Am I Too Old to Get Life Insurance?

Because life insurance policies strongly consider a person’s overall health, you may not be “too old” to qualify for coverage if you’re in good health. In fact, people who regret not getting life insurance when they were in their 20s, 30s, or 40s might be surprised at the number of insurance carriers willing to offer them coverage – even if they’re in their 70s!

That said, age is still a factor when life insurance companies evaluate a person’s overall health. You may be well now, but as far as insurance companies are concerned, you could develop a serious health condition soon after qualifying for coverage. The way insurance carriers may balance this potential risk is by offering older Americans life insurance policies at much higher rates than younger Americans with a similar health profile.

Why Older Americans Should Consider Life Insurance

Older Americans are those in their 50s and onward. They’re considered past their middle age, but they may not necessarily be past their prime in life. When that’s the case, they can qualify for life insurance – but why would they want it?

Everyone has their own set of reasons for having life insurance. For most, they view it as an assurance that their loved ones will inherit something when they pass away. A life insurance payout from an elder in one’s family can help pay a mortgage, college tuition, or provide a financial buffer that lets loved ones feel better about their financial security.

Life Insurance Is a Stable Asset

If your retirement portfolio lacks a life insurance policy, adding one can add stability. Unlike securities, life insurance equity is one of the most stable assets you can have. That’s cash-in-hand that you can use if you need it. If you choose whole life insurance, the returns are tax-advantaged, which can equate to higher returns than you might realize.

Life Insurance Can Help You Stretch Your Other Assets

Most older Americans have other assets such as home equity and securities. Any senior’s biggest fear is running out of money during retirement, but a life insurance policy can help you feel more confident about spending these assets, especially if you live longer than you expect. If you reach your 80s, you can even get a life settlement in cash.

Life Insurance Death Benefits Don’t Go Through Probate

One of the best parts of a life insurance payout is that it goes directly to the policyholder’s beneficiaries. That means life insurance death benefits skip probate because they aren’t considered part of the policyholder’s estate. That also means the policyholder’s creditors can’t go after death benefit funds, adding an additional layer of financial security for loved ones.

Contact Us to Learn More

If you’re an older American and regret not purchasing life insurance sooner, it’s probably not too late! Our experts at Insurance Specialists, Inc. can help you find a policy at a rate that works for your budget.

Learn more about backing your finances with a life insurance policy by contacting us today.