NEW YORK, NY / ACCESSWIRE / December 28, 2024 / Life insurance can be a valuable and flexible tool for women over 50. Not only does it help protect loved ones and enhance estate planning, but it can also help build wealth. Each policy charges varying premiums and offers different benefits, so it's important to compare them in order to choose the best option for you. This article explores some of the best life insurance for women over 50, considering premiums, coverage, and other features.
1. Term life insurance
Term life insurance offers a significant death benefit for reasonable premiums. However, coverage only lasts for 10, 20, or 30 years, based on your choice. If coverage expires, you must get a new policy or renew your existing coverage if it allows it.
A term life plan is the most cost-effective for many, offering the most coverage per dollar of premiums. This can make it helpful for women over 50 who want to keep premiums competitive without sacrificing coverage amounts.
2. Whole life insurance
Whole life insurance is more expensive than term life insurance. However, it's a permanent policy and offers lifelong coverage, unlike term life insurance. Permanent life insurance policies, such as whole life insurance, also offer a cash value growth component that grows with each premium payment. Whole life cash value grows tax-deferred at a guaranteed rate. Once the cash value grows large enough, you can use it as a source of wealth through low-interest, no-credit check loans or cash value withdrawals. Surrendering the policy also entitles you to the cash value minus surrender charges. Whole life insurance may work well for women over 50 who are willing to invest more in their life insurance, such as those with complex financial goals.
3. Universal life insurance
Universal life insurance works like whole life insurance, offering lifelong coverage and a cash value growth component that grows at fixed interest in exchange for higher premiums. However, it adds flexibility in premiums and death benefits. You can raise your death benefit by increasing your premiums or reducing your premiums in exchange for a smaller death benefit, both within specified limits. You can also use your cash value to directly pay premiums when it grows enough. These additional features can help women over 50 tailor their coverage and costs to their needs over time.
4. Final expense insurance
Final expense insurance, also called funeral or burial insurance, helps cover funeral costs, medical bills, and other end-of-life expenses. It's a small whole life policy, offering all the same features. The only difference is that the death benefit is small, and premiums are favorable. Final expense insurance may also not require a medical exam. This can help women over 50 get coverage fast without the inconvenience or invasiveness of a life insurance medical exam.
5. Guaranteed issue life insurance
Guaranteed-issue life insurance is a small whole life insurance policy that approves every person who applies. It offers a small death benefit, competitive premiums, lifelong coverage, and cash value. However, guaranteed-issue life insurance policies may require one to two-year waiting periods for coverage to be active. Passing away during this period may qualify beneficiaries to receive a refund of your premiums but not the death benefit. Overall, these policies can work well if you don't need a lot of coverage and want to skip the medical exam and remove the uncertainty regarding qualifying for coverage.
The bottom line
Women over 50 have a wide range of insurance policies to choose from. Term life insurance offers the simplest and most cost-effective life insurance but can expire. On the other hand, whole and universal life insurance help cover you for life and can help you build wealth. Final expense and guaranteed issue life insurance sit in the middle, offering a small amount of lifelong coverage for specific purposes and extra application convenience.
Evaluate your life insurance budget, coverage needs, and financial goals to select the right policy type for you. Then, shop for multiple quotes to get the right coverage for you.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.??
Aflac Coverage
Life (A68000 Series) - In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. Term and Whole Life (B60000 Series) - In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Group Whole Life (Q60000 Series) - In Arkansas, Delaware & Oregon, Policy Q60100M. In Idaho Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In Texas, Policy Q60100MTX. Group Term Life (Q60000 Series) - In Delaware, Policies Q60200M. In Arkansas, Idaho, Oklahoma, Oregon & Texas, Policies ICC18Q60200M, ICC18Q60300C, ICC18Q60400C.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
Aflac's family of insurers include Aflac, Aflac New York, Continental American Insurance Company, and Tier One Insurance Company.
Aflac WWHQ | 1932 Wynnton Road | Columbus, GA 31999.
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Z2401093 EXP 12/25
CONTACT:
Senior PR & Corporate Communications
Contact: Angie Blackmar, 706-392-2097 or ABlackmar2@aflac.com
SOURCE: Aflac
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