This is what life Insurance coverage can look like according to age
You can find affordable and high-quality life insurance coverage whether you’re just starting out, (just graduating college starting your first corporate job) married with children as well as purchase of a home, and just starting out retirement. When it comes to life insurance, your age and health is what insurers consider to determine your rate of premium.
The younger and healthier you are the lower the premium will be. Usually, you get the best rates in your 20s or 30s and the reason is insurer is taking on less risk providing coverage for young people who are most likely in good health.
Buying life insurance in your 20s
Here are some examples of term life insurance rates when buying coverage in your 20s. For instance, a 25-year old man in perfect health could purchase a 20-year, 250,000 Mutual Of Omaha Term policy for as little as $24.08 a month. If you decide to purchase a 20-year term life insurance policy at age 25 with a 2 year old child, you would have coverage in place at a low monthly rate to protect those you love in the event of your death.
Furthermore, most people who are in their 20s are at a time when your health history is probably the best it will ever be. From an insurer perspective, the younger you are-the longer your life expectancy; the lower the average life insurance cost could be.
If you are in your 20s and single with no dependents, life insurance may not be something you need to obtain immediately. You have time to decide on a life insurance company and your elected insurance product.
Remember that life insurance is not a one-time purchase. You should revisit your coverage needs when you start having children, take on more debt and numerous other life changes which have a financial impact. If you only need a small policy now, you may want to consider purchasing more coverage as your lifestyle changes, such as when you have kids or after your income has increased significantly.
Buying life insurance in your 30s
By the time you enter your 30s, life insurance becomes more important. Typically, most people in their 30s are likely to be married, have purchase a home, have kids, drive a couple cars, and lots of bills to pay.
With so many financial responsibilities and more likely still in good health, your 30s are one of the best times to check your life insurance needs. Say if you purchased a small policy in your 20s or get coverage through your employer, this is a good time to resolve your life insurance needs.
First of all, employer-provided policies you do not own so if you end up leaving; you no longer have that policy unless it can be converted to an individual policy.
Obtaining term life insurance coverage can still be affordable in your 30s. Case in point, a 35-year old woman in great health can purchase a 20-year, $250,000 Mutual Of Omaha Term policy for as little as $24.51 per month.
In your 30s Life insurance proceeds could help your beneficiaries pay:
· A mortgage that your partner couldn’t pay off without your financial contribution
· Protect a stay-at-home mom or dad who relies on your income
· Day-to-day childcare expenses and possibly college
· Serve as a financial cushion to keep your family from tapping into savings to cover the bills
Buying life insurance in your 40s
If you’re uninsured or underinsured, your 40s are the time to adjust your life insurance needs before rates get high. Age matters to insurers, and you want to make sure you find an insurance provider with affordable life insurance options that meet your individual needs.
Maybe you have coverage through work, but concern it’s not enough. Assuming you plan to stay at your job for some time, an individual policy can help supplement what you’re already getting through your employer.
Maybe you purchased a term life insurance policy in your 20s with a 20-year term length that’s about to expire and are actualizing you need more time added on to provide further financial protection. This can happen if a mortgage took longer to pay off, you had your first child, or if you’d like to provide a little more of a financial security for your spouse or children.
People are living longer, and your 40s are still a time when you might be in good physical health, therefore, you can still find coverage at affordable rates.
A 20-year, $250,000 Mutual of Omaha Term policy could cost as little as $47.73 for a healthy 45-year-old woman.
Or, if you’re looking to add on another life insurance policy since the policy term from your 20s is about to terminate, a 15-year, $250,000 Mutual of Omaha Term policy would cost a 45-year-old man in great health about $47.95 per month.
Buying life insurance in your 50s
To be transparent, buying life insurance in your 50s will cost more. With that said, if you have few assets and financial dependents that rely on your income, you should not neglect coverage.
Research shows that most Americans overestimate how much life insurance will cost; here are a couple examples of what coverage rates could be in your 50s. A 20-year, $100,000 Mutual of Omaha Term policy would cost a 55-year-old woman in excellent health about $59.81 per month. The price of coverage comes in higher for a man of the same age and health at $79.08 per month.
In your 50s Life insurance proceeds could help your beneficiaries pay:
· The remainder of a mortgage that took longer to pay off than expected
· Debts or unpaid bills you wouldn’t want your spouse to be left with
· Protect a non-working partner who relies on your income
· Serve as a legacy or financial cushion for your beneficiaries
· Medical bills or other final expenses
Buying life insurance in your 60s
It’s not too late to buy life insurance once you’re in your 60s. Mutual of Omaha sells affordable term policies to individuals passed their 60s range from ages 18 to 80. The main difference between life insurance in your 60s and everything before then is that you likely will not be able to buy a policy that has a term length over 20 years.
To keep costs down, and assuming you’re not putting loved ones at financial risk with this choice, it’s a good idea to stick with term lengths of 10 or 15 years.
For example, a 10-year, $100,000 Mutual of Omaha Term policy for a healthy 60-year-old woman will start at $53.02 per month. For that same woman a 20-year term policy, you’re looking at about $101.78 per month.
While not inexpensive, that coverage can provide a considerable financial cushion to your spouse or children.
In your 60s Life insurance could help your beneficiaries pay:
· Debts or unpaid bills you wouldn’t want your partner to be left with
· Protect a non-working partner who solely relies on your income
· Serve as a legacy or financial cushion for your beneficiaries
· Medical bills or other final expenses
Before choosing a policy, make sure to experiment with a few different sides before you settle on one to meet your needs. Slightly changing the term length or coverage amount could result in a significant drop in pricing, which may not be pernicious to your beneficiaries if you’re looking to provide a small financial cushion.
Furthermore, seriously consider your financial situation before you buy life insurance in your 60s. Perhaps you no longer need income replacement if your debts are paid, your spouse is diving into retirement, and you have no financially dependent children. The monthly premium might be better put toward building up additional liquid savings.
You’ll just need to be more selective on how much coverage you get and what the term length should be. A shorter term length, such as 10 or 15 years, is going to cost you a lot less especially if you are inquiring about coverage in your 60s. In your 30s and 40s, it’s often imperative to consider a “better safe than sorry” approach and purchase more coverage. If you’re in your 50s, it’s a good idea to consider what may be the right amount of coverage for your financial situation to make sure you’re not over-insured and overpaying for coverage. To inquire about coverage, obtain a quote a so you can make an informed decision to assess what right for your situation or if you have any questions email at neilh@nhinsurance.net
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