Unlike car or health insurance, many people view life insurance as a nonemergency. They often wait until their finances improve or until they have dependents. But waiting too long may mean being ineligible for life insurance coverage. The team at The Ryan Insurance Agency believes no one in Clarkston, MI, is too old for life insurance, but our carriers may see things differently.

Is There an Age Limit on Life Insurance?

It depends on the carrier or company where you purchase life insurance and the type of policy you want. Some may end coverage at 55, and some will stop in the 60s age range. Most won’t sign new policies between 75 and 80 years of age. Finding life insurance after that is challenging, but it isn’t impossible. Whole life insurance has a higher age limit than term life insurance, and universal life insurance has a higher age limit than whole life insurance. (Whole life insurance and universal life insurance cover you for a lifetime, while term life insurance only covers you for a specified term, such as 20 years.) Additionally, a medical exam may be required to secure coverage.

What Happens When You Wait Too Long To Get Coverage?

Carriers and companies will thin out after their selected age threshold and continue to diminish until 75 or 80. Conversely, new policies such as guaranteed universal life and final expense insurance emerge as policy options. Options for term and whole life insurance decrease after age 75 or 80. Universal life insurance becomes a valuable option at that point. Universal life insurance allows you to adjust your premiums and death benefit, but it comes with risks, including higher costs and investment risk. All choices will decrease until age 100. At that point, a handful of carriers and companies will offer coverage.

There’s a reason you see life insurance commercials promoting an age range. Those people can still get the maximum benefits. When you enroll outside of that, your choices decrease. At The Ryan Insurance Agency, we want every customer to secure life insurance regardless of age. We will review our carrier policies and discuss the prices and benefits available to you. You can choose the most suitable policy. Contact our Clarkston, MI, office for more information.