Life Insurance After 50: The Benefits of Whole Life Policies as Life Expectancy Increases
Choosing the right type and amount of life insurance is not something to be taken lightly, especially if you are over the age of 50. As people are living longer, the average lifespan for men and women in the U.S. in the eighties, whole life policies are becoming increasingly popular due to their tax benefits and cash value accruals.
For people in the market for an insurance policy after the age of 50, options may appear to be limited. Twenty-year term policies are relatively inexpensive if you are healthy. However, this is because you are expected to live longer than the policy�s expiration. The premiums for a whole life policy are going to be significantly higher, but this is because they never expire and cannot be revoked regardless of your subsequent health issues.
Term life insurance policies are bittersweet for their holders. When someone outlives the term of their policy, they get no value in return for their investment. Whole life policies are different in that they accrue a value as you continue to pay your premiums. In a sense, they are more like an investment in a savings account for your family�s future.
The cash value of a whole life policy has extra benefits for policy holders. As age advances, financial agility makes the difference between independence and needing to depend on others to survive. You are able to borrow against that cash value in the event that something occurs and you need an infusion of resources quickly. Retirees on fixed incomes know, the ability to quickly obtain money without having to go through a home equity loan is an invaluable resource.
Getting the right life insurance for your circumstances after you have advanced past the age of 50 presents resource allocation challenges for even the savviest investors. An experienced insurance professional should be consulted to analyze the right policy for your budget and family�s needs.
At Senior Health Solutions, LLC, our insurance professionals are leaders in the industry and have helped seniors in St. Louis and throughout Missouri, Illinois and Arkansas find insurance solutions that work. Our knowledgeable team of professionals provide no cost consultations and free planning guides to help you begin the process of finding the right insurance for your needs. Contact us at (636)244-4415 or contact us online to schedule an appointment.
