Q:

What are some tips for getting life insurance after age 50?

A:

Quick Answer

Tips for getting life insurance after the age of 50 include looking at a 15- or 20-year level term policy, and also considering both the convertibility and guaranteed insurability of the policy, Bankrate says. Taking note of conversion deadlines is critical, as some conversion periods end well ahead of the expiration of the term policy.

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Full Answer

Determining the right amount of life insurance needed is key, About.com says. The greater the purchase amount, the more it costs, and many life insurance agents have an incentive to recommend additional life insurance, as they receive commission-based compensation.

With a cash value insurance policy, a portion of the premium goes toward the cost of insurance, and the other portion goes toward a savings account. Term insurance is good for temporary needs, such as paying off a mortgage, About.com notes.

Anyone looking to purchase a life insurance policy must go through underwriting, About.com explains. This includes answering health questions and having a physical exam. If the applicant is in good health, there should be no issues going through the underwriting process. If the individual is a smoker and has other health issues, he should still be able to get health insurance, but his premiums may be a bit more than a nonsmoker or healthier person.

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