Things You Need to Know About Life Insurance for People Over 50
When people realize that they’ve turned 50, they ask why they need to get life insurance now. Well, 50 years is not that old. In many life insurance policies, you can insure your life even if you’ve turned 75, and you can renew your policy once you’ve turned 100 years old. But why would you consider life insurance once you’ve passed the threshold of 50 or 60 years of age, especially when you’ve already paid your mortgage and your children have left home?
There are various types of life insurance policies. Here are some solid reasons why you must consider buying one of them even if you are already 50 years of age.
1. A Change in Circumstance
It’s all about thinking for the betterment of your family. Even if your children have left home to start their own lives, they may experience some financial troubles in their lives, they might return home because of a depressing separation or divorce, what if they lose their jobs and decide to continue their studies again? Your life insurance can support your children or your grandchildren in such times.
2. Paying Off Debts
Even if the mortgage on your house might be paid off, it doesn’t mean that all your debts are cleared by the time you turn 50 or 60. You might have taken other debts to buy some other properties or investments. Who do you think would be responsible for those debts if you die? It’s not very wise of you to leave your family under severe financial pressures. Thus, your life insurance can take care of your pending debts.
3. Likelihood of Claims Increase
Life insurance over 50 is a common trend. The most basic reason for this is that the mortality rates tend to increase once you’ve turned 50. There are several types of illnesses and cancers that are associated with aging. For instance, the chances of being diagnosed with prostate cancer are like 1 in 1000 for a man who is in his 40s. But the chances would increase to 12 in 1000, once you reach your 50s. This is perhaps the best reason why you should think about insuring your life at this age.
4. Estate Equalisation
A life insurance policy can be an effective means of equalising the distribution of assets among your family members. Say you’re running a farm or a small business which only one of your children wants to inherit after your death, then you can you use your life insurance policy to evenly split your wealth among the rest of your children. For instance, if you have two children and only one of them is interested in inheriting the farm you own worth $2 million, the other can become the beneficiary of your life insurance worth $2 million.
For more details pertaining to life insurance policies and how they can prove to be beneficial for you once you’ve turned 50 or 60 years of age, you can contact Freedom Insurance today for further guidance and support.
There are various reasons that still encourage a person to insure his or her life at the age of 50 or 60 even. It’s the best responsible way to secure the interests of your family members and to ensure that your family members are not left with any troubles after your death.