You've probably heard that you need to get life insurance while you're young. That's because age might reduce your eligibility for coverage while increasing costs. Still, as you get older, what can you do to still get covered?
How Age Impacts Life Insurance Eligibility
As you get older, your risk of ill health and death increase. That's a fact of life. Therefore, your risk to a life insurer will go up.
A life insurance company will base risk on your likelihood of death. In other words, they'll look at the chances of having to pay out a claim on your policy. If you are considered a higher risk, that's because the insurer believes that the chances of having to pay are higher. Therefore, you'll probably have to pay more for coverage. Some insurers won't even offer certain coverage to certain applicants. So, age is very much a determining factor in your life insurance qualifications.
If you wonder why this is the case, think about insurance as a business transaction. It's a contract between you and your insurance company. An insurer might not want to risk doing business with you without increasing costs. They might not even cover you at all.
But, don't fear. Even if you've gotten older, that doesn't mean you cannot get life insurance. Many insurers can and will insure older applicants. You'll just have to take the right approach to get there.
Inquiring About Life Insurance as You Age
If you are over 50, and still need life insurance, talk to your Kasky Insurance and Financial Services agent. They'll help you consider options to keep coverage affordable, yet effective.
- You might only need to get a term life insurance rather than a whole-life policy. Term policies last only a certain number of years. They also often don't offer as many perks as whole life coverage. Nevertheless, they'll still provide a strong financial settlement when you need it. They are also often proportionally cheaper than whole life policies.
- If you have existing health needs, your eligibility for coverage might drop. Nevertheless, some policies don't require medical exams. The costs of these policies might vary. However, they can help older people with health challenges still get covered.
- Sometimes, older people may need less coverage because they won't leave behind as many expenses. So, you might only need a smaller policy in the end. Thus, if you don't take as much coverage, you can often save on your premiums.
Talk to a life insurance agent at Kasky Insurance and Financial Services today to learn more about how you can get coverage. While you might face some extra hurdles, you usually can still find a policy. Don't let age stop you from inquiring about protection.