Life Insurance After 50?

There are many people that still need life insurance after the age of 50. If you care for an elderly person in your family, you should be aware that there is insurance called “final expense” or “burial policy” --- These policies are small face value Whole Life policies and are designed for seniors or people of poor health.

The insurance company adopts a waiting period instead of health questions to issue the policy. The face value is usually for $3,000, up to $25,000. The insured has to live for a term as specified in the policy. If not, the beneficiary will receive only the premiums paid plus the stated interest.

People over the age of 50 without serious illness qualify for coverage under the normal structure; however, the premiums will be based on age and much higher than if the policy was obtained while the insured was in his/her 30’s or 40’s.