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Many people mistakenly believe that they can’t get life insurance if they are over the age of 50. However, that couldn’t be farther from the truth. Fact is, there are life insurance policies available for people over 50, 60, 70 and even 80 years old. Of course the type of insurance you would want to purchase might be different. For instance, at certain ages a whole life insurance policy would make more sense than a term policy. Other factors such as health condition, whether you are a smoker or a non-smoker, and whether or not you have been hospitalized recently can all play a role. Another variable will be how much life insurance you are actually looking for and what premium you are willing to pay to secure that coverage. Obviously as you age you become a greater risk to the insurance company so they will want to be compensated for that potential risk. However, just because you are over the age of 50 you shouldn’t not look into life insurance as a potential piece of your financial puzzle. If you have dependents who rely on you for income, or if you have a living spouse who will need to be cared for, then life insurance as a senior citizen is something that should be considered. Our goal here is to provide a decision matrix of sorts depending on your age, that will show you how much you can expect to pay in life insurance premiums, as well as whether to consider a whole life policy or a term life insurance policy. In the end, our goal is to show you whether you are 50, 60, 70 or 80 years of age, there is a potential insurance policy for you to cover your loved ones.
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