Backdating to save age

We only recommend a longer term in your 50's if: So don't let an agent talk you into a long, expensive term unless you actually want or need one.Most of our clients in their 50's can get away with a 10 or 15 year term.At Huntley Wealth, we specialize in helping individuals with high risk medical issues. We'll help you get approved quickly at a rate you can afford. However we have access to at least one company who will issue a 30 year policy up to age 58. If you're 59 and can no longer buy 30 year term, or you'd like a policy that lasts your entire lifetime, we use a similar product to a long term called guaranteed universal life, and structure it to cover you to age 90.So if you're in your early 50's, you can still get 30 year term! The pricing is very competitive, and less than half the price of whole life.Here are some sample 10 year rates.*10 Year Level Term Life Insurance Quotes – premiums for male, nonsmoker preferred plus rates valid as of 3/13/2017 are subject to change.If you do need insurance for longer than 10 years, however, try to lock in your term for as long as you possibly can, so you can avoid trying to get a new policy in your 60’s or 70’s, as we discussed above.But that’s ok because this individual can let his coverage go at this point if he no longer needs it.

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But if he needs it longer, the premiums will increase in policy year 16 substantially.You don’t want to buy a 15 year term policy at age 53 if you just refinanced your home and need coverage for the next 30 years to cover your mortgage.In order to find the best quotes for life insurance at 50, you need to understanding the different types of policies available to you. In my experience, 90% of individuals only need 10, 15, or 20 years of term life insurance coverage. Perhaps you are receiving or planning to receive a pension or social security that does not have survivor benefits and your spouse will depend on that income. For others, you may just want to leave an inheritance to your spouse or children, so your life insurance needs have nothing to do with income replacement. There are also those affluent families and individuals who have sizeable estates, who need life insurance to pay estate taxes to Uncle Sam.At the end of the 10 year term, the policy does not just cancel itself.The 51 year old, now 61, will be offered a renewal rate, which will probably be too high to pay.

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