Many people in their 50’s think that it is difficult to get term life insurance coverage because of their age. This is not the case at all. With the advances in medicine, it is very common to live into the 80’s and beyond. With the life expectancy going up every year, life insurance companies can still insure a person over 50.
One of the problems in maintaining both medical and whole life insurance is that the combined premiums can be too much to bear, especially at a time when you want to start saving money for retirement. Switching to term life will allow you to save on premiums to put into your retirement fund.
Almost all the hallmarks of a whole life policy are present in a term life policy, namely the financial risk protection against death or permanent disability. While the investment element to whole life policy is absent from term life policies, at 50 you’ve probably invested in more profitable avenues and don’t need it that much.
Insurance websites nowadays make signing up for a term life policy quite a straightforward affair. They contain all the information you need which you can read and understand in your own time.
Once you have read and understood the details about term life policies, you will be more informed to make a decision. You can see how much it’ll cost you using the free instant quote tool. The remaining steps would be filling in your personal details, and answering a few basic health questions. And after that, you will have term life insurance, and, the financial flexibility to also be covered under medical insurance!