When it comes to life insurance, age is a significant factor. Insurance companies in Clarkston, MI, including The Ryan Insurance Agency, take age as an important factor when calculating life insurance premiums. Technically, it is never too late to buy life insurance, but there is always a catch–it is much more expensive.

How age impacts life insurance

If you wait too long before buying your life insurance policy, you may end up paying higher premiums or end up settling for a policy that you don’t need. However, that does not mean that your life insurance will be any less useful–it will remain a valuable investment irrespective of your age. Therefore, if you are in your golden years or fast approaching them, speak to any The Ryan Insurance Agency agent, and we can help you with useful advice to help you make an informed decision. We can also provide you with a fully customized life insurance policy to fit your needs and budget.

Is it too late based on my health?

If you are diagnosed with a deadly disease, your insurance premiums can hike up to two times the cost of other healthy policyholders. When it comes to health, age doesn’t come into play. It can only be considered when the individual has lifestyle habits like drinking alcohol or smoking at their senior age. However, if the diagnosed person is older than 80 years, it may be challenging to get a decent life insurance policy. In this case, it may be too late.

When should I buy life insurance?

The Ryan Insurance Agency recommends buying insurance as early as 20 when you are just getting your life in order. The sooner you purchase coverage, the cheaper it is, and the better the yields than when you are in your 60s or 70s.

For more information, queries or quotes, visit us in Clarkston, MI today!