I’m older. Is it too late to invest in life insurance?

You might be surprised to learn that there is no maximum age for life insurance. As an older person, your ability to get coverage will vary from one company to the next. Age does affect life insurance. Age impacts your premiums and your rate. Typically, life insurance companies won’t insure people older than seventy-five or eighty, but some may. Many companies will still issue a life insurance policy to an older person, although there may be limits on the options and benefits available. Safechoice Insurance Agency is committed to taking the confusion out of life insurance for Rochester, MN residents.

Life Insurance for Older People

Many people choose to invest in life insurance or acquire more life insurance at an advanced age. Some people decide to invest later in life to pay for end-of-life expenses or burial. They may also want to leave money for their children or grandchildren. It’s still possible to acquire life insurance at an advanced age. Of course, you’ll pay more being an older person than you would if you were younger.

You Have Options

Your health, pre-existing conditions, finances, and health usually determine the kind of life insurance you invest in. Term life insurance may be more attractive to people concerned with final expenses. A whole life insurance policy may be more attractive to someone who doesn’t want their policy to expire only to end up shopping for another one. Our team at Safechoice Insurance Agency can explain your options and help you choose a life insurance policy that meets your needs. 

There is no perfect age to invest in life insurance. However, there are factors that age will affect life insurance. An older person usually pays higher premiums and has fewer options. However, getting life insurance that meets your need is still possible. Call us. We’re here to help you understand the benefits of life insurance and the options available to you.