Life Insurances Reviews & Info

If you are over 50 and in the market for a personal life insurance plan, you have probably heard some of the TV ads targeted at boomers and seniors. Although these guaranteed issue and simplified issue policies can be good for some people, they are not the best way to purchase life insurance for most consumers.

Since these policies are easier to qualify for they also have higher costs. You run the risk of avoiding a slightly more involved application and underwriting process and by doing so get a higher premium month after month. This is not good for your financial health.

These policies tend to be “modified benefit” policies. This means that the policy covers you differently than a standard policy would. Your family would only receive the full death benefit if you live two or three years after your effective date. Other life insurance policies will pay your beneficiary even if you died right.

This means that the coverage provided is not as good. Since the monthly costs for each dollar of death benefit is also higher as well, these policies should be avoided by all who can qualify for an underwritten policy.

If you are over 50, chances are you are not quite as healthy as you were when you were 20 or 30. However, chances are you still qualify for an underwritten personal life insurance policy.

The “regular” life insurance companies still want your business and are willing to offer you reasonable rates for the coverage. You will find that common ailments like hypertension will have an impact on the price that you are charged, but you will probably also find that the rate you are offered is still less than the rate you would be quoted for a guaranteed issue policy.

Whether you are looking for a whole life or term insurance plan, be sure to get personal life insurance quotes on the Internet and/or from a local broker before you buy a “guaranteed issue” life insurance policy. Buying one of these policies isn’t a good financial move for most. Most people who purchase these policies pay too much per month for each $1,000 of face amount (death benefit).