When is too late to buy life insurance?
No matter what stage of life you are in, it’s never too late to buy a life insurance policy. However, if you wait until later, you will likely need to pay a much higher premium on coverage than if you were to invest earlier. In addition, you may be limited to what types of life insurance you can buy if you wait too long. Insurance premiums are based on a number of factors, including health and medical history, but gender and age also play a big role in how much you will have to pay for coverage. Even if you have reached senior retirement, you should think about investing in life insurance to protect your loved ones from any financial downfalls.
Term insurance
Insurance companies that offer term policies provide coverage for a set period of time, usually 10, 15 or 20 years. For these policies, premiums are generally renewed annually. Unfortunately, you may not qualify for term life insurance policies later in life. Insurance companies may be unwilling to grant this type of coverage for those older than 75 or 80.
Whole life insurance
When you reach a later stage in life, you might be better off getting whole life insurance coverage. Insurance companies are more likely to approve seniors for these types of plans over term insurance. This type of coverage extends throughout your whole life and also involves an investment component. Depending on your financial situation, you may only need to invest in a small whole life policy in order to cover things like final expenses, especially if you have been retired for a number of years and are no longer dependent on working for a source of income.
Why you shouldn’t wait
The longer you put off buying life insurance, the harder the process may become. While you will likely still be able to life insurance at any time, you may be required to go through additional medical examinations. Not only will this process take longer, it will be more expensive. Seniors who have not already purchased a life insurance policy should seek out coverage as soon as possible for peace of mind and financial protection.
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