Choosing a life insurance that suite you and family future is a very hard one. And with ages getting a good life insurance becomes hard. We all start our family at a late age now days. So we gave children at a late age. After getting all of our financial planning straight we want to buy a life insurance for our children or love ones. So when we went to a buy life insurance most of the time we passed the age that life insurance companies are comfortable with. So what are the age life insurance companies are comfortable with. Well anyone under 50 years old is very welcomed in life insurance companies. Well the insurance companies are right about that. After ages of 50 people body starts showing different kind of physical illness. That is common at that age. So insurance company has given that age as their standard age.
But what if you are a person over 50 years? Will you get a life insurance form insurance company?
Yes we can get a life insurance even after 90 years. But it goes with saying that will not be as easy before. There are some problems with ages that can hunt you in life insurance system. Let me discuss the life insurance with you. There are some issues you need to know about.
There are two types of life insurance whole life insurance and term life insurance. Whole life insurance is a permanent life insurance. Term life insurance will cover you for brief period of time. It will cover you for like 10 to 30 years of time. So it is a better choice to choose the whole life insurance. Now I will tell the factors of getting life insurance over 50 years old.
As I said before you will get a life insurance after 50 years but it will not as easy as before. Now I will discuss the main factor that will decide how much and what type of life insurance facilities you will get from Life Insurance Company.
These insurance companies always see your age before they give you any kind of life insurance. But as you are already 50 years old it will not be in your favor. Then they will check your health condition and also going to check if you are a smoker. If you have mild health condition with non-smoker you will get a life insurance. But you have a health condition and smoker you will still get a life insurance but this time you have to pay higher money as insurance companies will consider you as a high risk client.
Health Issues that Increase Costs
Moreover, if you have any major disease like cancer, heart disease etc. your policy cost will become double. Life insurance with HIV costs too high and it will be a policy without medical exam.
Now come to financial sides. It is the one of the three most important factors of the all these three. Even you can get a life insurance if the other two is not in favor of you but the finance you have good on. You have submitted you current financial plan and conditions. They will check that if you will be able to pay the premium of the life insurance. They also will ask for your debt and mortgage payment history. They will like to see your future financial planning. You also have to add the future plan for your real state if you own any. Your children age and their education planning is also take a good part in this.
If you have financial planning with someone then their financial statement may also be needed. You also have to make sure the real state statement your giving that is owned by you not a combined owned real state.
Hi, it's Wilkins. I am very simple person and I love to do writing. I am working on insurance sector for more than 10 years and satisfaction of my client is my motto.