Can I buy life insurance at age 40?
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UPDATED: Dec 21, 2011
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You can purchase life insurance in your forties, but your options become more limited with age so you will need to act fast. To secure the proper type of life insurance coverage (with affordable premiums), you will need to decide which type of plan matches your lifestyle.
You may also need to prepare yourself for the additional costs involved with purchasing life insurance at age 40. Every life insurance company bases their fees on the age and health status of the applicant. This means, you will more than likely be shelling out extra bucks for your policy the older you get. If you chose life insurance in your twenties or thirties, your rate might be substantially lower.
The aging process consists of more exposure to hazards, like environmental pollutants and increased toxins. As an older person, your bones are more porous and may break easily; you may also become susceptible to illness faster and require medical assistance.
The truth is; older people have a higher likelihood of dying while they have a current life insurance policy in effect. This means the insurance companies must estimate your odds of receiving a large death benefit payment. They must review this information very carefully before they can offer you a life insurance policy.
It is true that life insurance policies are designed to protect your family’s finances should you pass away, but the life insurance companies must also make sound business decisions. You can make positive changes in your life to ensure that every consideration is made to find a reliable life insurance plan that will be priced comparably.
If you are a smoker, quit as soon as possible. This may help lower your rates. If you are active and exercise frequently, start a good program and allow your physician to track your condition. If you keep a good record, you may be able to present this information to your life insurance agent in an effort to lower your premiums.
How do the rates vary from age 30 to age 40?
Not only do the rates vary from age 30 to age 40, but the types of plans that most life insurance companies will offer you change as well. For example, in your thirties, you may be offered whole life insurance before your agent mentions term life insurance. This is because there is more to gain over the long term with a whole life insurance policy and they have excellent options for younger customers.
Term life policies are often offered over whole policies for people over 40 because they are more contained and can fluctuate in price and options. They do not allow you to take loans or withdrawals of any kind because term life policies do not have any type of cash value attached.
They will benefit you because of the large one-time payment that is paid to your beneficiary after your death. Most people over 40 elect term life policies because they are relatively cheap, especially compared to whole life policies and will suit their needs without causing a budget crunch.
Before you select your life insurance policy, make sure you consider every factor of your life, including your children. By the time you are in your forties, most people are sending their children off to college. If you planned for this additional expense, you should be somewhat stress free. However, if something happens to you, you want to ensure that your children can continue to receive the education you worked so hard for.
Will I need to answer any health questions?
Your need to answer health questions depends on the company you choose and their individual practices. Some term life insurance companies will guarantee coverage without having applicants submit to any type of physical examination or answer any kinds of questions related to medical history.
These kinds of life insurance providers may charge you more because they are grouping all or most of their customers into the same risk group. This raises your premiums.
Other life insurance companies will not provide you with coverage until you have completed a routine exam with an approved physician. They may also require additional medical information including your history of any medical procedures or preexisting issues.
Life insurance companies that ask for a deep background check on their applicants usually have much more comparable rates than those who do not. By carefully screening their choices, they can accept customers that are considered a lower risk that helps to keep premiums low overall.
Will my benefits be available immediately?
Most life insurance companies require a 30-day waiting period before your benefits are fully activated. If you are unsure of the stipulations of your contract, make sure you reach out to your life insurance agent for clarification.
You also need to inform your beneficiary immediately. Your beneficiary will be the party responsible for contacting the life insurance company upon your death. They will need access to all of your personal files and should have a good idea of how the process works.
You can also use your beneficiary to make decisions for you if you become mentally incapacitated. A power of attorney is required along with being named legal beneficiary so make sure you follow the laws of your state and complete the correct steps.
Life insurance can be purchased if you are in your forties, especially since you are still considered young and active and are part of the current workforce. You may be looking forward to retiring, but it is a long way off. Having life insurance provides you a good safety net that your family can rely on if you are suddenly taken away from them.
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