If you’re considering whether you should buy life insurance after age 50, you may be wondering: Will I be able to find life insurance that may fit my budget? Are the benefits to my loved ones worth the cost? And you may even ask: Why do people my age buy life insurance, anyway?
Sometimes in life, things change… including your need for life insurance
When considering purchasing term or whole life insurance, the main questions come down to where you are in your life right now. For instance: Are you employed? Have you recently retired? If you have children, are they starting to leave the nest? Are they young, in college, or approaching that age? Some common life events or transitions may cause you to revisit your life insurance needs and options. It’s quite possible that you can use more coverage than you currently have — and you may be able to afford more than you think.
For example, you could supplement your current coverage with a small term life insurance policy, just to help cover funeral expenses. It could be well within your budget to help meet your family’s needs this way. Along with your own added peace of mind, having this financial protection for your loved ones can be even more reassuring.
Reasons to consider buying life insurance:
These are just a few reasons to consider purchasing your first life insurance policy, adding a supplemental policy or even renewing an existing policy that may be ending.
Do I really need life insurance? Isn’t it complicated?
Many people, working or retired, do find that they need life insurance. Even if you already own one or more term or whole life policies, the question is: do you currently have enough life insurance coverage to meet your needs and obligations? Ask yourself what would happen to your spouse or family if you passed away and left them without ample monetary protection. Would they be able to cover the mortgage or rent, the medical bills, or debts you might leave behind? Comparing the cost of life insurance with the costs of not having that coverage can be a deciding factor.
Fortunately, buying life insurance today can be a very simple process. Some policies may not require a medical exam or blood work. In fact, many people in their 50‘s and older can qualify for no medical exam life insurance by providing some basic health information, answering a few questions on the application, and giving the insurance company permission to obtain information about your health. And most life insurance companies offer the option to apply online or by mail. To compare features and costs, you can simply visit their websites or call the 800 numbers. Usually you can request a free information kit and a no-obligation personal rate quote.
This article is provided by New York Life Insurance Company for informational purposes only. This article is not intended to provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.