The concept of insurance is a distinctly modern one. Ancient societies, such as the Greeks or Romans, had no such idea. The theory behind insurance is that if you have a large enough group of people that all pay a certain amount of money into a common fund, and if you invest the fund profitably so that the fund grows, you will have enough to pay out a certain amount on a regular basis, which is called a benefit. There are different types of insurance, of course, but they are all built on the same foundation. At different stages of your life, different types of insurance may be called for.
Life insurance is a specific kind of insurance that is meant to insure a policyholder’s life against loss of income generation for the policyholder’s immediate family. When you buy life insurance, you are basically insuring yourself against your own death. During the time of single-breadwinner families, this was a revolutionary concept that changed the financial world forever. Insurance companies multiplied and spread all over the world, notably in Europe and the United States. Today life insurance is available at all ages for any stage of life. For those in the later stages of life, the insurance situation has improved remarkably.
Life Insurance For Those Over Fifty
The main reason to get life insurance if you are over fifty years old is that the insurance benefits often cover the cost of any outstanding mortgage or other loan payments, freeing your family from having to deal with your debts. Insurance can also cover the costs of such things as funeral as well as legal expenses. The downside is that life insurance is more expensive to obtain the older you are. The best way to get life insurance if you are over fifty is to make sure you talk to insurance companies that specialize in policies like these.