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?
Subscribe to get the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom. Get our newsletter and get access to the freebie:
I don’t have life insurance because no dependents rely on my income and my savings are enough to cover burial and leave something behind. If I start a family I will.
I have life insurance in roughly the amount of my original mortgage. I got it when I was 26 so rates are reasonably cheap. I also have a small policy through work (50k). If I have children I will then increase the value.
Since my parents both passed recently, I am going to get life insurance for my family when I pass. Funerals are so expensive!
Life insurance is a great option for most people with dependents or other family members. I’m currently enrolled in a group insurance policy through my employer which is great but later on when I start a family I will be looking to get extra insurance coverage for life and disability 🙂
Having your own life insurance can be really good for those that have dependents, especially if you would get them early enough. Though, just like Pauline, I don’t have one because I don’t have my own family yet.
I had a year’s salary in life insurance at my 9-5, but when I quit that disappeared. We are definitely going to look into it soon, as life is so unpredictable! However, it’s sort of overwhelming to see all the different choices. My bank offers life insurance, but so does the investment team that works through my bank; I have also been approached by Aflac and another company! I have a bad habit of not acting when I’m presented with too many choices, and I’m trying to break that habit.
Life Insurance has always been an open topic in my household, as I think it should be in most households. Bad things occur, and we always like to be prepared. Thanks for bringing this to people’s attention!
I have a term life insurance policy. It’s just me and hubby and I told him that he could pay off the house if something happens to me.
We quit smoking last year and our life insurance policies were cut in half so we were pretty happy about that.
I don’t have life insurance but I really want to get it. I need to lock in a good rate now while I’m young. I really want to be able to leave something to my daughters if something were to happen to me.
I don´t have a life insurance just yet, but many other kinds of insurances that are more relevant for me at this age. Once I get married and get kids however, I will definitely buy a life insurance!
Life Insurance is so important.