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Shopping for life insurance is a different experience at every stage in your life. Your reason for needing life insurance, your ability to receive coverage and the rates you’ll pay will vary but they all depend on one thing: your age.
In fact, age is one of the very first questions an insurance agent will ask you in order to determine what types of policies make the most sense.
For guaranteed issue life insurance, age plays a major role in determining if you even qualify at all.
The majority of carriers who sell no questions policies limit applicants to those between the ages of 50 and 80. If you are outside that range, they will not consider you.
Yet there is a small group of carriers that will accept as low as 40 years old and as high as 85 years old. For people between 40-49, and 80-85, it’s important to know which carriers are best for you specifically.
Regardless of age, though, life insurance is important at every stage in life. If someone is financially dependent on you or someone you care about will be responsible for any expenses after you pass, then life insurance makes sense.
Below are reasons why you might consider guaranteed issue life insurance for your particular age group.
To compare guaranteed acceptance rates for your exact age, use the form on this page and enter your birthdate.
We’ve written an article on guaranteed issue life insurance in your 40’s for those in this age group.
Many people purchasing life insurance in their 40’s are building up their cash reserves, reducing debt, increasing retirement savings and ensuring their final expenses are met.
When shopping for guaranteed issue life insurance in your 40’s, you are inherently more limited than older age groups. This is because there is only one carrier today (as of February 2018) that will sell a life insurance policy to someone in their 40’s without asking any health questions.
If someone in their 40’s purchases a guaranteed issue policy, it is most likely because they have a serious health condition and are considered uninsurable. This is a rare situation, but it does, unfortunately, happen to young people.
When this is the case, a guaranteed acceptance policy is typically purchased to cover remaining debts, medical expenses and burial costs. Ideally, a person buying this type of policy in their 40’s has some savings built up, a 401k or other type of asset that their loved ones can utilize upon their passing. We say that this is the ideal scenario because guaranteed issue policies are limited in value amounts. People in their 40’s are available to take up to $40,000 in coverage with the one carrier that sells to them.
However, there are times when people in their 40’s believe they have to apply for a guaranteed issue policy when, in fact, they don’t. Since being terminally ill is rare at such a young age, we strongly advise people in this age category to research simplified issue policies that feature more benefits, higher policy amounts and more affordable rates.
We’ve written an article on guaranteed issue life insurance in your 50’s for those in this age group.
Buying life insurance in your 50s is an integral part of financial planning for your retirement years and final expenses. Part of a well-planned financial strategy is ensuring that your loved ones will not have to take care of any final debts or burial expenses out of pocket. This usually becomes more apparent during this decade in life as more people within your network become affected by death.
Fortunately, all guaranteed acceptance life insurance policies are available to people in their 50’s. You will have ultimate freedom in which carrier you select and which plan is best suited for your needs.
Selecting a plan early and locking in the lowest rate becomes increasingly more important as you move through your 50s. It is also wise to begin working through the two-year mandatory graded period featured in all guaranteed acceptance policies.
Just like our advice to people in their 40’s, we do suggest that people in their 50’s double check that they’re not eligible for a simplified issue policy. This type features some medical underwriting but is not nearly as limited in benefits as a GI policy.
Either way, don’t let the higher rates sneak up on you just like your next birthday.
We’ve written an article on guaranteed issue life insurance in your 60’s for those in this age group.
Your 60’s are typically your peak savings years where you’re determining when/if you can retire. People in this age bracket are also commonly forced into early retirement because of health or employment issues and even taking care of elderly parents.
It can be difficult to add another monthly expense at this age, but it is also increasingly more important to not leave your loved one’s financially burdened with any final expenses.
It’s important to understand that you can no longer put off purchasing life insurance if it’s important to you and your family. Every year you wait, the costs increase more than in your younger years.
Many people in their 60’s purchase final expense policies to cover burial costs and outstanding debts. Those that have a higher risk purchase guaranteed issue policies where there is no medical exam involved, only paperwork and payment.
If you are in your 60’s, you must not delay any longer in purchasing a life insurance policy.
We’ve written an article on guaranteed issue life insurance in your 70’s for those in this age group.
When you are in your 70’s, you are either nearing retirement or fully retired. You’re most likely living on a fixed income and are buying insurance to cover estate planning or final expenses.
If you are uninusured or underinsured at this age, you and your family are increasingly aware of the costs that will be associated with your passing. These costs will most likely outweigh the monthly premiums of an insurance policy, even though it is now more expensive than before.
In our opinion, even if you are in your 70’s, it is never too late to purchase life insurance if you can find a way to afford it. Some coverage is always better than no coverage.
If you see that it’s too expensive looking at the quotes for your exact age, you might consider speaking to a loved one to help pay for the premiums. Since they are the ones that will be burdened if anything were to happen to you unexpectedly, they may be happy to share the costs now.
All guaranteed issue life insurance policies are available to people in their 70’s, but not beyond. It’s important to purchase a policy at your current age to lock in the lowest rate possible.
We’ve written an article on guaranteed issue life insurance in your 80’s for those in this age group.
When you are in your 80’s, your options for whole life insurance become drastically limited and much more expensive. In this decade, if you’re still in need of insurance, it is most definitely to help with final expenses and burial costs. You are certainly retired, living on a fixed income and are putting the final touches in place for your family after you pass.
Fortunately, it is not too late to purchase insurance if you are under the age of 85. There are several guaranteed issue carriers who will insure UP TO age 85, but not 86 and higher. If you are 86 or older, you do not have any options.
If you are between the ages of 80 and 85, it is important that you look at the monthly cost for a policy and consider the mandatory graded period that you must outlive for your beneficiaries to receive the full face amount. At this age, you are going to be paying several hundred dollars a month for a policy no matter if you’re male or female. The one good thing, though, is that even if you do pass away during the graded period, your beneficiaries will receive the premiums plus interest. The average interest amount across carriers is 10%, which is certainly higher than any investment you could make at this time.
Learn more about guaranteed issue life insurance over the age of 80 in our comprehensive review article.
No matter what age you’re currently at, everyone’s life insurance needs are different. Age is just one of several factors that affect the overall cost of a policy.
The biggest takeaways you should have after reading this article are:
- Factor in your nearest age and current age when looking at rates (which we can do for you). If there’s an opportunity to save money by backdating your age, we will try to do so.
- You can always get guaranteed issue quotes based on your birth date by using the form on this page. It calculates quotes based on your age nearest/current age, and is based on today’s date.
- Keep in mind, your actual rates will be based on your age when the policy issues.
If you have any questions about how your age affects life insurance or which policy is best for you, please do not hesitate to contact us directly. We’re happy to help!