Term Life Insurance Available for Older Parents
Buy Term Life Insurance (249/365) (Photo credit: trenttsd)
If you are past the age of 50, you may not know that you can still apply for a term life insurance policy. As time passes, it’s natural to think about the financial future of the people you cherish most. Term life insurance for older parents may help address some of these needs.
Why might an older parent want a life insurance policy?
Life insurance for older parents can help compensate for future expenses that your retirement savings may not cover.
You can also use term life insurance to help loved ones:
• pay off a mortgage
• cover estate taxes
• afford payment of final expenses
• transfer a business
Do I need to be in good health to be approved?
All life insurance companies may evaluate your physical health when quoting you for a term life insurance policy. Age, gender, height, weight, blood pressure, cholesterol, history of family illnesses and prescription medications can be considered when evaluating life insurance for older parents. Physicians may generally administer the same paramedical exam they would perform on a younger life insurance candidate. If you’re concerned that your general health condition will prevent you from being approved, some providers offer an option to insure people ages fifty and over with no medical exam. These policies generally range from $3000 to $15,000 in value.
How young do I have to be to get approved?
It could be a rare event that insurance providers will issue a permanent life insurance policy to older parents over fifty. However, you may be issued a term life insurance policy for up to ten years from some of the leading providers as an older parents. It is common to be able to receive a 10-year term life insurance policy until the age of 70; in some states, like Arizona, seniors may be issued a policy until age 75.
How much can I expect to pay monthly?
When you’re an older parent, it is important to consider the benefits of buying a term life insurance policy as soon as possible. Monthly rates for term life insurance policies may increase significantly on an annual basis. For example, a person at age 50 in great health and no history of family illness might pay $68.76 monthly whereas someone with the same medical standing at age 55 can expect to pay $117.37 for a 10-year $250,000 life insurance policy with MetLife. At 60, the same person might pay $223.56 monthly and at 75 could pay $431.91/month for the same policy.*
What should I look out for?
Too much life insurance is sold rather than bought. The best advice for older parents should be to determine what it is they want to insure against and figure out what type of protection makes sense for them.
In other words, you should figure out what your loved ones’ financial needs will be. Then, you should determine how much insurance you’ll need to provide for their financial future. If you do decide that life insurance for older parents can cover your needs best, you should ask around and find a good professional that will not “sell” you on policies. TermLifeInsuranceRateCompany.com
Category: Life Insurance
