You might be asking yourself…“What’s the best age to get life insurance?“. Unfortunately, I see far too many people put it off until last minute.
In my book any age is the right time to get life insurance – but the main question you should be asking yourself is “Do I need it?”.
If you have dependents, debt, car payments, student loans and/or a mortgage then the answer is clear. You need life insurance TODAY no matter what your age is.
Guide to Life Insurance By Age:
Ages 20 - 29
Are you too young to purchase life insurance in your 20's? It may sound that way to you, but there are a number of reasons why it makes perfect sense to buy your policy now.
Do the following circumstance sound familiar? If so, you need life insurance today:
1. Your parents cosigned a student loan for you. Life insurance will provide them with protection in case you die unexpectedly.
2. You expect to get married or have a family. It's likely your salary will be integral to the running of your household. If that's the case life insurance is a no brainer!
3. Saving money is important to you. You will never be younger or healthier - which means premiums are super affordable. If you buy life insurance in your 20's you'll have coverage throughout your 30's, 40's and into your 50'...at the best possible rates.
Ages 30 - 39
Your 30's are prime time in regard to buying life insurance. At this point in your life you will have taken on debt and are in the money making years of your career. You need insurance if you have:
1. A Mortgage. Are you currently living with a partner? You don't want them to be saddled with unaffordable payments should you die.
2. Dependents. Children are the biggest consideration when you are purchasing life insurance. You want them to be taken care of should you pass away.
3. Business interests. Are you a partner in a business where your input is integral to its smooth operation? Or possibly you have people who depend on you to maintain this business. If so, buy life insurance today.
4. Future Plans. Are you thinking about starting a family later in life? Waiting to purchase life insurance could cost you thousands in terms of premium payments. Your 30's are usually a healthy stage in life and rates are low. Take advantage of this if you can.
Ages 40 - 49
There is a myth that life insurance in your 40's is super expensive. Well I am happy to tell you this is simply not true.
Far too many people avoid looking into insurance because they think preexisting medical conditions will prevent them from qualifying for a great rate.
Huntley Wealth specializes in finding life insurance for people who have medical conditions. Call us today. We can help!
Ages 50 - 59
Yes! There are those who should buy life insurance in their 50's.
People are moving into second careers. Possibly you have started a business and have new interests to protect.
Even if you had your kids in your 20's or 30's, you may have taken on debt to help them go to university - or possibly you have a younger spouse that depends on your income to continue the lifestyle they've become accustomed to.
Take a close look at the reality of your life and you may be surprised to see just how much you need life insurance.
Ages 60 - 69
Life insurance in your 60's? Yep, you heard me right. While you don't qualify for a 30 year term at this point in your life you can still be covered up to 25 years.
If you are purchasing life insurance at this stage your reasons may be more long term. Estate planning, inheritance and funeral expenses are just some of the situations you may be considering.
We specialize in high risk insurance so even if you have medical issues we can find you a policy that will suit your needs. From bad hearts to missing hearts, we've got you covered.
Ages 70 - 79
Life insurance in your 70's?? Yes indeed. Many people need the coverage and the best part is you can still get it.
Did you know 10 year term policies are available all the way up to age 75??! Now that's pretty incredible.
Huntley wealth specializes in obtaining the best possible rates for your current circumstances. We know which insurers view seniors favorably. Give us a call and our agents will get started.
Buy Life Insurance When you Are Young
That’s right! The answer to “What’s the best age to get life insurance?” is...when you are young.
Life Insurance In Your Later Years: Preferential Ages
Term life insurance policies provide coverage for specific periods of time that typically extend from 10 – 30 years.
For planning purposes we ask our clients to carefully review their needs to make sure they are covered when they need it most.
As you age these options start to drop off.
Here are the standard cut off points for term coverage:
- 55 is the last birthday you can purchase *30 year term
- 60 is the last time you can buy *25 year term
- 70 is the last year you can buy 20 year term
- 75 is the latest opportunity to buy 15 year term (with most companies)
- 80 is the max age for 10 year term
How Your Age Affects Life Insurance Rates
Life insurance companies use mortality tables and a variety of other factors to determine how you will be rated which impacts the premium you will pay for your policy.
As you age, your health is more likely to decline. You could incur an injury or become inflicted with a variety of debilitating diseases such as diabetes, heart disease or cancer.
Life insurance companies generally only approve applications after a medical exam. These exams provide insight into the state of your health and review your family history as many diseases are genetically inherited.
Regardless, as you age it’s likely you will begin to see your overall health decline somewhat. Increased blood pressure, higher cholesterol levels, weight gain, elevated sugar levels and other indicators may reveal potential health problems down the road.
If you are a young, healthy non-smoker now is the best time to buy life insurance. Term life insurance is especially inexpensive for young people. At 25 years of age, a non-smoker in good health could easily buy a 30 year term policy with $500,000 dollars in death benefits for as little as $30.00 per month.
So, the answer is buy life insurance when you are young and healthy to get the best possible premiums.
Life Insurance As You Age
Any age is the right age if you have a need for life insurance. Life insurance becomes more expensive as you age so I urge clients to purchase it when they are still relatively young and healthy because the rates are far more affordable.
Life insurance can be purchased at just about any age. However, as you get into more advanced years such as you sixties and seventies, some term policies may no longer be available to you.
It may be more advantageous for some elderly people to consider buying a permanent policy such as an age specific universal term life insurance policy. Ideally you should discuss these issues with an experienced independent agent such as myself before you take the plunge.
Another thing to remember about buying life insurance is that not all life insurance companies are the same. Some insurers are more lenient than others, which means rates can vary dramatically from company to company. You should always use an independent agent who has access to dozens of life insurance companies to find the best possible premiums.
Comparison shopping will help you find the most suitable policy for your particular age and financial needs.
Life Insurance, Age and Health Risks
You might be wondering where you stand if you have a pre-existing condition, or have contracted a disease or an injury.
This is a bit more complicated because life insurance companies view each situation on their own merits and each life insurer treats these circumstances differently. Some companies are much less lenient than others.
If your current condition is under control, then you shouldn’t delay contacting an independent agent, such as Huntley Wealth for a moment longer. Each birthday that passes make your premiums more expensive.
Even if your condition is very serious and you are likely to be declined for a traditional life insurance policy, there are still other options available to you. Don’t despair because Huntley Wealth can still help!
I specialize in high risk life insurance and can offer suggestions to find you the best policy at the most affordable rates.
Finding the Best Life Insurance Policy at Any Age
If you are asking yourself “What’s the best age to get life insurance?” then you need to contact Huntley Wealth today, as we have access to dozens of life insurance companies. Rest assured we will find a comprehensive policy at the best possible rates for your unique circumstances.
If you have health concerns, don’t let that dissuade you from calling, because we can give you valuable advice to help you find a policy.
Whatever your needs or questions please call me direct at 888-603-2876.
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