There are so many different insurance options available today that it is really easy to get overwhelmed by it all. One type of insurance that most people are aware of is life insurance. If you’re considering investing in a life insurance policy, you should know that one of the key factors taken into account is your age. Continue reading for more information on how age can impact your life insurance policy.
Why Does Age Matter?
The fundamental reason that age plays such a significant role is tied to the function of life insurance. Rather than it being something you use while you’re alive, life insurance is an investment that provides a safety net for whomever you leave behind after you pass. The older you are, the harder it is to find a policy with low premiums, which is why it’s recommended that the earlier you invest, the better. Other factors, like health and lifestyle choices, are also considered when choosing an insurance policy.
How Much Does Age Matter?
Age plays a significant role in increasing policy rates throughout the years. For instance, if you wait between five and ten years to start your policy, on average, you could see rates that you pay for a new plan increase by 8-10% for each year that you age, until you reach your 50’s at which point they will typically increase 9-12% per year.
Are There Options When You’re Older?
As you get older, many viable life insurance policies are still available. Age usually is not a disqualifying factor for life insurance on its own. However, once you reach a certain age, it can become increasingly difficult to find a plan with low rates to accommodate your needs. Remember, life insurance is an investment, and the earlier you invest, the larger your investment.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.