MoneyGeek – Best Life Insurance for 50-Year-Olds in March 2024
Why is life insurance more expensive for people over 50?
Life insurance typically costs more for individuals over 50 due to several age-related factors. Firstly, increased health risks come into play; as people age, they are more likely to develop health conditions. Insurers consider these risks when setting premiums, which can result in higher costs for older applicants. Secondly, a shorter life expectancy for older individuals also affects pricing. With a shorter expected lifespan, the likelihood of a death benefit payout is higher, leading insurers to charge more for coverage.
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Source: Best Financial Advisors in Oak Park | Certified Wealth & Fiduciary Planner | Virtue Asset Management