Life insurance is one of the best ways to protect your family if you were to pass away. You can help them have the finances they need to get through the difficult time.
There are a lot of people that assume that once they are into their 50s, or even 60s, that they are too old to purchase life insurance, or they won’t be able to afford a quality insurance plan. Neither of these ideas is true.
The older that we get, the more the need for life insurance changes, but it doesn’t necessarily go away. Regardless of your age, you should look at purchasing a life insurance plan to protect your family.
Million Dollar Policies At My Age?
One of the common questions that applicants have is, “am I too old to get a life insurance policy for one million dollars?” and the answer is almost always no.
Depending on your health, more than likely, you can still get a million dollar coverage at an affordable rate. Most insurance companies will accept applicants well into their 60s for this size of a policy.
If you think that you need this much coverage, your age shouldn’t stop you from getting the insurance that you and your family deserve. Most companies will sell one million dollar life insurance policies to any applicants well into their 70s.
Depending on your age, you might be restricted on the length of the term that you can buy, but you’ll still be able to get million-dollar coverage for your family. If you’re in your 60s or 70s and you’re shopping for a million dollar insurance plan, you need to connect with a special insurance carrier.
There are a lot of carriers who automatically reject applications because of age. Age is one of the biggest factors and a lot of companies don’t want to take on the additional risk.
As an older applicant, you need to find a company who sells cheaper million dollar coverage for seniors. Not every company looks at age the same way, find a company is more liberal with older applicants.
Do I need a Million Dollars of Life Insurance Coverage?
Before you apply for a million dollar life insurance policy, it’s vital that you need this much coverage. You don’t want to be paying for excessive coverage, or not have enough coverage.
There are several factors that you’ll need to account for.
The first is your debt. Depending on your age, you may have much less debt than the average life insurance applicant, but that doesn’t mean you can abandon your life insurance policy.
Someone in their 60s could still have thousands of dollars in debt that their loved ones would be responsible for if they passed away.
The next factor that you need to consider is your income. One of the goals of life insurance is to replace your income for anyone that relies on your paycheck. If you have family members that need your income for essential expenses, they would suffer financially if you passed away.
In most cases, a million insurance policy is much more affordable than most applicants think, regardless of age. For example, a 50-year-old man who is a non-smoker could pay around $260 every month for their 20-year term policy.
A 65 year-old male, on the other hand, can be anywhere around $900 for their coverage, for the same 20-year-term.
If you’re confused about how much life insurance you need, give one of our agents a call and we can walk you through the process. We would be happy to clear up the confusion and do the calculations.
Getting Affordable Rates
Regardless of your age, there are several ways that you can get lower insurance premiums and save yourself money on your coverage. Having adequate coverage shouldn’t break your bank.
If you’re looking to save money on your policy, there are several lifestyle changes that you’ll need to make.
One of the first is to apply as soon as possible. Age is one of the biggest factors in calculating your premiums, which means the older you are, the more you pay.
Every year that you wait to get life insurance, your premiums are going to go up, save yourself the money and apply today.
Similarly, you’ll need to improve your health to get better rates on your plan. Unless you choose a no exam plan, which is difficult to find for one million dollars of coverage, you’ll be required to take a medical exam.
The insurance company is going to need an idea of what kind of health you are in to determine how much risk you are to insure. The results from the physical are going to play an important factor in calculating how much you pay every month.
If you want to get the best insurance premiums, get in better physical shape by starting an exercise program and sticking to a healthy diet.
One of the worst things you can do for your policy is to use tobacco. Being listed as a smoker on your life insurance application, or using chewing tobacco, is going to cause your insurance rates to double. In some cases, you could pay triple what a non-smoker will pay for life insurance.
If you want to cut your rates in half, quit the cigarettes.
The best way to ensure that you’re getting the most affordable policy is by comparing rates from dozens of companies before you choose a policy that fits your needs. Each company is different, and all of them have various rating systems for applicants, which means that you could receive drastically different quotes for the same coverage.
If you want to get the lowest rates, you’ll need to find the company that is going to view your applicant favorably. Because there are so many different companies, you could spend weeks calling different agents, or you can contact one of our agents, and they will do the work for you.
Million Dollar Life Insurance at Any Age
Life insurance is one of the most important investments that you’ll make for the future of your family. It’s essential that you make the perfect decision when choosing a policy.
It can be a long and difficult process, but we are here to help.
Life is unpredictable. You never know what life’s going to throw at you tomorrow.
Having life insurance can give you the peace of mind knowing that whatever happens to you, your family will be taken care of. Don’t wait any longer to get that security.
If you’ve been declined before for life insurance or you have questions about getting a million dollar plan, we would be happy to answer any of those questions and connect you with the best possible option.
We don’t need secure information. We will need your age and some basic info, then we will bring all the info straight to you.