audit your life insurance coverage to ensure that your policy will provide adequate protection for your needs.
Reasons Why You Might Want To Get Life Insurance For People Over 50
There are many reasons why you might want to get life insurance at 50 years old. Here are a few potential reasons:
- To protect your family: If you have dependents, such as children or a spouse, life insurance can provide financial security for your loved ones in the event of the policyholder’s death.
- To cover funeral and burial expenses: Funeral and burial expenses can be costly, and life insurance can help cover these expenses so that your family is not left with the burden.
- To pay off debts and mortgages: If you have outstanding debts or a mortgage, life insurance can help pay these off in the event of their death, easing the financial burden on your family.
- To fund future goals: You may also be planning for future goals, such as your children’s education or their retirement, and life insurance can provide the financial resources to achieve these goals.
When considering life insurance, you should consider your financial situation, including any debts, mortgages, and dependents, as well as your future goals.
It would be best if you also considered your health and any pre-existing medical conditions, as these can affect the cost and availability of life insurance policies.
Below, we have selected a variety of companies that could potentially meet your needs depending on the criteria mentioned above.
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Best Life Insurance Companies For People Over 50
When reviewing your current insurance needs, you may find that another life insurance company or policy type is better suited for consumers aged 50 and above.
You may consider switching your life insurance policy from a term life insurance policy to a final expense whole life insurance plan.
Final expense insurance may also be a worthwhile option if your debts are paid off and you feel that your current assets are a sufficient legacy for your loved ones.
Based on financial stability, policy type availability, and customer satisfaction ratings.
Our insurance editorial team evaluated several insurance carriers to determine the best life insurance company for people aged 50 and older.
Although the best life insurance company for you will depend on your specific needs, the following carriers may be a great place to start your search if you are currently reviewing your life insurance needs:
Haven Life offers term life insurance at affordable prices.
Policies are purchased online, so if you are looking for a company with strong digital assets, Haven Life may be a good option for you.
If you feel more comfortable working with an insurance agent to discuss your life insurance needs or are looking for a permanent policy instead of a term one, Haven Life may not be the right choice.
Haven Life’s life insurance products are underwritten by MassMutual, which boasts an A++ (Superior) AM Best financial strength rating.
MassMutual collected a customer service rating above the industry average in the 2021 U.S. Individual Life Insurance Study.
MassMutual also has fewer customer complaints than average, as the National Association of Insurance Commissioners (NAIC) reported.
AIG offers several types of life insurance policies that could be a good fit for people aged 50 and older.
Including term life insurance and permanent coverage plans such as universal life and guaranteed issue whole life. In fact, AIG boasts that its $250,000 term life insurance policies start at just $14 per month.
However, you should be aware that AIG’s customer service score from J.D. Power is one of the lowest scores in the study.
This could indicate that policyholders are often dissatisfied with its level of customer service. If budget is your primary concern, AIG could be a good option.
Mutual of Omaha
Mutual of Omaha offers both term and whole life insurance policies to consumers aged 50 and above.
It ranked fifth overall in the 2021 U.S. Individual Life Insurance Study, meaning that its policyholders are generally satisfied with its customer service.
The company is also financially strong, with an A+ (Superior) financial strength rating from AM Best.
Mutual of Omaha also offers a unique blog called Mutual Cares. This is a repository of information geared toward seniors.
Articles discuss a variety of senior-oriented health topics, ways to stay connected, and tips to stay active.
New York Life
If you are a member of AARP, you may want to consider getting a quote from New York Life.
The company has a partnership with AARP, which offers exclusive pricing and policy features to members.
If you are worried about life insurance medical exams, the AARP program through New York Life could be a great choice, as no health exams are required to get a policy.
New York Life is highly regarded by policyholders, earning a well-below-average complaint index score from the National Association of Insurance Commissioners (NAIC).
An NAIC score of 1.00 represents an industry-average number of complaints.
New York Life collected a score of just 0.25, indicating that NAIC receives a below-average number of customer complaints about the company.
If you are interested in a final expense policy, which is a type of whole-life policy that provides a small death benefit to cover end-of-life expenses, Transamerica could be a good fit.
The company also offers several other types of life insurance plans, including term life, whole life, and universal life.
However, Transamerica collected a well-below-average customer satisfaction score from J.D. Power, earning just 747 out of 1,000 points.
Policyholders concerned with the quality of customer service provided by their insurer may find this information disconcerting.
However, Transamerica is a part of Aegon, and its AM Best financial strength score is an A (Excellent), which may put some customers at ease about the company’s financial strength.