Call Us (608) 845-7979 ☰ ˟
(608) 845-7979
Email Us
Logo
  • Home Page
  • Get A Quote
    • Business & CommercialImage of right arrow
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Home
    • Auto
    • Health
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Renters
    • Workers Compensation Quote
  • Customer Service
    • Business & CommercialImage of right arrow
      • Business & Commercial Insurance
      • Add Driver to Existing Commercial Auto Policy
      • Add Vehicle to Existing Commercial Auto Policy
      • Remove Driver from Existing Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Request ID Card for Commercial Auto Policy
    • AutoImage of right arrow
      • Auto Insurance
      • Add Driver to Existing Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Request Declaration and Coverages Page for Auto Policy
      • Request ID Card for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
    • Classic Auto
    • Cyber Liability
    • HomeImage of right arrow
      • Home Insurance
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • Health
    • Life
    • MotorcycleImage of right arrow
      • Motorcycle Insurance
      • Add Motorcycle to Existing Policy
      • Remove Motorcycle from Existing Policy
      • Request Declaration and Coverages Page for Motorcycle Policy
      • Request ID Card for Motorcycle Policy
    • Professional Liability
    • Renters
    • Workers Compensation
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Employee Directory
    • Privacy Policy
  • Contact Us
Home > Blog > How Does Age Impact Life Insurance
TUESDAY, MARCH 23, 2021

How Does Age Impact Life Insurance

When it comes to buying life insurance, many factors impact what you pay for coverage. Among them is your age. When insurance companies consider coverage options, they want to factor in the amount of risk you present to them. That means getting to know what your health is, what your overall lifestyle is, and what your age is. Here is why it matters.a group of people in a garden 

Insurance Companies Estimate Risk 

Life insurance policies range from term life to whole life. That means they can be in place for a set number of years or even for the rest of your life. The goal is to choose a policy that fits your needs. Here is how age may play a role. 

In Term Life – If you are in your 30s and purchasing a 20-year life insurance plan, the insurer is likely to see this as a good investment for them. Most people who are relatively healthy live beyond 50. The insurer does not have to worry as much about losing money on the investment. If you are in your 50s and you request a 20-year policy, that may be a bit riskier. Though you still may be able to obtain this coverage, it may cost you more. 

In Whole Life – Whole life insurance policies cost significantly less when a person is younger. There is more time for the underlying investments to grow in value when you are young. Yet, whole life insurance remains available for applicants well into their 40s, in most cases. The older you are, though, the more expensive the coverage is likely to be simple because there are fewer premiums you will make during your lifetime. 

Health Matters More 

Age may seem like a big factor in determining if you can obtain life insurance. It does not have to be.  

Most often, insurance companies are more likely to offer competitive rates and longer-term policies to men and women who are healthy, even if they are older. That means you should consider applying for a policy even if you are a bit older now. 

Of course, the sooner you buy life insurance, the better. It can safely provide for your needs long term. And, when you buy at a younger age, you will likely pay less overall than if you wait to make your purchase. Life insurance companies work with many people though, even those in their 50s and early 60s in some cases.
Posted 3:59 PM

Tags: life, insurance, premiums, costs, coverage
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Logo
Quick Links
Home Our Products Customer Service Report a Claim
About Us Refer A Friend Payment Options Blog Contact Us
Location
1001 Fourier Drive Suite 100
Madison, WI 53717



Phone: (608) 845-7979
Fax: (608) 845-9366
Social Social Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder