Is there any sort of age limit when buying life insurance?

UPDATED: Aug 26, 2013

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Asked August 26, 2013

1 Answer

The very best age to buy a life insurance policy is immediately after you are born. From that time onward, the cost of your premiums will increase steadily as the risks against your health and life increase. For example, a child may not have asthma or diabetes, but may develop them later in life. By purchasing an insurance policy before the conditions occur, that child would be guaranteed life insurance coverage for as long as the premiums were kept up to date.

Additionally, a permanent life insurance policy for a child is very affordable. By the time the child is 18, there can be enough accrued cash in the policy to pay the premiums from there on. In that way, buying a policy early in life can create a self-maintain policy later, or a cash value that can be borrowed against without collateral or a credit check.

As you get older, the risk of insuring your life increases. Because of this, the cost of a permanent life insurance policy for a senior will be many times higher than for someone in their late 20's. Some insurance companies may have age limits when they stop issuing new policies, but a majority of companies will simply increase the premiums based on the potential risk of insuring you. Keep in mind, though, that most policies will be contingent on passing a medical exam, and you could be turned down for health reasons as you get older.

There is also a type of permanent life insurance called final expense insurance or funeral expense insurance that does not require a medical exam or pose age limits. This type of policy is designed solely to pay for a person's final expenses, including a funeral, burial plot, or cremation. Instead of paying to the beneficiaries of your choice, final expense insurance typically pays directly to a funeral home or director. Because it is limited in value and usefulness, final expense insurance is usually very affordable, and is available for anyone regardless of their age.

Answered August 26, 2013 by Anonymous

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