When is it too late to buy life insurance?

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!

Life Insurance Frequently Asked Questions With The Ryan Insurance Agency

At The Ryan Insurance Agency in Clarkston, MI, we want all of our clients in Michigan to understand their life insurance options. Many people do not consider the fact that they need life insurance because it is not a requirement and it often slips between the cracks of so many other things to do each month. We understand, but we also want you to understand how easy it is to purchase a life insurance policy that fits your specific needs. 

Life Insurance FAQs

  • Do both people in a marriage need life insurance or is it enough to just cover the primary bread-winner?  It depends on your individual situation. However, even the spouse who stays at home and provides child and home care will leave a financial burden if they pass because of the cost of filling the role they worked. 
  • How much coverage must I purchase? It really is a personal choice. Many people look to cover their student loans and funeral costs at a minimum. If you have a mortgage, you can get a policy specifically to cover that so your family is left with a home. The limits are up to you. 
  • I am young, do I really need any insurance? The fact is that anything can happen, and if you have minimum funeral coverage, at least you are protecting your family from that burden. 
  • Is it difficult to buy life insurance? It can be as simple as a phone consultation to discuss your needs and lifestyle. 

Contact us at The Ryan Insurance Agency in Clarkston, MI if you have any other questions about life insurance or if you want to start the process of buying a policy to cover your loved ones. We serve Michigan with quality insurance services and are happy to talk with our customers about their real needs, person to person. We are ready to help you get started with a life insurance policy.