What are the Best Life Insurance Companies for Over 50’s 2018?

When shopping for the best life insurance companies for over 50’s, it’s critically important to look at several providers, their products, and rates to find one that perfectly suits your insurance plans. For the majority of younger clients, health issues rarely affect their choice of an insurance provider but after attaining age 50, these assume greater significance.

What makes matters complicated is that when you are over 50, getting an ordinary life insurance policy is likely to be more costly compared to when you were around 30. This is simply because statistically you are more likely to die during the policy term. In addition, there could be a number of restrictions on the policy length depending on your current age which makes an over 50s insurance policy your best option as it is designed with your needs in mind.

Importance of Life Insurance for Over 50’s

Many people generally purchase a life policy so as to be in a position of paying off the mortgage, and thus securing their future without having to pay for their family home. However, by the time you are 50, odds are high that your needs will be different as your children could all be grown up or already you could have paid off your mortgage. You might instead want to leave your family an inheritance and even pay for your funeral costs.

Although the majority of those between 50 and 59 years buy term life insurance for purposes of income replacement, there are several other uses why you may want to seek one of the best life insurance companies for over 50’s providers. As we advance in age, we begin to look ahead to and see the possibility of requiring some form or the other of assisted care. The good thing is that many life insurance providers factor in these concerns of people who are over 50 plus many other benefits specific to older people.

1. USAA Life Insurance Company

When choosing the best life insurance companies for over 50’s, you may want to look at it as your pledge towards helping in the protection of your loved ones. It doesn’t matter if the money goes to paying off a debt, replacing your income, covering your last rites, paying for education, life insurance gives your loved ones a safety net when they need those funds most.

USAA Life Insurance Company is a diversified insurer offering a broad assortment of insurance services and products to its members. Primarily, these members are in the United States armed services as well as their families. The company provides both regular and term life insurance options for the US military.

This Company that ranks among the best life insurance companies for over 50’s also offers different aspects of permanent life insurance products from which members can choose from. Through these packages, you can get death benefit protection that can also have a cash value buildup. These include:

  • Whole Life Insurance – This product offers a guaranteed death benefit. It also comes with a cash value that will continue to grow based on a pre-determined interest rate declared by USAA Life Insurance Company.
  • Universal Life Insurance – This component also offers a permanent and guaranteed death benefit as well as a cash value buildup. The difference with whole life insurance is in the greater flexibility it affords you.

USAA Life Insurance Company has been providing a diversity of life insurance products for many years. This enables members to choose the kind of coverage best suited to their specific needs. Besides that, members can also opt to modify their insurance coverage over time as the need arises.

Over the years, USAA has expanded its offerings and services to cover more than just insurance coverage and it comes as no big surprise that it is ranked among some of the best life insurance companies for over 50’s. The Company provides “membership” options to the U.S. military personnel who wish to get insurance products, investment advice, products, service discounts plus other types of savings.

2. AllState Insurance

Allstate has one of the best life insurance companies for over 50’s packages as well as a broad range of other insurance solutions. Life insurance helps in offering some level of financial security. It provides help to your family in terms of covering medical bills, mortgage/rent, college tuition as well as other living expenses. With the life insurance policy from Allstate, you also get lots of other benefits and services designed to assist you in making better decisions for your own future and that of your family.

You can access quality Allstate life insurance no matter your budget. The expert Allstate personal financial agents can help you to easily understand the options that are available to you. If you are looking for the best life insurance companies for over 50’s, Allstate has many options:

  • Term Life: Often, this is the most affordable option. It's not only low cost and dependable but payment amounts are not going to change over the selected period. Allstate agents are trained to provide both customized and simplified term life insurance policies to address specific needs.
  • Permanent Life: This is a lifetime insurance protection that can be of great assistance when your goal is to build cash value over the passage of time.
  • Universal Life: With this product, you not only get coverage for a lifetime but you will also be building tax-deferred cash portfolio that earns you interest at a fixed rate. Universal life offers you the flexibility of changing your policy plan as well as payment plans.
  • Whole Life: This coverage helps in protecting your family for life. It also comes with an investment component that can help you towards building cash value over the years. In addition, your coverage and payments are guaranteed to remain unchanged.

Buying your coverage from one of the best life insurance companies for over 50’s like Allstate is both an important and sensitive subject as it touches on the financial future of your family. That is why Allstate’s insurance professionals are available 24/7. Your Allstate agent is always ready to supply helpful information and give you personalized attention.

3. Nationwide Insurance

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Choosing one of the best life insurance companies for over 50’s is an important step towards securing your financial foundation security and that of your family. It can also form the foundation upon which all your other investment decisions will be built on. Of course, over time, your life insurance coverage requirements might change if something in your personal circumstances changes. One such life milestone is attaining age 50, hence why picking one of the best life insurance companies for over 50’s is critical.

One company that perfectly fits that bill is Nationwide. You can use the life insurance packages on offer at Nationwide for many different purposes. These include covering your final expenses, leaving your heirs a legacy or even when you want to earn sizeable cash value against which you can borrow or withdraw later in life. It is important that you make the correct decision when choosing your insurer, particularly regarding the products and packages.

Nationwide has three types of life insurance policies:

  • Whole Life – This insurance builds a cash value based on a pre-determined schedule that allows you know the exact amount of money your policy earns at each anniversary. This cash value will, of course, decrease in case you had taken a loan or withdrawn from your policy.
  • Universal Life – This product earns you a fixed interest rate based on your policy’s cash value. Although the interest rate could vary over the passage of time, it will however never go lower than the predetermined guaranteed minimum rate.
  • Variable Universal Life – With this type of insurance, you can invest the cash value of your policy in the stock market. The value of your policy goes up or down depending on how your investments are performing.

The best life insurance companies for over 50’s are offering a wide range of insurance products. Nationwide advises you to ensure these products and investment strategies are in line your over 50’s insurance needs.

4. Allianz Insurance

As one of the best life insurance companies for over 50’s today, Allianz has much to offer in terms of insurance products. Allianz has been helping people across the globe with the financial security they need to begin, care for and grow a family. The Allianz insurance products, savings plans, and investment funds provide dependable financial growth now and even in the future, no matter what happens.

Allianz has life insurance and private pension products designed to assist you as you move into retirement after age 50 plus. Also covered are all other aspects of family’s needs like health, education and personal liability insurance. As one of the best life insurance companies for over 50’s, Allianz also offers unique services not common with other insurers.

Supplementary Insurance Options- As you age, your basic health needs also change. Allianz provides supplementary insurance options meant to cover those extra services like nursing care, giving you protection long into retirement. If your dependants have been relying on your income, the Allianz health insurance solutions provide stability in case injury or illness prevents you being able to work.

Retirement Solutions This insurer helps you in planning for your golden years by providing a variety of solid retirement solutions. The extensive portfolio available at Allianz delivers income potential through several investment funds, trusts, saving plans, and private pensions. The Company can also assist in property investments as well as other objects of value that provide your heirs with legacies. Additionally, Allianz offers health care insurance, individual life insurance and corporate packages.

It doesn’t matter whether you have just noticed the first grey hair on your head or you are seeking pension solutions for your company workers, you all stand to benefit from the Allianz global network if you want to invest profitably as it is one of the best life insurance companies for over 50’s today.

5. MetLife Insurance

MetLife is a top contender for best life insurance companies for over 50’s. It provides a cost-effective way to family and individual financial protection with different coverages. One option is term life insurance which is also typically the most affordable. Term life offers temporary financial protection for family and dependants over your working years.

The death benefit component of term life pays your beneficiaries directly to assist with the cost of funerals and other ongoing financial obligations like child education, daily living expenses, and mortgage payments. Some of the common types of term life insurance products from this insurer that is ranked as one of the best life insurance companies for over 50’s includes:

  • Basic Term Life: This is an employer-paid coverage for a set time period that offers your family with vital financial protection.
  • Supplemental Term Life: This is an employee-paid benefit that allows you to buy extra protection as your personal needs change over the years. Options are also available for a spouse, dependent, or domestic partner.
  • Dependent Term Life: Offers spouse coverage as well as for your domestic partner, civil union partner, and eligible children.

MetLife also offers universal life insurance through the workplace that combines your life insurance protection together with a welcome tax-deferred investment aspect. Key features of the MetLife universal life insurance include:

  • Provides you with life insurance protection.
  • Provides the flexibility of paying additional premiums over and above the insurance premium.
  • Helps towards supplementing your retirement income.
  • Provides you with access to cash whenever it is needed through withdrawals and loans, with no surrender charges or early withdrawal penalties.
  • Allows you start/stop your extra premium payments whenever you wish, or make lump sum payments whenever you want.

With Metropolitan Life Insurance Company, you have access to easy-to-understand, affordable life insurance that is easily customized making this one of the best life insurance companies for over 50’s.