The closer you get to retirement, the more you start to think about what might happen to your family in your absence.
While everyone is worried about what will happen to them and their family, few of those people actually make any plans for the inevitable. The majority of people drop their life insurance policy or don’t reapply for a new one after they retire. This could be one of the worst mistakes to make.
Age sixty eight is not too late to start thinking about what type of policy is best for you and your needs. Really, no matter you age a life insurance policy is one of the more important financial purchases.
None of us like to think about it, but you aren’t going to live forever. How are you going to provide for your family after you pass away?
If you are healthy you can still secure a reasonable rate. Despite waiting pretty late in the game, you will be surprised to see how many options are still available to you in terms of different types of policies. In most cases, applicants are surprised to see just how cheap some of their life insurance policy options are, even at age 68.
What are Your Life Insurance Options at Age 68?
There are many different ways to go about finding the best plan for you. The internet is a great place to start. Not only can shop across a wide variety of insurance companies, but you can compare several different plans all at once to decide which one is best for you. Because of the accessibility of this information, it is hard for life insurance companies not to be competitive for your business.
Two of the most prevalent types of life insurance that people explore are term life insurance and permanent life insurance. Term life insurance is known for having a term, or an amount of time that you opt to pay for at the beginning of your coverage. Of the two types of insurance, term life insurance is known to be the most affordable. The biggest disadvantage to these plans is the expiration date. These plans are only effective for a predetermined “term”, and after that, you no longer have life insurance coverage unless you reapply for another policy.
Whole life insurance is not as popular among sixty eight year olds as it is most likely the case that you will only need life insurance for a few more years if not less, but just because they aren’t as popular doesn’t mean you shouldn’t consider on of these plans if it fits your needs.
Rates for Life Insurance at Age 68
With your health on your side, obtaining over 60 life insurance is a relatively easy thing to do. Life insurance companies base their rates on a large number of factors. When you are searching the Internet, do not assume the quotes that you see are the same ones that you will be eligible for.
Life insurance companies have a rather complicated system for determining just how much you will pay. Each companies view different factors with more severity than other insurance companies. The key to getting quality insurance at an affordable rate is to find the company that works with your specific situation. Compare across several different companies and policies in order to make sure you are signing up for a policy that is best for your individual needs. Because there are thousands of insurance companies that offer life insurance plans, it could take you months to find the best company for you, but luckily we can help.
Here are some sample quotes for a $250,000 policy at the Preferred health class rating:
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How Rates are Determined Based on Health
It is still very likely that a sixty eight year old is in great health, but we still recommend to begin shopping for life insurance even in your 50’s or younger. Any pre-existing conditions will affect rates of course as well as other factors such as family history or lifestyle.
A healthy adult is one who is known to not smoke or have any pre-existing or diagnosable diseases. Seeking out the guidance of a licensed insurance agent is advisable in most cases where it may be the case that there are some other conditions that may affect your rates.
As you can see, there are several health factors that go into calculating your monthly rates (and if you’re accepted or not), which means there are several ways that you can save yourself some money. Obviously, you can’t change your age, but there are some things you can change, like tobacco usage, exercise, and diet.
One of the best ways to cut your monthly premiums in half is by quitting smoking. Being listed as a smoker on your insurance applications will automatically cause your premiums to jump by at least double or sometimes even triple that of a nonsmoker. Not only are those cigarettes costing you in the grocery store line, but they are also costing you in your monthly premiums.
Skipping a life insurance plan could leave your family drowning in debt. If you were to pass away, what would happen to all of the unpaid expenses that you have? All of your debt is being handed down to your family and loved ones. Not exactly the legacy that you want to leave.
Similarly, getting regular exercise and a healthy diet can work wonders on your health and your rates. Being overweight increases your risk of having health problems, which means that you’re a higher risk to insure. This means to offset the risk, the company is going to charge you more in monthly fees. Making a few simple diet and activity changes could have drastic impacts on your life. Losing weight can save you money every month.