Seek A Solid Life Insurance At Age 64
It probably isn’t your first go at searching for life insurance if you are age sixty four and in the market. However, if you have never obtained life insurance, there are a few things that you should keep in mind. Believe it or not, you can still receive a very reasonably priced policy. Even if you’ve purchased life insurance in the past, there could be a lot of things that you’ve forgotten that could impact your search.
As a sixty four year old it is very important to start seriously considering a solid life insurance plan. It is shown that the more you age from this point on, the more likely your rates are to skyrocket. Despite your level of physical well-being, life insurance companies place more risk on this age group. It is for this reason that it is extremely important to seek out quality life insurance as soon as possible.
Though obtaining life insurance at 64 is very feasible, we do recommend starting to seek life insurance coverage at a younger age, even beginning at 50 and seeking life insurance will increase your chance of lower rates, and most likely you are in better health as well. But, if you’re already into your 60’s and looking for a life insurance policy, don’t worry, there are still plenty of options for affordable life insurance that will give you and your loved ones the coverage you need.
Which Life Insurance is Best for a 64 Year Old?
Two of the best types of insurance for someone of age sixty four are whole life insurance and term life insurance. These two types of insurance vary in some pretty significant ways so it is important to understand the differences before jumping in to one type.
Term life insurance varies in the amount of time you are covered for. Terms can be anywhere from 10 to 30 years. Once the predetermined term has expired, the policy is no longer effective. At that point, you will have to either renew that policy or stop paying premiums on it. Of the two, term life insurance is the preferred route for many people of this age. Not only is it much more affordable but it also allows for an extent of flexibility that you may not otherwise find with other insurance.
Whole life insurance, sometimes referred to as universal life insurance, will continue to cover you for as long as you make the premium payment. It is appealing in that it can be considered an asset of which you can borrow against. It of course is slightly more expensive for this reason. Whole life insurance can actually be as much as 12 times the rates of term life insurance.
As you can see, the two plans have different advantages that you have to consider. Everyone is different and wants different things from their insurance policy. Yes, a whole life insurance policy is going to be more expensive, but that doesn’t mean you should automatically rule it out of your search. Spend time evaluating each option individually before making any decisions.
Seeking the help of a professional life insurance agent is advised as they know the best way to navigate their way around the different policies. Taking this route can end up saving you plenty of time and money. Make sure you research the life insurance agents to make sure you find one that is qualified and with which you get along with well.
The rates that you will qualify for depend largely on your individual health and lifestyle. There are multiple factors that can affect your premium rates that are beyond your control. If you have a pre-existing condition, all hope is not lost. There are plenty of policies that exist that will not break the bank and are still quality life insurance policies. There are many different insurance companies that specialize in working with high-risk applicants. For example, there are some companies that look more favorable towards diabetics or people with cardiovascular complications. Before committing to one particular policy, make sure you research your options that are available to you or seek the advice of a qualified life insurance professional.
The best way to make sure that you get the perfect plan is to compare all of the possible life insurance companies’ options. Each company is different and has a different system for rating applications, which means that you could receive two drastically different premiums for one company versus another, even though you’re applying for the same coverage. There are thousands of different companies that you could choose from. Instead of spending hours on the phone talking to agents or researching insurance companies, let our independent agents do all of the work for you.
If you do not already have insurance, there is no better time to obtain it. The longer you wait past the age of sixty four, the higher your premium will end up being. Yes, at the age of sixty-four, you’re going to pay much more than you would have twenty years ago, but continuing to wait is an awful idea. Not only are you premiums going to continue to get higher and higher, but you never know what’s going to happen. Nobody plans to die. You can’t predict the future, but you can plan for the worst.
Here are some sample quotes for a $250,000 policy:
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As you can see, life insurance policies are much more affordable than most people think. You can’t put a price tag on the peace of mind that life insurance brings, but it’s nice to know that your monthly premiums aren’t going to break your bank.
Aside from your age, several other factors are going to impact your monthly premiums. We mentioned that they would look for any pre-existing condition, but they will also look at your overall health. After you finish the paperwork, the insurance company will send out a paramedic to complete a simple medical exam. Unless you choose a no-exam policy, these results can secure lower rates for you, or cause your monthly premiums to go through the roof.
If you want to receive lower monthly rates, you should spend some time improving your health before applying. Take the time to start a healthy diet and a regular exercise program. Losing any additional weight could have a huge impact on your insurance application. Anyone that is overweight or obese poses more of a risk to the company, the more of a risk you are, the more they are going to charge you in premiums. Similarly, if you are a smoker, it’s time to quit the bad habit. Being listed as a smoker on your life insurance application can have a devastating effect on your monthly premiums. In fact, smokers can expect to pay two or three times more than a non-smoker for their life insurance. If you want to save money on your life insurance, it’s time to put down those cigarettes. Your doctor and your wallet will both thank you.
Once you know exactly what type of policy will work best for you the next step is to get a set of custom quotes. You can do this by using the form on the side of this page or by calling us at 888-836-7071. Our agents specialize in life insurance polices for those over the age of 60. They can make sure that you are getting the best rates and policy for your needs.
Not only can our agents help you find the perfect plan for you, but they can also answer any questions that you have about life insurance or the different types of policies. We are dedicated to making sure that you make well-informed and educated decisions about your insurance purchases.
Having the perfect insurance plan is one of the best purchases that you can make. Don’t leave your family with a mountain of debt and no way to pay for it. An affordable life insurance plan can be the perfect tool for you and your family. Finding a life insurance plan that fits your needs can be a long and difficult search, but you don’t have to go alone. Our independent agents can give you the assistant that you and your loved ones deserve.