Just as with any other type of insurance coverage, it is important to remember that different carriers will offer you different terms and pricing on their term life insurance over 50 policies. Comparison is important so as to ensure whatever policy you accept, you are getting the most competitive deal in the market. More and more insurers are getting in on life products for the over 50s meaning that there are plenty of choices to choose from and they are not all equal. A good place to start is by running the numbers online. Many insurance advisory websites offer comparison calculators for life products. Choose the product type accordingly and find out which ones offer the lowest premium pricing.
Remember that this information is usually a general guideline. In order to get the policy you may have to fulfill certain requirements. For instance some insurers will guarantee coverage without a medical exam, while others will ask some probing health questions or request access to medical records. Depending on the state of your health, you may want to carefully consider how this may affect your premium rates. Some insurers also offer graded benefits. This means that the full payout on benefits may not take effect immediately, but rather have a time limit after which your beneficiaries qualify.
Be sure to review carefully all the terms being laid out. Be sure to understand under what conditions a payout will be effected, and when it will not. If you already have an insurer taking care of other coverage needs like automobile and medical cover, then be sure to enquire what rates they would offer. Many insurers are happy to offer discounted rates to clients who take additional policies. Also find out if the insurer can permit you to reduce your premiums in subsequent years and how this will affect the death benefit.