The majority of life insurance purchases takes place when you are starting a family, buying a home or opening a business. Typically, people under the age of 65 are the ones looking for life insurance. Although this is the case, many people are living longer and may have a need for life insurance beyond age 65. So if you are wondering if it is too late to buy life insurance due to your age then read on.
By working with over sixty different top life insurance companies we are able to see each company’s guideline when it comes to the maximum age allowed to apply. Depending on the company, it’s quite likely that you should be able to get life insurance up to the ripe age of 90, but that is pretty extreme since the average age seems to hover around 85 with most companies. The maximum age will also depend on the type of plan you are looking for. For instance a 10 year term life insurance policy can be bought by individuals under the age of 80. If you are over 80 then you will most likely have to buy a permanent life insurance policy, such as a whole or universal life.
When it comes to permanent life insurance the most affordable plan will typically be a no lapse universal life. Like most permanent life insurance plans it does have a cash value account, but it is not used for investment purpose. Rather to keep the monthly payments affordable and fixed. This policy can stay in force up to age 121 and with most companies you will make payments only to age 100. So if you needed more reasons to live past hundred, free life insurance coverage is another.
Please remember to consider that life insurance companies use age and health as the main factors when determining your rates. The older you are, the costlier a life insurance policy will be. If you are in good health it will be easier to acquire a life insurance policy, but if you are not, expect to be rated up which will result in higher monthly premiums. That is why it is important to work with an independent marketplace like ours, because we can shop around with major carriers in one place and get a policy that is best for you.
Some may wonder why life insurance can still be a necessity in the later stages of life and there are many reasons for it. Most common reason people over 65 will buy life insurance is to cover funeral expenses and final medical bills so their loved ones will not be left with a financial burden. Another reason may be that you own a business and want to provide a large sum to make sure the operation continues smoothly even after you are gone. People with large estates may also purchase a policy that will be used by their heirs to pay off the estate taxes. Others may want to buy a life insurance policy to leave money behind to their children or grandchildren simply to increase their wealth or well being.
Regardless of the reason we can help you with your life insurance needs from A to Z. To get an idea of what life insurance may cost for someone your age, we have both term and permanent life insurance quotes. If you have any questions we’d love to help you, so don’t hesitate to call, chat or email us.
