Life insurance over 50 years of age could cost an arm and a leg—that is, if you don’t shop around for the best rate.
In general, younger applicants are offered the cheapest life insurance rates, especially if they are non-smokers who are in good health. Young people have longer life expectancies and are viewed as low-risk for insurance carriers, so it’s clear that buying as young as possible is usually a good idea.
The great news, however, is that life insurance over 50 years of age doesn’t necessarily have to break the bank. A healthy, non-smoking applicant could find cheap life insurance over 50 years of age if they follow a few money-saving tips.
First and foremost, if you’re on a tight budget, shop around for the absolute cheapest life insurance policy that fulfills your coverage needs. (Finding low-cost coverage is fantastic, but not at the expense of getting a proper level of coverage. After all, it doesn’t do much good to have a life insurance policy if it isn’t enough to fully cover your needs.)
Another quick money-saving tip: buy term life insurance, because it is generally the cheapest life insurance for clients over 50 years old. A term policy will provide coverage for a short- to mid-term period, usually lasting between one and 30 years (depending on the applicant’s wishes).