Term Life to Age 70 – FAQ About Insuring Older People

Why is Term to Age 70 different than normal term life insurance policies

?

Most of the time, you will select a period of years to cover. It is common to select from ten, fifteen, twenty, or thirty year periods. This makes sense, and allows a person to estimate how long they will need to protect their home and family.

For instance, a young man or woman may wish to have a large amount of coverage while their kids are young and their house still has a mortgage. In fact, a product that is meant to cover a home loan is so common that insurers even have a term for it mortgage protection insurance.

- Term Insurance

You Keep Coverage From One Age to the Next!

But some insurers offer a different product that is not sold for a specified amount of years. This is purchased once, but with rates set in five year bands. For instance, a person who is 35 to 39will pay one price, while a person who is 65 69 will pay another price. Gender usually affects the price too, and at the initial purchase, some health conditions may cause the price to be rated up.

However, if a healthy 30 year old purchases the policy and develops diabetes at 59, they do not need to worry about their health being evaluated at 60! They automatically qualify for coverage at the next age band.

Why Consider Term To Age 70?

If you are 31, and you buy a 30 year policy to cover you until you are 61, you may not have protected you the way you should have. You probably anticipate that your home loan will be paid off, your kids will be educated, and all of your obligations will be over in 30 years. Maybe you also have some coverage at work so you can count on.

- Term Insurance

But like does not always work out in the neat way that financial planners like to illustrate for us.

You really cannot anticipate what will happen in 30 years. You may change jobs or start your own business, so you will lose a group life insurance benefit. You may move or refinance your original home. Perhaps the 3 bedroom house that seemed great when you only had 1 child seems cramped after your wife had twins to add to your family.

In addition, many families have found that their kids have not gone on to be as self sufficient as planned by age 30. We are seeing more and more grown kids return to their parent's home, and some of them even return with their own children and spouses. Just because you reach age 60 or 65, does not mean that your obligations end.

In fact, people are leading longer and healthier lives than ever before. It is not uncommon to see people in their 50s or 60s start a new career or business. Sometimes middle aged or older people decide to buy a second home too. Some of them even go back to school to seek the rewarding type of education they could not do when they were younger. The security of coverage can really help.

http://www.terminsurance.pannipa.com/2009/10/term-life-to-age-70-faq-about-insuring-older-people/

Term Life to Age 70 FAQ About Insuring Older People

By: kadinblog

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