When Is It Too Late For You To Buy Life Insurance?

The answer to this question is kind of lengthy. If you decide to wait until later in life to purchase life insurance, you’ll have to pay much higher premiums or even have to settle for a life insurance policy that you don’t really want in the first place.

Additional Underwriting Requirements

The longer you wait in life to get life insurance, the more medical exams and fine print you’ll have to go through to get a policy in place. The underwriting requirements for older people and people with diseases are much more complex.

Seniors have the option to purchase smaller life insurance policies that don’t require a medical exam.

I recommend checking out Policy Genius if you are looking for life insurance.

Guarantee Issuance Policies

Some life insurance companies have what’s called “Guarantee Issuance Policies”. Although the risk is higher for the insurance company, they make a large amount from their customers on the premiums. All customers can qualify for guarantee issuance policies, no matter what.

Why It’s Difficult To Get Affordable Coverage

It’s difficult to get affordable life insurance coverage when you get older, because the risk of mortality is higher. Up until age 70, you can get term life insurance very easily. But after that, it gets really difficult.

Terminally Ill People Don’t Have Many Options

Obviously, when it comes down to someone being terminally ill, life insurance companies are wary of giving these types of people new policies. Waiting too long to buy life insurance is a sad situation, but it happens to thousands of people every year.

If you’re still young enough to be attractive to life insurance companies, and you aren’t yet terminally ill, then getting an affordable life insurance policy makes perfect sense.

Life Insurance Is Cheaper Than You Think

Life insurance policies are much cheaper than you might originally think. A $250.000 policy will cost you only $13.56 per month. That’s pretty good if you’re considering that the death benefit is so large.

If you secure the policy while you’re young, you’ll be able to keep the coverage in effect no matter what happens to your health at a later date. That’s the beauty of life insurance. It pays off as long as you pay in to the policy for a  substantial period of time.

Non-Smokers Get Much Better Policy Rates

Non-smoking life insurance applicants will secure much better policy rates because the mortality risk is less. It’s a proven fact that smoking damages health and insurance companies know that. It’s also easy to increase your coverage limits and get yourself more coverage for a cheaper price if you don’t smoke.

Acquiring A New Policy Online Is Quite Easy To Do

Acquiring a new life insurance policy online is quite easy to do, and the process has become much easier with all the new advances in Internet technology. Life insurance rate comparison sites allow you to compare rates and get the best coverage available for you.

You’d be surprised at the difference you’ll find in the rate structures. Some life insurance companies simply offer a better deal than others, and knowing who to do business with is important too.

Talk To Your Family About Life Insurance Coverage

Knowing how much life insurance coverage you need is important to the health and well being of your family. For example, if your family has tons of credit card debt, a mortgage that needs paid off, or medical bills that are going to pile up, then getting a substantial amount of coverage will be necessary to pay these things off.

Talk with your family and do the math. Knowing how much coverage you need is as important as having life insurance itself.

Author Bio:  My name is Rick Rockwell, I have over 11 years as a personal trainer, health and fitness teacher and group X instructor. I have published over 4,100 articles on matters concerning health, fitness, insurance etc in reputed websites and journals. I am also the content manager for Lifeinsuranceblog.net.

Do you have life insurance? What are you waiting for?