Why Would Older People Buy Life Insurance Policies?

by Mari Cates

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.

Many financial and insurance professionals will advise their clients to buy term. They tell young families that they only need coverage for a few decades, and after that the house will be paid off, the younger kids will have grown up, and the house will be paid for.

Cheaper term life policies are a popular choice for young families. A 30 or 40 year old will have the best chance of finding very cheap rates since they are more likely to be healthy. Term life insurance looks cheap, satisfies present needs, and it seems like a good choice.

That was a great story about how things should have worked out. But many Americans reach middle age or retirement years and realize that not everything worked out the way they thought it would. These people could reach their fifties or sixties and be on their second or third house, or even their second or third spouse. A period of unemployment or illness could have meant that the investment and savings did not get built up like predicted. And those kids may not always be off on their own as planned either. In fact, more and more grown kids are moving back in with their parents, and sometimes they bring their own kids along. Instead of being free, many older people realize they still have a lot of responsibility, and they still should have coverage.

The news is not all bad though. Americans are living longer and healthier lives than ever before. Because of this, many insurers are eager to capture their business by marketing affordable life insurance for older people.

People in their 50s, 60s, and even 70s may be able to find affordable term policies to cover their families for another couple of decades. And we have seen small whole life insurance policies that will extend coverage to people up to age 85.

Who shops for life insurance over 50? Lots of different people have reasons to shop for life insurance, and they have lots of different reasons. Some want to insure their business continues or other kids are compensated, and others just want to make sure their kids have the cash to pay for a funeral. Everybody has their own individual situation and needs to buy a policy that can help them.

Let us help you look for Life Insurance For Older People. Everybody has a different situation, and companies have different plans and rates, so it can save you time and money to compare insurance quotes with our fast, safe, and free quote forms.