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Making Sense of Life Insurance Over 50

Lenny Robbins
Feb 10, 2012 1:44:00 AM

a chalkboard with myths crossed out and facts written above on our making sense of life insurance over 50 articleLife insurance over 50 is both the same and different as life insurance under 50!  What I mean is...life insurance and the process of getting it is the same, regardless of your age.  The reasons one needs life insurance over age 50 are often different than under age 50, although there is certainly some overlap.

There are many reasons for needing life insurance over age 50.  Some are to protect families one way or another and some are business related. Some reasons are estate liquidity for taxes. Special needs children or grandchildren are another reason. Whatever your reason is, we know you want to get the best product and the best pricing to fulfill your goal(s) and your budget.  When you apply for life insurance over 50 there are often more medical and lifestyle issues that come into play.

How do you get the best life insurance over 50?  What do you need to know?  Listen...and we'll tell you!


Sometimes we say a little knowledge can be a dangerous thing.  When you are shopping for life insurance, we think a little knowledge is a good starting point!  Life insurance is a very important purchase.  It can affect your family (or business) for years to come.  A little preparation goes a long way.

The Bottom Line

When you are ready to shop for life insurance over 50, be sure you have the information to be an informed consumer.  Life insurance is different than other commodities.  Talk to an independent life insurance agent who can help you get the best value for your money.

Get the Ultimate Baby Boomers Guide to Life Insurance Here

Video Transcript:

Hi, this is Terry Robbins with LifeNet Insurance Solutions. Today I'm going to speak with you about life insurance over age 50.

Although the process isn't very different than life insurance under age 50, some of the reasons we apply for insurance over age 50 are. Some of the more common reasons we see are: income replacement, debt and mortgage coverage, providing for a special needs child, pension maximization, final expense coverage and money to pay estate taxes.

Now, as I said, the process isn't particularly different, but what has changed since our 20s, 30s, is perhaps our health is not quite as good as it used to be. Maybe, we take multiple medications. Maybe, we're diabetic.  Anyway, the way to find the best life insurance, and the best price for that life insurance, is to find yourself an independent life insurance agent.

A quote engine online can only do so much. It may ask if you're diabetic, but it probably doesn't ask if your diabetes is in control, and that will be a big difference in your rating, and therefore, your premium.

Finding an independent life insurance agent online is an important step in getting life insurance. What should you look for? Well, we think you should find an agent with a website with a wealth of information so that you can educate yourself about the process; how it works, how long it takes, why is this better than that? Is one company better than another? What should I do? What should I look for? Etc.

When you find a website that's got a lot of information on it, the next thing you want to do is find out if there are any client comments on it. Are the clients happy with the service they got? Next, you want to check the Department of Insurance in the home state of the agent and in your state. Make sure that their license is in good standing and there are no complaints about them. So, now you've found an agent.

The next step is to take a look at their website. Read what's there. Learn about the process, understand how it works. Then give them a call because now you'll know what you need, and they can help you get it. They'll probably have an in-house underwriter available to go over your medical conditions with and get you to the company that's going to look most favorably on your application and your specific issues.

That's how you get the best price for life insurance over 50, under 50, and if you're 50. It's been great talking to you today. I'll speak to you again soon. Bye-bye.

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