Buying whole life insurance at 65 can give your loved ones a greater sense of financial security. At 65, you may be preparing to retire, or you may have started a second career. You may have remarried and have a new set of family members who would require financial protection in the event of your untimely death. With whole life insurance, you have the reassurance of holding a policy that assures lifelong benefits to your loved ones.
As the average life expectancy increases, age 65 is no longer considered "old." Although many working professionals are contemplating retirement or have retired by age 65, others are still actively employed. Regardless of your career goals or your source of income, a whole life insurance policy can augment your financial portfolio and extend the inheritance you leave to your loved ones. Although a standard whole life insurance policy may be costly at 65, the benefits of lifelong coverage and a policy with a cash value may make this investment worth the cost.
If you purchased whole life insurance at a younger age, say life insurance cover at 50, on a limited payment plan, you may have paid off your policy by age 65. Limited payment plans allow you to make higher payments until age 65, at which time you own the policy outright. Alternatively, if you are still paying for whole life insurance under a guaranteed payment plan, you may be paying the same premium that you paid at age 25 or 35, a great advantage if you are no longer actively working.
If you have retired and you are enjoying the fruits of a long, successful career, a whole life insurance policy will give you greater peace of mind, so that you can enjoy travelling, spending time with loved ones or pursuing your favourite leisure activities. With whole life insurance, you have the satisfaction of knowing that you've met your financial obligation to your loved ones with benefits that will pay out whenever your death occurs. In addition, you will have access to a policy with cash value, which may increase your financial stability after you retire.
Although many 65-year-olds feel healthy, active and vigorous, insurance providers consider older adults to be a higher risk than younger individuals. If you have had a decline in health, you may find that obtaining affordable insurance is challenging. Some insurance providers will not sell a policy to an older applicant who has a complicated medical history or whose current health status is unstable.
Whole life insurance policies for older adults fulfill an important need for spouses, parents and grandparents who have reached age 65 and can't find reasonably priced coverage. These specialist policies are issued to adults between the ages of 50 and 80, regardless of their health status. No medical screen is required, and you may not be required to provide details about your health in the application. A whole life insurance policy for adults over 50 provides affordable financial protection until you reach a certain age, often 90 or 95.
With life insurance for older policyholders, you have the option to choose the sum that your loved ones will receive. The cost of your premium will be based upon the legacy that you choose to leave. After you have paid your premium for a set period of time, your beneficiaries will receive the sum assured. Although a specialist policy may not offer the full investment potential of a standard policy, buying this valuable form of whole life insurance at 65 allows you to leave your children or grandchildren a substantial inheritance.
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There are several benefits to taking the time to find a quality life insurance policy.