How Old Should You Be to Get Life Insurance Coverage?

We would like to start a new dialogue with some straight facts about life insurance coverage. It’s true, that many Americans only start to consider the benefits of life insurance when they are over the age of fifty. But there are many reasons to start thinking about life insurance decades earlier, when it can offer the most benefit, at the lowest cost.

There are many factors that dictate the cost of your life insurance plan, and the older you get, the more prone we all are to health issues and chronic diseases that can significantly increase the monthly premium.

Here are the six primary factors that increase your premium rates:

  • Age
  • Weight
  • Prescription medications
  • Chronic disease
  • Tobacco and alcohol use
  • Occupation

As you can see, some of these things are related to lifestyle and can be changed or addressed, but most people cannot avoid the onset of a chronic or hereditary health concern. Once you have been diagnosed with a condition like diabetes or cancer, the insurers know that your policy will carry a higher risk of life threatening health issues.

And that is not to say that individuals with pre-existing health conditions cannot get life insurance; they can. But the cost of that insurance goes up substantially after they have been diagnosed and received treatment. Ultimately, the evaluation of health helps protect the insurer against a maximum entitlement claim when the individual may be at risk of a lower life expectancy.

How big is the difference between an insurance premium for an individual who is young and in good health, versus someone who is aged 45+ with health concerns? Sometimes as much as 200% to 500% higher.

If you are committed to providing for your family, life insurance is an essential asset that you should investigate sooner, rather than later. Remember that buying a life insurance policy now (before pre-existing health conditions present themselves) will lock in your rate, regardless of your health in the future.

If you think that life insurance is really something you don’t have to worry about until you reach the age of fifty, we’d like you to consider that you will:

  • Be entitled to better coverage (or a higher value benefit)
  • Enjoy lower monthly premiums
  • Avoid the hassle of shopping non-competitive rates should you develop a chronic health issue

We’re all guilty of imagining that life insurance is hard to get, or expensive. Now is the right time to get the straight facts by making an appointment with one of our licensed life insurance professionals. We have 1,200 agents nationwide, who are ready to sit down with you and present a number of different life insurance options that fit your budget. Our agents will help you find one that offers you the protection and coverage you want and need.

Lock in the most affordable life insurance rates now, before health or lifestyle issues contribute to a more expensive monthly premium later in life.

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