Most of us purchased some type of life insurance when we were young, and especially when we had younger children and a new home to pay off.
The objective here is to ensure that a spouse is supported, children get educated, and a home loan can be taken care. Of course, term policies are usually very inexpensive for younger people. And most people assume that they will outgrow the need for life insurance after a few decades. Children should have jobs by then, savings accounts should be built up, and hopefully, the mortgage should be taken care of.
And as you probably know, term life premiums should be pretty cheap for adults in their twenties, thirties, or forties. Younger and healthier people should have a good chance of getting a good rate too. So these types of people tend to buy term since it does not cost a lot and it satisfies their nees.
But things do not always work out the way that our financial planners would have us believe. Sometimes we move, take out a second mortgage, or have to borrow against the equity of our houses. A job loss or other financial problem may deplete savings. And our kids do not always finish their educations and find a high paying job on our schedule either! Many baby boomers and even retired people, have found that they may have put on a few pounds, gotten grey hair, and enjoyed their new AARP membership. But they still did not outgrow their need for life insurance.
There is some good news though. Because statistics show that Americans are living longer and healthier lives, top life insurers are dropping rates. They are also marketing products aimed at providing affordable coverage for older people.
So can older people still be accepted for a policy? People from 50 - 75, in reasonable good health, should be able to find 10, 15, or even 20 year term policies. And some whole life companies market seniors life insurance to seniors in their 80s.
So why would an older person choose to shop for coverage? Some which to transfer wealth, some want to make sure a business is financed, and some just want to provide cash to pay for a good funeral. Grown children or other heirs may even buy a policy on the life of their parents. Many older parents are happy that their kids take that responsibility. Whatever the reason, be assured that plenty of mature people shop for life insurance. - 29957
The objective here is to ensure that a spouse is supported, children get educated, and a home loan can be taken care. Of course, term policies are usually very inexpensive for younger people. And most people assume that they will outgrow the need for life insurance after a few decades. Children should have jobs by then, savings accounts should be built up, and hopefully, the mortgage should be taken care of.
And as you probably know, term life premiums should be pretty cheap for adults in their twenties, thirties, or forties. Younger and healthier people should have a good chance of getting a good rate too. So these types of people tend to buy term since it does not cost a lot and it satisfies their nees.
But things do not always work out the way that our financial planners would have us believe. Sometimes we move, take out a second mortgage, or have to borrow against the equity of our houses. A job loss or other financial problem may deplete savings. And our kids do not always finish their educations and find a high paying job on our schedule either! Many baby boomers and even retired people, have found that they may have put on a few pounds, gotten grey hair, and enjoyed their new AARP membership. But they still did not outgrow their need for life insurance.
There is some good news though. Because statistics show that Americans are living longer and healthier lives, top life insurers are dropping rates. They are also marketing products aimed at providing affordable coverage for older people.
So can older people still be accepted for a policy? People from 50 - 75, in reasonable good health, should be able to find 10, 15, or even 20 year term policies. And some whole life companies market seniors life insurance to seniors in their 80s.
So why would an older person choose to shop for coverage? Some which to transfer wealth, some want to make sure a business is financed, and some just want to provide cash to pay for a good funeral. Grown children or other heirs may even buy a policy on the life of their parents. Many older parents are happy that their kids take that responsibility. Whatever the reason, be assured that plenty of mature people shop for life insurance. - 29957
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