Top 10 things you need to know when you are trying to get life insurance in your 40s and beyond

Purchasing life insurance once you're in your 40s can be pretty difficult. The older you get, the more expensive your insurance premiums become. At this age, you are the breadwinner of the family, which translates into bigger financial responsibilities for your spouse and children in your absence. Here are the top 10 things that you should be aware of when purchasing a policy after 40:

  1. For adults in their 40s, the main purpose is to have coverage for funeral expenses, mortgage debts, and the day-to-day needs of your spouse and children.  If you bought a policy in your 20s or 30s, you are well and good. Shopping for it at this stage of life can be an ordeal, but not impossible. Get in touch with a life insurance agent/broker to get the right quote.
  2. There are several types of life insurance policies sold on the market today. Of course, some of us in our 40s are less risk tolerant when it comes to investing our life savings in permanent life insurance; while others believe that permanent life insurance allows us to dip into our built-up cash value in times of emergencies. Term life insurance is preferred by many people who want to meet their family's insurance needs at cheaper rates. Consult a life insurance agent/broker and assess your family lifestyle and financial circumstances when going for a particularly type of policy.
  3. When dealing with a life insurance agent or broker, you should properly their qualifications and get information on the financial solvency of the insurance company.
  4. Make sure that the coverage is adequate for your family. The insurance coverage should be five to seven times more than your yearly earnings. Sit down with an agent or broker to evaluate your financial standing before actually deciding the coverage for the life insurance policy.
  5. For those with serious health conditions, you can shop around for specialty insurance products on the market that choose to insure individuals who are unable to obtain regular life insurance.
  6. Insurance companies usually determine your premium based on your health history, family health history, smoking history, and your occupation and hobbies.  You must provide all pertinent facts when filling out the application. If you are caught intentionally hiding information about your health, the insurance company retains the right to deny the claim to your beneficiaries in your absence.
  7. When buying a life insurance policy, it is of the utmost importance that you have a complete understanding of the policy you plan to purchase. Depending on your financial and family circumstances, you might consider going for riders to protect your family. Even if you decide to cancel your policy, you can do so within the 30 day grace period and receive a full refund of your premium.
  8. Ask any questions to your broker/agent about reinstatement of the policy in case there is a lapse for late premiums, issuance of policy, effective date of the policy, etc.
  9. If you own a life insurance policy that has expired, it may be difficult for you to renew it as you get older. Many insurance companies might ask for medical check-ups before deciding to renew your policy. If any illnesses are found, the company may opt to deny coverage or renew coverage with higher premiums.
  10. As you enter your 50s and 60s, life insurance becomes extremely expensive and it is very important to shop around. There are many life insurance companies that cater to senior citizens by offering term and permanent life at comparatively affordable rates.

Get in touch with a licensed agent today who will help you select a policy that safeguards your family’s financial interests.

Affordable Life Insurance Rates
Are Waiting For You!
Choose Your State

Related Information

What is Life Insurance? Benefits and Types of Insurance

Life insurance helps ensure your loved ones and dependents are financially secure if you pass away.

Read More

A Guide to Who Should Get Life Insurance

Who should get life insurance? Use this simple guide to decide if it's time for you to purchase a policy. Get a quote today.

Read More

Why Have Life Insurance? | 7 Essential Reasons

Find out why it is important for you to have life insurance with these 7 simple reasons. Help protect your family from financial instability after you're gone.

Read More

Average Life Insurance Payout Time

It could take as little as two weeks to receive a life insurance payout if the policy is simple. Find out what can affect payout times.

Read More

What is the Definition of Life Insurance Premiums?

By definition, insurance premiums are the dues you pay monthly or annually. Life insurance offers fixed or adjustable premiums.

Read More

Is Life Insurance Really Worth It?

70% of those living in the U.S. consider life insurance vital. If a spouse, child, or anyone has ever relied on you, then life insurance is worth it.

Read More

What are the Benefits of Term Life Insurance?

With a term life insurance policy in place, you can help your family cope with loss of income after your death.

Read More

Understanding Life Insurance

This primer will help you learn how life insurance works and the different life insurance options you have to choose from.

Read More

How Much Does a Life Insurance Policy Payout After Death?

If you have a life insurance policy, a payout of the death benefit is preceded by a claim providing a death certificate.

Read More