At the age of 50 years old, you may be thinking that it’s too late for obtaining whole life insurance and party you would be right. As you get older, how much you pay on your premiums will increase on a greater scale. Especially if you’re in your late 50s.
Although there aren’t many limits on how long you can pay for your whole life insurance as it builds up and the death benefit your beneficiaries will receive will be greater, some insurers offer limits. These limits are usually related to how long you pay for your premiums. You can get a limited pay policy where you either pay up for 10 or 20 years or up until you reach the age of 65.
Another thing that affects how much you pay for your whole life insurance is gender as women tend to pay less for their life insurances because the life expectancy for women is longer. According to NerdWallet, on average, women in their 50s pay for whole life insurance
- $4,611 for $250,000 in coverage
- $9,164 for $500,000 in coverage
- $18,021 for $1 million in coverage
While the men pay $1,000 to $3,000 more for whole life insurance annually. Outside of general classifications that will have an impact on your life insurance, things such as medical history, age, health, tobacco usage, and hospitalization in recent years can drastically shift how much you pay on your whole life insurance.
Term Life Insurance for Seniors Over 50
Just as it sounds, term life is for a temporary time. In almost all cases, term life insurance will be ten times cheaper than whole life insurance. For seniors that are over 50, the term life insurance will not be all that costly. You can pay about $1,000 annually and get up to $500,000 in coverage for a 30-year term life.
For more information and to get quotes on term life insurance for seniors over the age of 50, you can visit our front page to read the selection of articles.