We all want life insurance for the financial benefit of someone who is close to you. It can be your children, parents, or siblings whom you want to help financially in future. It does not have to be someone who is related to you by blood, it can be any one whom you like or care for them. But when you are young getting a life insurance can be quite easy but with ages come some problems to us. With ages we had some psychical problems. It is quite normal that with ages we will face some problem that is related to our health.
So when I say young I mean that people less than 50 years old. If you are in your 40’s it is a great time you could go for a life insurance. Life Insurance Company has standard 50 year old rule. After that you will have to go through a lot of medical exam and test. You have to submit a lot of paper before you gets a life insurance after that.
Will get a life insurance after 50 years
Yes you will get a life insurance after 50 years. But there are some certain rules you have to follow. Life insurance company has some certain things that are called the life insurance factors. There are lot of factors for life insurance. One of them is your age. The younger you are the better chance you get of getting a life insurance on your favor. But as I said before over 50 years old does count as old person in insurance world. The second main factor is your health conditions. If you have good health condition even after 50 years age you will get a life insurance. Non-smoker get an upper hand in the deal in any age for life insurance.
If you are a smoker with mild health condition you will get a life insurance. But for smoker the price of coverage will go high, so does for your mild health problems. If you have healthy body and non-smoker over 50 you will get a life insurance after you put down some financial statement in Life Insurance Company.
Financial statement you need for getting a life insurance over 50
You will have to submit your current financial state you are. The statement is very much needed as mainly life insurance depends on this statement. If your statement is not up to the mark may not able to buy enough coverage that you need.
You will have to submit you family financial plan also. You have to submit your current debts reports and also the mortgage papers. If you have your children education load or plan or insurance you have to submit that too. You have to submit your health insurance papers and that is also a key factor in your life insurance form.
Which one to buy
There are two types of life insurance, whole life insurance and term life insurance. Whole life insurance is kind of permanent life insurance. It will last for all time, till the time you die. But term life insurance cover you for a limited period of time like 10 , 15 to 30 years of time.
Getting a whole life insurance better is option for then term life insurance. It will not expire in any conditions. But term life insurance will get expire after the time period. But there are some benefits also; you can buy term life insurance at an easy condition. But whole life has more benefit than term life insurance. Even though whole life insurance will take 20 years return cash value but it will worth buying a whole life insurance over term life insurance.