Is There a Better Time to Get Life Insurance?
The best time to purchase life insurance is as soon as an individual can afford it. It’s especially important for people with children or those planning on getting married. The younger and healthier a person is when they buy life insurance, the lower the monthly premium will be.
The majority of young people don’t typically consider the importance of life insurance. As people age, they become more susceptible to health issues and conditions that can end in death. Life insurance premiums will increase drastically to reflect that and to minimize risk to insurance companies.
Adults in the 20 to 30-year age range often put off life insurance in favor of paying off student loans, buying a car or upgrading living arrangements. Life insurance provides parents that co-signed or shouldered the debt of student loans with the means to pay them off.
For those with a family, life insurance can pay for burial and final expenses, provide money for the family to pay bills while they grieve, and it can create a fund for a child’s future education.
People aged 50 and over often realize they’ve overlooked an important protection for their loved ones. Monthly premiums will be far more expensive at this age and pre-existing conditions may exist. Insurance companies are under no obligation to provide insurance to those they deem too risky.
Insurers can – and do – regularly deny coverage if the applicant has certain medical conditions. That can include diabetes, heart disease, cancer, high blood pressure, COPD and asthma. Autism, epilepsy, depression, and mental health conditions are also reasons insurers deny coverage.
Individuals age 60 and over often have no option except term life insurance. It typically provides coverage until a person attains a certain age. If the insured dies before that age, the insurer pays the benefit provided there are no exclusions or other conditions. If the policy holder dies after the cutoff date, no payment is made.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
