Term Life Rates For Older People

In my other incarnation as an insurance agent, I always advised clients to hold onto any life insurance they had. Life insurance that was purchased at a younger age was almost always cheaper than any policy purchased at an older age. I could not save them money by replacing their policy, and replacing a policy that agents really needed to justify to their brokerage, life insurance company, and maybe even to the state they were licensed in.

However, life insurance rates are dropping these days, and you may be able to find a better deal on term life insurance for older people. You may also re-evaluate your needs and, if the kids are gone and the mortgage is paid off, find that you do not need the huge policy at 65 that you needed at 40.

Middle age may also be the time in your life when you want to consider swapping a large face value term policy for a permanent life insurance policy. Yes, whole life insurance costs more for obvious reasons, but does not expire after a few years, and also can build up a cash value to be used as an asset. If you are unfamiliar with permanent insurance, look at this page: whole life insurance explained. You can find some whole life policies that can be paid off after 10 or 20 years, and then have the security of knowing coverage will be in force when you really need it!

[tag]life insurance, life insurance for seniors, insurance[/tag]

Related articles:

1. Life Insurance For Over 50s
2. Long Term Care Insurance Considerations
3. Do you Need Final Expense Insurance?
4. Auto Insurance For Teenagers
5. Health Insurance Age 50 to Age 64

This entry was posted on July 18, 2008 at 9:57 pm and is filed under Finance & Insurance. You can follow any responses to this entry through the RSS 2.0 feed.