Picking the best life insurance policy can be hard. Polices can come in all different shapes and sizes, so to pick the best one for you and your needs you need to consider the factors that go into it.
Age and health status are two of the main factors that go into deciding your eligibility as well as your premiums rates. If you want to find the best insurance policy based on your age and health, read on to see which types of policies are best for your subgroup:
Young/Middle-Aged And Healthy
You are a gem to insurance carriers, so you basically have your pick at whatever kind of policy you desire. But to make the best choice for your future, you should invest in a policy that will save you money and provide great coverage down the road. The best type of life insurance that will provide lifelong coverage, and financial stability with better rates at a young age is permanent life coverage. With your healthy lifestyle and age, you will be an extremely low risk for insurance companies, so you will secure lower premiums and build your cash value in your policy in case you end up needing it later on.
If you are middle-aged but still healthy as can be, your rates will still be a bit higher, however you should be able to qualify for permanent life insurance and receive decent premiums because of your low risk. This is still the best policy you can get if you are in shape and can afford it.
Not only will this policy provide lifelong coverage but it can be a good financial investment for retirement or other needs. You have a few choices of life long coverage, such as a variable insurance policy or a whole life policy, but when you factor in your income and your financial status, your agent can help you determine which type is best for you.
Young/Middle-Aged With Health Issues
Based on your age, and your below average health status, a term life insurance policy with a short term allowance might be best for you. If you can improve your health by losing weight, quitting nicotine, or overcoming an illness, you may be able to get lower rates in the future. But if you need life insurance now that is affordable and that will likely accept you, then term life insurance may be your best bet. With term life insurance, you can get coverage for a specified amount of time, starting at ten years of insurance, at a low set rate. However, if you need more insurance after the set time period, you will likely see your premiums arise steadily. With term life insurance, however, the insurance companies are much more accepting of your health, and there are a variety of policies you can look into it in order even avoid getting a health exam. Both young and middle aged adults can benefit from term life insurance, or even non-medical life insurance, if qualifying for permanent life insurance is a struggle.
Depending on your exact age and your financial status, you could look into either permanent or term life insurance depending on your coverage needs. If you are stable, but want basic insurance to provide your beneficiaries with a nice death benefit upon your passing, term life insurance may be the best for you, and may be easier to obtain. If you can qualify for permanent, it may still be an option, but the odds are less likely. Your agent can help you determine what is best based on your financial status and family needs.
Elderly With Health Issues
In this state, it can be extremely hard to get life insurance to cover your needs. However, it is not impossible. There are still some options out there for you. If you have the means and want to prepare for your cost of death, and provide some extra funds for your beneficiaries, you can purchase final expense insurance. It can easily be obtained and can provide coverage at a set cost to help a bit with funds after your death. If you don’t have as much money to do so, you can just get burial insurance, to just help cover your burial expenses to lessen the burden on your family. This may be a less-inclusive policy, but anything helps!
While there are many other factors that play into your life insurance coverage, and needs may be different for each individual, this guide may be a good way to help you pick the best insurance policy based on your age and health status.