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Life Insurance for Older Adults: What You Need to Know

Is There an Age Cutoff to Buy Life Insurance?

Insurance brokers often recommend purchasing life insurance when you’re young and healthy. However, older adults can still benefit from life insurance. For instance, a term life insurance policy can help ensure your loved ones aren’t burdened with debt after you pass.

Many life insurers have age limits for issuing term life insurance policies, typically ranging from 75 to 90 years. If you’re 55 or older, finding a term life policy for 30 years or longer may be challenging. Whole life insurance policies, on the other hand, may be easier to obtain even at an older age, with some companies offering policies up to age 90.

How to Determine if You Need Life Insurance

Life insurance offers peace of mind and financial protection, but it may not be necessary for everyone. Consider the following scenarios to assess your need for coverage:

You May Need Life Insurance If…

• You have a spouse and dependents who rely on your income.
• You have outstanding debts such as a mortgage or car loan.
• You want to replace your income for your dependents.
• You want to cover final burial costs.
• You want to leave an inheritance for your loved ones.

You May Not Need Life Insurance If…

• You don’t have any dependents.
• Your spouse and dependents are already financially secure.
• You don’t have outstanding debts.

How to Get Life Insurance if You’re Over 50

If you’re over 50 and looking to get life insurance, follow these steps:

Determine What Type of Insurance You Need

Review the different types of life insurance policies to find the one that suits your needs. For example, if you’re single with no dependents or debt, a final expense insurance policy may be sufficient. If you’re concerned about qualifying for coverage later in life, consider a whole life policy.

Review Your Finances and Calculate Your Needs

Determine how much life insurance you need by totaling your current and future debts and obligations. Include the amount of income your survivors would need to replace and subtract your liquid assets. This will give you an idea of the necessary death benefit amount.

Shop and Compare Insurers and Policies

Contact several life insurance companies to compare policies and premiums. Many insurers offer online quote processes that can save you time. Shopping around can help you find the right balance of coverage and price.

If a life insurance company denies you coverage due to your age, don’t despair. Underwriting criteria vary, and many providers offer policies for older adults. Guaranteed issue life insurance is an option, especially if you have health issues, though it may come with higher premiums and lower benefit limits.

The Bottom Line

While it can be challenging to purchase life insurance when you’re older, it is possible to find the policy you need. Review your financial situation and available resources to determine if you need life insurance and, if so, how much.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. Our team is here to help you find the best solutions for your financial future.

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