Life insurance is oftentimes seen as something that is needed for seniors. Although getting life insurance gets harder as you age, there isn’t a set age limit. But most insurance companies only allow seniors that are under the age of 85 to get a life insurance policy.
We suggest anyone who’s thinking about getting life insurance as early as possible. In general, those who are over the age of 50 will pay significantly more for their life insurance policy. Whether the life insurance type is term life or whole life, the premiums tend to cost way more than someone who’s under the age of 50.
Life Insurance Over the Age of 50
If you’re at the age of 50 and looking to get life insurance, it is very possible that you will be able to get a 10-year term life insurance or even 20-year — depending on the insurance company.
What matters the most in many cases is the outcome of the medical exam and lifestyle. Life insurance companies tend to turn down those who are over the age of 50 with pre-existing conditions. Especially if using tobacco.
With that said, other than age, the lifestyle of the person who’s looking to get life insurance matters too. Life insurance companies will request a medical exam and it will have a significant impact on the price you pay for premiums.
All and all though, don’t let the age prevent you from getting life insurance. As mentioned above, there isn’t a set age limit but in most cases, if you’re over the age of 85, getting life insurance will be close to impossible.
However, you may still be able to get a whole life insurance policy going. This will allow you to put money on the side to cover the final expenses. Since death benefits are tax-deferred, your family will receive money from the insurance provider to cover the costs.