These days? people are much aware and understand the need and importance of having a life cover. Over 50?s life insurance is also known as life assurance cover ,it is all about making arrangements to pay money to your estate or the people you will leave behind once you pass away. When a person reaches 50, he start to count on his mortality and set plans for his loved ones in case of his instant demise. I t is not mandatory that the future plans should be set at 50 only we can start doing it at any stage of our life, but starting after 50 also have good reasons to join.There are basically 2 types of Over 50 Life Insurance Term and whole life. It is also very important to establish a difference between these two types of insurance policies so that you are completely aware of the situations under which they will or won?t pay any money.The selection of most suitable and fruitful type of policy is very must .While selecting keep in mind the fact it should be capable enough to manage your all expenses at your funeral. This means that your policy should hold a bright future value for you and your family. Bigger the sum assured, higher will be the premiums for over 50?s life insurance. Here is the description of the two types of policies mentioned above. Term Life Insurance This type of policy will insure your life for a set period of time or term. The length of time will depend on you. It could be a long term, for example 20 years or a short term 5 years. Once decided and set up, you will start paying premiums to the insurance company for whole term. If unfortunately you die within the term, then the policy will pay the amount that you insured for your life. If you survive till the end of term, then there will be no payout from the policy.Whole Life InsuranceWhole life policies are designed to continue until you die. With these policies you are tend to pay premiums to the insurance company for rest of your life. When you die, the policy guarantees to pay the sum you insured for your life. The type of Over 50 Life Insurance policy chosen by you will be based on the outcome you expect to achieve. That is why it is important to be clear about the discrepancies. Here are examples that may tell you the type of policy best suited to particular outcomes.Where there is a case of mortgage to pay then a term life insurance policy, that will lasts as long as your mortgage has left to run will allow the mortgage debt to be paid off if you die within this time.You may also want to make sure that all funeral expenses are covered when you die. In this case a whole life insurance policy will pay a lump sum amount on your death to pay the funeral expenses.If you have children, then you can choose a term life policy to ensure that they are provided for in the case that you die before your children have finished their education. Before giving consent to any type of over 50?s life insurance it?s always essential to get proper financial advice before putting pen to paper.
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Source: http://newsvision.hooobo.com/2011/10/07/introduction-to-over-50ae%E2%84%A2s-life-insurance/
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