Many people like to have life insurance in case anything happens to them, as it will provide a lump sum to their family if they die, but it does get progressively more expensive for life insurance over 50 or for those who have health problems.
This is understandable as the likelihood of a person dying increases with age or if they have certain types of illnesses and all insurance companies are run with the aim of making a profit. And yet the way the premiums shoot up after the age of 50 makes you think that you are about to drop dead instead of being what is now just middle age.
Thankfully some insurance companies are recognising that we all live longer now, compared to thirty or forty years ago, and many companies are now offering affordable life insurance to those over the age of fifty or even sixty. (more...)