iQuanti: It's never too late or too early to start making end of life plans. Life insurance provides a financial cushion to the people in your life that depend on you the most. When you die, your beneficiaries will receive a death benefit that can cover the cost of any debt you may leave behind as well as the cost of monthly bills and end-of-life expenses.
Read on to learn more about what age to buy life insurance and the benefits of doing so.
Buying life insurance when you're young
There is no minimum age for someone to have a life insurance policy.
If you're a parent or guardian, having life insurance for a child can be a good idea. You can never predict what may happen in the future. Buying a whole life insurance policy for a child can add a level of financial security.
If your child develops health complications or unexpectedly passes away, the death benefit of a life insurance policy will help you with medical bills and any other financial responsibilities related to their death. Or if they grow older and decide they don't need the coverage, they can tap it while they're still alive in the form of its cash value.
Buying life insurance when you're older
Many life insurance companies stop offering coverage to applicants between the ages of 75 to 80, although you can find some companies that will accept applications if you fall in that age range.
For older people, life insurance is typically a means of ensuring that end-of-life costs are covered, as well as potentially leaving a legacy for the next generation. Life insurance can give your beneficiaries an income replacement for your pension when you die as well.
What insurance is best for you?
Selecting the best life insurance depends on your personal needs. You'll need to consider your age, health, what you can afford, and how much coverage you think you'll need.
Term life insurance is a good option if you fall in a higher age range and only want a short-term policy. It's also a common choice if you're young or have a family and want to save a few dollars on your policy.
Whole life insurance is beneficial if you're looking for a policy that will cover you for your entire life and allow you to leave an inheritance to your beneficiaries. If you have assets like a business or an estate, you may want to consider a whole life policy.
The Bottom Line
Life insurance is valuable to have regardless of your age.
You can purchase a policy for your children to protect their insurability or help them build a safety net. As you get older, it might be more challenging to find a policy because of your age and health status, but options are available for you.
Term life insurance is an affordable option, while whole life insurance will cover you for the rest of your life and will grow cash value. Having life insurance at any age will provide your beneficiaries with peace of mind and help avoid financial hardships when you're gone.
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Original Source: When Are You Too Young or Too Old for Life Insurance?
