Life Insurance Rates
You can find life insurance rates by age from an independent life insurance broker who will shop and compare multiple companies. Term life insurance is one of the most valuable weapons that you have in your arsenal to provide for your family, no matter what your age is. Your age can help you decide whether you need a term or whole life insurance policy; how long the term of the policy should be; as well as how much life insurance you need to buy. In general, the younger you mean the healthier you are, and therefore, the lower your insurance rate. But do keep in mind that insurance companies look at much more than just your age when determining the cost of your life insurance policy. We can help you compare rates by comparing different companies such as State Farm Life Insurance, to name one. You have many options so let us help guide you in your decision.
Prices tend to be lower, and insurance is much easier to obtain when you are in your twenties, that is if you are healthy and you are not seeking out smokers life insurance quotes, as that will raise the rates. When you purchase life insurance at such a young age you’ll discover that you have the opportunity to protect your new and growing family or business needs at a very reasonable cost. How much life insurance should you buy? One school of thought is if you don’t have any children yet, or major assets, then at least four times your salary is the amount of protection you’d want to look at buying. This is just a rule of thumb, not the end all. It is always smart to first take an inventory of all your assets and debt. Do you and your spouse work? Do you want to have enough that your spouse could care for younger children and not have to work? I am a big fan of an online calculator at the Life Happens Website.
This is the age where you may want to consider purchasing a second policy (sometimes called laddering) to supplement the life insurance policy that you bought long ago…when you were just in your twenties, and your family was just starting out. Most likely your income is higher now and you have more assets, perhaps a home, and probably some kids. If you’ve never bought life insurance until now, you need to purchase enough to cover your salary, paying off your home, childcare, and other major assets that you’ve acquired. In your thirties, some recommend buying at least ten times your annual income not including your other needs.
If you haven’t yet purchased a life insurance policy when you’ve reached your forties, it’s time to end this delay. Rates for life insurance policies will rise much more when you enter your fifties. Although it’s not even in the back of your mind – it’s likely that you will encounter health concerns in the next ten or twenty years that make it very costly and sometimes not as easy to get life insurance. At the very least, this is the time to meet with an experienced insurance broker and reevaluate your needs. Odds are that you have much more to insure than when you were in your thirties.
Once you’ve reached this age, life insurance will certainly cost you more, but if you don’t yet have major health issues it can still be affordable. Be sure to work with an experienced life insurance broker. Your needs for life insurance at this age have changed: it’s likely that your kids are grown, your mortgage may be paid off, but you still would like to leave an inheritance, and have money, if, down the road health problems do begin.
If you don’t have enough life insurance as you reach your sixties, you must not wait, but act quickly. After 65 you’ll discover a serious lack of options, and some companies won’t sell a life insurance policy to those that are 65 and over. On average life insurance policies are going to cost you more once you get this old. The key is going to be budget and the ability to qualify, find out if you qualify be clicking for more info below.