Can You Get Life Insurance If You Are Over 50?
Fifty years old seems like an old age – unless you plan on living past 100, it means that your life is more than half over – but people over 50 do a lot more than they used to. Think about how old your grandparents looked in their 50s and 60s and beyond as opposed to grandparents of today. Actress Jane Fonda is 75 years old and looks 20 years older. Golfer Gary Player is 77, in terrific shape, and recently even posed in the buff for ESPN the Magazine.
But while growing older is not what it used to be, you still may think that life insurance is something that you only can afford when you are under 50. Traditionally, life insurance has been priced to be less expensive when you are young as healthy, as opposed to when you are older and have health problems.
Life insurance cost may be a concern for you
So what does all of this mean for you if you are over 50 and either have not bought a life insurance policy, or you would like to get additional life insurance coverage? Well, there is some good news when it comes to life insurance. Part of the good news is that these days, there are many more ways to buy life insurance. It used to be that you didn’t have many options, other than whoever the local life insurance agent was in town. These days, you can get multiple life insurance rates at the click of a mouse, and get life insurance rates from a variety of companies without even leaving your home.
Increased competition means that companies are competing for your business. And generally speaking, increased competition also means that life insurance rates can be more competitively priced than they used to be, which is a very good thing for consumers.
And there are now life insurance policies specifically designed and marketed to people over 50, which means that you may potentially have a better chance of getting a competitively priced life insurance policy than it used to be. Aside from shopping online, which is a given for finding the best life insurance deals, here are some tips for getting a life insurance policy over 50, and getting a life insurance cost to fit your budget:
- Quit smoking, if you haven’t already. Not only will quitting cigarette smoking save you money, but it will help improve your health – and your chances at an affordable life insurance cost.
- Lose weight – keeping your weight within a healthy BMI – generally under 25 – can also mean increased health – and an increased lifespan. The better your health is, and the longer your lifespan is projected to be, the less you may potentially have to pay in life insurance costs.
- Take care of any health issues. For example, if you have a condition like high cholesterol, it is important to get it under control, whether by medication or by dietary changes, in order to get affordable life insurance rates.
- Do regular exercise. Staying in great shape can pay off when it comes to life insurance.