To answer your question, yes you can still get affordable life insurance over 50, but you should consider a whole life policy rather than term.

Term insurance notoriously gets very expensive as we get older and very often is no longer a viable solution for your life insurance needs.  Policies referred to as Final Expense or Burial Policies can range from as low as $3000 to $25,000 in benefit coverage or more.

Generally speaking the health questions on the application are minimal and there is no medical exam. If you are having somewhat major health issues there are graded benefit plans that limit your benefit for the first 2-3 years. Once the graded time period is passed then the policy benefit would pay in full in the event of passing.

Universal life insurance is another option worth pricing for your needs. Universal life coverage can act like a whole life policy as long as you keep up your monthly premiums. This is also sometimes a less expensive option if you are looking for a larger death benefit, such as $100,00 or more.

Online shopping for your insurance needs allows you to take time, read carefully, compare prices and choose what is best for you. Also, all insurance companies charge the same rates no matter who the agent or agency is selling the policy. The rates are set per state, by each carrier, by rate class basically. So using an online quote tool that lists multiple carriers will give you a good comparison.

As a general rule as with any policy, you will need to designate a beneficiary. This is someone you can trust to carry out your wishes the way you want, not the way they want.  Writing such information down and keeping it with your policy is a nice idea too. For those you leave behind this will be one of the emotionally difficult times of their life and decision making can be overwhelming. Just make it a little easier by making the decisions for yourself.

There are also whole life final expense policies that are paid up in 20 years. That would give you a policy that was fully paid for in 20 years, so you don’t have to keep making monthly payments until you pass.

Life insurance over 50 and generally up to 85 years old can be obtained for whole life policies designated as final expense burial insurance.  Generally if you are terminally ill or living in a nursing facility life insurance is not an option. At that point, starting a savings plan to take care of your needs may be your best option.

Why not pre-pay at a funeral home? Well if the funeral director dies before you do, the new owner does not have to honor the funeral you prepaid with someone else. It could happen.

Life insurance over 50 is available to you, take the time to check out your options, do some price shopping and don’t put off getting the policy contract filled out and sent in.  The sooner you get it done, it’s done and you and your family have the added protection you need.

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