Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
There is no one carrier that is the best in term or permanent life insurance. As you become older, a critical component that separates one carrier from another is underwriting. Your health history and current medical condition play a significant role in securing the best price and product. As you getting beyond age 50, a handful of carriers emerge as significant players.
The best life insurance for over age 50 is usually permanent life insurance. Unless there is a short term need that can be met by term insurance, any term policy at this age could very easily end before death occurs. When the term ends, it could be difficult to find a new policy. Not only do health conditions become far more common at older ages, but the price for life insurance increases exponentially in the senior years.
There are a number of permanent policies that can be purchased for persons at age 50 with no medical exam required. There are also guaranteed universal life policies that do not have much cash value, sot hat you are buying longevity of coverage without paying more to generate cash value.
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There are a number of permanent policies that can be purchased for persons at age 50 with no medical exam required. There are also guaranteed universal life policies that do not have much cash value, sot hat you are buying longevity of coverage without paying more to generate cash value.