Whilst there’s never a bad time to consider life insurance as an adult, there are times when it becomes more pressing. When you get married and have children, you have other people depending on you, so the need to protect them is obvious. But is there a particular age that you should be considering taking a life insurance policy? Well, by reading on, you’ll find out.
In truth, there are no upper age limits for anyone wanting to take out a life insurance policy, however the older you get, the more expensive it’s likely to become. You do have to be at least 18 to take out a financial contract, so you will need that age before you can take out any kind of life insurance.
“So, Why Does Life Insurance Get More Expensive With Age?”
Insurance is always affected by risk and when you get older it figures that you’re closer to the point when you pass away. It may seem like a cold way to look at it, but it is a logical one as an insurance company will see you as being at a higher risk of dying when you’re 50 than when you’re 40, 30 and so on.
There are other factors used in calculating your premiums like overall health or whether you’re a smoker, so it doesn’t necessarily follow that an older person will pay more than a younger one, but if the circumstances of two people are identical apart from age, the younger applicant will pay less.
“I’m In My 50s. Is It Too Late To Apply For Life Insurance?”
Some people take out life insurance when they’re young and some don’t. The good news is that you can be approved for life insurance in your 50s, as well as your 60s, 70s or even 80s. Clearly, the chances of your becoming seriously ill increases as you get older, so the application process may be a little more convoluted.
You may be asked to provide details of any major illnesses and any treatment you may have had for it in the past – even if you’re in complete remission. Again, the life insurance premiums you’ll pay will be dictated by how likely the insurance company feels it is that they’ll have to pay out on the policy.
“What Else Affects the Cost of My Premiums?”
Along with age, your health is one of the biggest risk factors life insurance providers use to work out the cost. As we just touched upon, major illnesses need to be disclosed at the point of application and it’s important to be honest, because if you aren’t, your policy will be rendered null and void when the truth comes out…and it will come out.
Pre-existing health conditions that you’ll need to disclose full details about include:
● Cystic Fibrosis
● Heart Disease
● High blood pressure
Combined with an unhealthy lifestyle, any of the above health conditions can have a major bearing on the cost of your life insurance. How long ago you last had treatment is also a factor, as more recent health problems are seen as a bigger issue.
It’s Never Too Early For Life Insurance
When it comes to putting measures in place for when you pass away, there is no time like the present. Of course, no young person really wants to think about their own mortality, but the sooner you consider it, the lower your premiums will be. Anyone with dependents needs to seriously think about what would happen if the worst were to happen, regardless of age.
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