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When Is It Too Late To Buy Life Insurance?

Date : August 22,2013
By : Lance Peterson

The only time that it is truly too late to buy life insurance is when you are dead. However, if you begin to age beyond 70 years, you’re probably going to have a hard time finding affordable life insurance. This is because insurance companies usually assume you have one foot in the grave at this point and that the only way to make money off of your premiums is to put a higher rate on the payments that you need to make. Along with higher living expenses, this could be near unreasonable for some people as they get older.

You can however take some solace in the fact that there are companies and policies tailored specifically to life insurance over 50 of age. This allows most people to get life insurance in the period of time that really need it and when it is coming closer to the time when they might need it. While it is possible to use life insurance at any time, as anything can happen, you are more likely to make use of it as you get older and your body starts to potentially fail.

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When you are already sick

One of the harder things to find though is finding a life insurance policy when you are already sick. Especially if you are terminally ill. Most life insurance companies will not insure someone that is sick. However, you can use an independent life insurance agent to find the best policy if this unfortunate occurrence happened to come upon you. With plenty of opportunities to get life insurance, this will put your premiums up if you were to find someone, but it might be worth it if someone says yes to your payments of life insurance. Also, if you do recover from a serious illness, you might still find yourself uninsurable. If this is the case, some people find themselves getting life insurance through their group work policies, so that is always an option.

As you get older, it gets harder

As said above, as you get older you will find it harder to get life insurance. Sometimes, term life insurance policies will expire as you get older and you will find it harder to get life insurance at an affordable price. Once again, using a life insurance broker that is independent of any organization is probable one of your best options in this case. Their best interests are in finding you your best option and by doing this; they may get paid a higher amount. To help you out, they will look at all kinds of policies that you might not look at or even consider.

Death

The one thing that stops you completely from getting life insurance is death itself. Actually, that is the only thing that will really stop you from actually getting life insurance as a whole. For most other reasons, it is possible to get life insurance, but you will not be able to get life insurance if you die, so probably better to get it before that. Otherwise how do you plan on filling out the forms?

One of the best things that you could do is that while you are sorting out your retirement, to make sure that your life insurance policy covers you in all possible areas so that you can make sure that your family and beneficiary are supported after you die. There aren’t many restrictions any more, with most companies offering guaranteed life insurance policies up until a certain age. So if you get life insurance earlier, especially if you get a guaranteed life insurance policy that you will pay a set premium for the rest of your life.

Author Bio: My name is Lance Peterson; I am a graduate in Finance from UPenn. I am a banker, whose expertise stretches to areas like loans, investments, hedge funds, insurance and other related fields. I like keeping myself updated about the global financial scene.

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