One of the best gifts you can give your loved ones in the event of your death is life insurance. This policy ensures they are provided for and their needs are met even in your absence. So, if you have a spouse, kids, parents, siblings, or other loved ones you want to provide for even after you pass away, you should certainly purchase a life insurance policy. Nonetheless, you might be wondering if there is such a thing as “too young” or “too old” for life insurance? Read on to find out!
Can You Be Too Young for Life Insurance?
The short and straightforward answer to this question is “No!” If you are an adult and have a family or loved ones you care about, you can certainly take out a life insurance policy for their sake, at any age. If you are waiting until you start a family or think that life insurance policies are for older people, you are wrong. In fact, getting life insurance while you are young can help you get lower rates and attract more discounts as insurance companies usually regard younger people as more healthy and at lower risks than older people.
Can You Be Too Old for Life Insurance?
There is no correct answer to this question. If you are older than 75 years, most term life insurance companies won’t sell you a policy. However, there are certain insurers who offer short-term life policies (5 to 10 years) to senior citizens.
Regardless of your age, you can always qualify for a permanent life insurance policy. However, you will have to pay higher premiums than younger applicants, more so if you have an existing health condition. Buying permanent life insurance as a senior is not generally advisable as the returns don’t usually justify the expense. Yet, if you insist on getting life insurance coverage as a senior, go for a small whole life policy. With it, your family will be better able to handle your final expenses.
Buy Life Insurance as Early as Possible
The best time to buy a life insurance policy is while you are young, as, at this stage of life, you will get a much cheaper premium than someone who is older. This is because younger people face lower health-related issues and are therefore at a much lower risk of dying.
Some Alternative Life Insurance Products
Even if you can’t buy a typical term life policy, there are some alternatives that you can consider. These include:
- Final expense life insurance- It can be used to cover medical bills and funeral expenses.
- Guaranteed life insurance- It offers limited death benefits but is easy to obtain, with very few questions asked.
- Simplified life insurance- It doesn’t require any medical exam.
If you are unsure about how to get started on your life insurance policy, talk to the professionals at Lou Aggetta Insurance Services in Pleasant Hill. Our experts are ready and waiting to help you determine your life insurance needs and explain how a policy can protect your finances. Give us a call today to get started!