Many people in this age bracket think it will be too expensive.
Well, I have some good news for you. If you are in your 50’s, and are a non-smoker who is in reasonably good health than you can still buy a 20 term life insurance policy that can easily meet your budget.
People in their 50’s are most likely still employed and probably don’t plan to retire until at least age 65. Many people may even have no choice but to work longer such as up to age 70.
The main reason why you want to look at buying a term policy is to cover your family’s financial needs in case something happens between now and before you retire. You might even be thinking of extending your life insurance a few years beyond your retirement to give you a financial buffer zone.
A 20 year term policy is the ideal choice if you want your life insurance coverage to protect you for those reasons.
How much is a 20 Year Term Life Insurance Policy?
I did some research and I have some quotes to show you how economical it would be to get a 20 year term life insurance policy for someone in their fifties. The following example is for a policy worth $100,000 and someone who is a non-smoker and in good physical health. These are Preferred Plus rates.
$100,000 Term Life Insurance Quotes for Ages 50 -59
|Age||20 Year Term (Monthly)|
|50 Year Old Man||$23.23|
|55 Year Old Man||$35.05|
|59 Year Old Man||$50.13|
(Disclaimer – These rates are effective as of January 15, 2013)
As you can see, the monthly premium is very inexpensive and easily meets most people’s budget. For information you can also check out this article – Quotes for 50 – 59 Years Old
Why Should I Buy a 20 Year Term Policy?
Most people who are in their 50’s are still employed. They largely are thinking of buying insurance coverage that would compensate for their loss of income should they die before they retire.
You might need to look at something more than a $100,000 if you plan to cover a greater portion of your income, but it all depends on your individual requirements.
The other reason why a 20 year term policy would be the most suitable for many of you in your fifties is because term life insurance is without a doubt the most economical to buy.
The premiums are guaranteed to remain the same for the duration of the 20 year term and won’t increase at all. The death benefits are a tax deferred lump sum payment that your beneficiary can use any way they need to use it.
It’s a simple fact that far too many Americans have no life insurance coverage at all (almost 95 million Americans have no life insurance), and many of those that do simply don’t have enough.
Most experts suggest that the minimal amount of life insurance you need should be roughly equal to 10 times your gross annual income.
Buying a policy that is 10 times your gross salary may be too hefty a policy to carry for some of you, but having no insurance is even worse…… page 2……