Insurance Buying Tips when You’re Over 50
One norm among many when it comes to buying insurance is to get life insurance after significant life-changing events, such as marriage and the birth of the first child. But what if you’ve never gotten an insurance plan? Perhaps you were too busy thinking about your job and own interests that you did not have the time to stop and consider the various insurance options available at the time. Of course, back then in your late 20s and early 30s, doing research on insurance options was not as simple as it is today.
Nowadays, comparing quotes for insurance plans can be done easily on your phone. Moreover, insurance companies’ websites these days contain all the important information you need to get a policy that suits you, plus it is presented in more attractive ways than before.
So while you are researching all the options that have captured your interest, check out these insurance buying tips when you’re over 50.
1. Determine Who is Financially Dependent on You
Once you’ve determined who in your family depends on you, sit down and figure out how much financial support you provide for them in a specific time frame, say, a month. How would they get this amount of money if or when you are gone?
Even if there is no one financially dependent on you, it is still wise to consider a medical insurance or even a term life insurance in the event of hospitalisation or disability to help you cope with expenses.
2. Determine How Much Coverage you Need
Figuring out the right amount of insurance coverage is important. The more you buy, the more you have to pay.
If you don’t want to fret over the details, and want a basic, “no-frills” policy, you should get a term life insurance plan. This means getting a pure death benefit coverage without any cash value or savings component. Because of this, the premium that is charged for term life insurance is lesser than that of a whole life insurance plan. Typically the terms offered are 5, 10, 15 and 20 years.
3. Apply for an Insurance Plan While You’re Still Healthy
Your health condition is an important factor on whether or not you qualify to get an insurance plan and will also affect the premiums. Hence, if you are healthy now, do not procrastinate and get covered now.
There is a common adage in insurance “When you need it (insurance), no one will offer it to you”. Therefore, you should buy at least a basic term life coverage whilst you are healthy and continue to upgrade.
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