Perhaps you heard the saying that age is just a number. When it comes to buying life insurance, that may be the case. People are living longer. Many are looking for ways to create a more extensive estate plan for their loved ones. Still, others are leaving behind a significant amount of debt. Life insurance may be able to help with this. Yet, qualifying for some policies may be difficult. Is it possible to be too old for life insurance?
Coverage Sooner Helps Keep Costs Low
There is no doubt – the sooner you buy life insurance the less it costs. Yet, not everyone thinks about or invests in life insurance at 20 or 30 years of age.
That does not mean you cannot obtain a policy later, however. Most people who have relatively good health can obtain a policy well into their 40s, 50s, and beyond. Still, some insurance companies have cut-off ages for certain policies. Others do not. While the costs may be higher, you can still secure protection. There are a few key things to consider though.
Term Policies Remain Affordable
Individuals into their late 50's and 60's can usually find term life insurance policies available. The costs are usually higher than for those who are younger. However, 10- and 15-year policies remain available. Pushing that beyond this, you may see costs jump significantly.
Guaranteed Life Insurance
If you want enough coverage to meet specific goals, consider a guaranteed life insurance policy. The death benefit paid is significantly less than other forms of coverage. However, there are few questions asked about your health in these policies. They may offer enough coverage to meet specific needs.
Final Expenses Life Insurance
If you are over 65 to 70, you may want to consider final expense insurance. It pays a small amount of money specifically to cover your needs after death. This may include any final medical bills or funeral bills. It can alleviate some of the stress your family faces after your death.
Even if you are older and may not have a clean health record, you may still qualify for life insurance. Work closely with your agent to learn about all available policies. Then, determine which ones are best for your needs. You may be able to find a permanent life insurance plan that fits your budget and gives you the amount of coverage you want and need to leave behind for your goals.