It has been stated repeatedly. The best time to buy life insurance is when you are young and healthy. The reason, of course, is that this is when life insurance is the least expensive. Buying whole life or permanent insurance when you are younger also has the added benefit of accumulating cash value for a longer period of time. Is there a time, however, when you may become too old to qualify to buy life insurance?
The first thing to understand is that while there are general regulations for the life insurance industry, every life insurance company has its own underwriting policies. This means you may find companies willing to insure you no matter what your age is, based on certain restrictions.
As a general rule of thumb, however, most life insurance companies will stop accepting applications for life insurance for those who have reached 75 or 80 years of age. Some companies have much lower age restrictions.
At some age, especially after 80, the limits, restrictions, and premiums will make life insurance a decreasingly appealing decision.
If you are in your forties, fifties, or even sixties, you can find life insurance products to cover final expenses and more. That is, if you are in reasonable health and your height and weight are proportionate.
The longer you wait, however, the more your options will be limited and the more expensive coverage may be. Should you have high blood pressure, diabetes, or other health problems, coverage may become more challenging to find. Let us help.
As independent life insurance agents, we represent a network of life insurance companies who specialize in offering a variety of life insurance products. Some of these companies specialize in insuring older clients. Put our team and experience to work for you.
Contact us and let’s discuss your situation and a budget you can feel comfortable with. Getting started is just that simple. We will work on options for you, and the final decision is always yours. We would appreciate the opportunity to serve you!