54 Years Old and Seeking Term Life Insurance?

If you are in your early fifties and need to renew or enroll in a new term life insurance policy, you may like to know that thanks to raised life expectancy, better universal health and other factors, you can now purchase insurance at reasonable rates.

As a matter of fact, 54 year old term life enrollees will receive far better rates than someone ten years older, so time is really of the essence. Buy now or your bank balance will suffer further down the line. If you have never had a pre-existing condition, you will find many great offers to suit your insurance requirements.

What are the options for a 54 year old life insurance enrollee?

You are faced with two options, each beneficial in their own right. Do you wish to apply for term or whole (universal) life insurance?

Term life coverage lasts for a term of usually between ten and thirty years. This is by far the most popular type of insurance and is far more affordable than its counterpart. The policies tend to be more flexible and you can change your plan’s options at the end of your term.

Whole or universal life coverage lasts you a lifetime, as long as premium payments are kept. This type of plan accumulates cash value over time, which can be borrowed against. As such, whole life plans are a worthy investment, although premiums are much higher in comparison.

There are several aspects to take into consideration while buying an insurance policy. The more you research, the better it would be. There are common questions to be answered here. You need to appoint the beneficiary and find out the right amount of coverage required etc.

Remember that whole life insurance can be as much as twelve times the cost of term life premiums. Below is an example of term versus whole life rates for different age groups:

Only those with a clean bill of health and no previous pre-existing conditions would receive the best insurance quotes. Expect to be asked to submit a paramedical exam as part of the process of underwriting.  The results will again contribute to your final insurance rating.

Hesitation will cost you money…

It’s a good idea to buy life coverage sooner than later. It’ll be more expensive further down the line and you may miss out on making a claim. Make sure you take the time to examine your policy and consider your options before entering into a binding contract with an insurer. Your local agent will assist you in determining your needs and how to get the best price. 54 year old term life enrollees can expect to get the most out of a life insurance policy, whatever plan they opt for.