Life Insurance for People Over 50, 60, 70? Updated!

In a number of blogs and financial sites there have been an ongoing abundance of articles and comments regarding life insurance for people age 50 and over. Unfortunately, a lot of the information and opinions provided are just plain wrong! For example, a major financial portal, in an article entitled “Term or Whole Life” states:

“……… people who need coverage starting in their 60s and beyond may have no alternative but to buy whole life. Most companies simply won’t sell policies to people over about age 65.”

What a bunch of baloney! Right now, I’m looking at term life insurance quotes for a male born January 1, 1938, making him age 73. The quotes I’m seeing show the availability of  10, 15 year and even 20 year guaranteed term insurance ( or hybrid term/universal policies) from numerous companies.

Not only is life insurance readily available, all underwriting classes (Standard, Preferred and Preferred Plus) are also open to applicants. There is no penalty for being over 50 or 60 or 65.

These quotes are not from marginal or specialized life insurance companies. Even after the ongoing financial markets turmoil, the companies offering these term life insurance products are all rated at least A and A+ by A M Best and offer the most competitive rates available in the marketplace. Don’t you know that Lincoln National, ING, Transamerica , West Coast and other top tier insurers would be shocked to hear that they won’t sell you a policy if you’re “over about age 65?”

There is no penalty for being over age 50 when you are shopping for whole life insurance or term insurance. Don’t be led astray by financial columnists, insurance agents, financial planners or your friends. Do your own research.

Go online and run your own permanent life insurance quotes and term life insurance quotes. Review the underwriting guidelines, company ratings and the wealth of life insurance information available for your consideration. If you need life insurance, do a little digging and find the policy and price that work for you.