Can you still purchase life insurance over the age of 55? It’s no secret that the longer you wait to purchase life insurance, the more it will cost you. But what do you do if you are over the age of 55? 

Well, good news. Insurance companies have realized for years that the “boomers” are getting older. Many of which never purchased life insurance when it was more affordable. Which poses a problem insurance companies decided to solve. 

Many companies today offer a wide variety of programs for people 55 and older. 

We can say confidently, there’s a plan for you. The biggest factor in choosing a plan is your health.  For people 55 and older who do not take:
 

• Prescription medication 
• Ingest nicotine products
• Have had, or do have a serious illness  
  
  

Then a traditional insurance plan that is medically underwritten is your best option. The reason for this is your cost to own life insurance will be less then our next option. 

Guaranteed issue. Guaranteed issue policies were created because people are getting older. Many of which need life insurance but have some condition that may have prevented them from getting coverage in the first place. 

Guaranteed issue might be slightly more expensive then traditionally underwritten polices. However, they are the easiest way for your loved ones not to be out of pocket when your time comes.  

For more information feel free to reach out to us and a non-commissioned advisors will be happy to help.