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Life insurance rates are not all the same. That is true even if you could line up yourself by decade from 20 through 60. The way you view yourself changes as well as how the insurance companies will charge your premiums.
Spoiler alert: Premiums on term life insurance increase as you age, unless you lock in a super low rate as a twenty-something.
If you could imagine yourself at 20, then maybe you would see a fit and trim younger person, who is optimistic about the future. You might even say you seem invincible.
When you hit 30, even you will start to notice a few kinks and wrenches thrown into the works. It starts with a little stiffness in the knees every morning, or tiring more quickly of chasing around a toddler all day long.
In your 40’s, gray hairs pop up, along with real wrinkles. There is also an increase in insurance rates between age 20 and 40. Many people are surprised when they are just starting out parenthood in their 40’s. They are older than say previous generations or their own peers, who had children at an earlier age.
It is difficult to justify buying a life insurance policy in your 20’s, if you have no dependents, though. It is otherwise a waste of money, and considered an unwise safeguard to buy insurance without dependents.
Be sure to compare quotes regardless of your age or life status using our FREE tool above!
Buying Life Insurance at Any Age
Coverage is not necessarily expensive. Consider a term life insurance policy at the youngest age you can justify buying a policy.
In addition, make sure you buy it with a level premium and go through the trouble of the medical questionnaire and blood tests. Why?
Those two items are key to getting the fairest rate in the land. The blood test establishes whether you are even healthier than your peers.
Perhaps you are confident in being a healthy 40-year old who is starting his or her family.
After all, maybe your own parents are a young kind of 80, and you are just following in their foot path to parenthood at an older age.
If you are as healthy as a 20-year-old and have a strong family history of people living long lives, then you may pay lower rates. You may pay rates like someone younger than yourself.
Limiting Risk Means Expanding Rewards
The process for shopping for insurance goes something like this:
- Honestly input information for free quotes.
- Review the insurance providers for excellent credit worthiness, to ensure they will be able to pay out death benefits. Discard any providers with less than an A-grade rating.
- Make official applications with providers who have the level of death benefits you would like.
- Apply first to those with a medical questionnaire and blood test, to ensure optimal premiums, if you are particularly health.
You will be called on to make appointments with the medics who the insurance company sends out to meet you. They will ask you a lot of questions. You may also be asked for medical records release forms, from all of your doctors, and any hospital stays or E.R. services you may have needed.
It is important that you contact your doctors and hospitals to ensure that they are aware of your need. Some will charge you for the service of photocopying and mailing, or faxing your documents to the insurance companies. It is best to ensure smooth handling and cooperation from your medical providers by contacting them first.
Honestly State Your Habits and Lifestyle
In addition, you may want to provide a copy of the medical records release form so that they can respond appropriately when they do receive it from the insurance carriers. From there, you will fill out questionnaires about hobbies, jobs, and good and bad habits.
The key is to always be honest, as hard as it may seem. If you drink a lot, the insurer will find out if you die in a drunken crash, and then would be able to deny benefits if you lied and told them you do not drink ever.
Consider dumping dangerous hobbies, or expect to pay higher insurance rates for the following:
- Dangerous jobs
- Extreme or dangerous sports
- Motorcycle riders
- Skiing and snow boarding
- Sky diving
- Horseback Riding
If you have any of these hobbies or any type of dangerous job, then be sure to buy as much insurance as you can afford. In most of the more perilous jobs listed cases above, you would receive some insurance through your work benefits.
For such perilous activities, it is best to look into disability insurance as well. According to the statistics that insurance companies keep, disability is more likely than death from accidents.
Measuring Benefits of Life Insurance
The hardest part about shopping for life insurance is not the trouble of filling out mounds of paperwork, or submitting to blood tests. It is deciding which of the policies to choose among the many plans that you are offered.
What makes it a challenging decision is that the insurance companies will make different names for the same part of coverage. The most inexpensive method to buy life insurance is term life with a level premium and level benefits. Anything more may be unnecessary.
For instance, having extra insurance to pay off the mortgage in the event of your death is just more costly. Other bells and whistles ring the same tune; meaning, they just cost more.
When you are determining the death benefit amounts, factor in the amount for your mortgage, college education for the kids, living expenses, activities, lifestyle, and the like, all at one time.
That is the most cost-effective way to purchase your policy.
It also makes the most sense. The other matter to tend to is notice. It is your responsibility to ensure that any beneficiaries know who they are in the event of your death. You may put the insurance in with the estate attorney who handles your wills and rest of your estate.
Otherwise, insurance carriers have no obligation to contact your beneficiaries about the death benefits.
It is not necessarily that they are unkind. It is more or less that they are covering their bases. There may be many people with the same name as you. If you are off in Europe and someone by the same name passes, your insurance would maybe accidentally notify your family. What a horror!
When buying coverage at any age, be sure to purchase all the death benefits you need and want.
In addition, always shop around for the best price for your death benefits. Otherwise, you may be overpaying and price yourself out of this necessity. In particular, the point is to protect your earnings if you are taken from your dependents.
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