Are you too old to buy affordable life insurance?

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Getting life insurance protects your family’s financial health if the unthinkable happens. But rates and eligibility change with age. The older you are, the more you pay. Depending on your age, you may also be ineligible for traditional life insurance.

Matt Rowles, former director of advanced marketing for individual life insurance at Prudential Financial, who is now retired, said there is a point in life when life insurance is probably too expensive.

“Old age and poor health will certainly drive up the cost of insurance. If it drives it to a point where it makes little financial sense, that is probably the point where life insurance is not appropriate,” says Rowles.

But, if you need coverage, there are options. Read on to learn more.

How to get life insurance

First things first, you should shop around and compare quotes from multiple insurers. While one insurer may reject you or charge you high premiums, another may offer an affordable policy. Comparing quotes is the best way to find a policy that works for you.

If rates are too high or you’re ineligible for traditional life insurance due to your age, there is an alternative option so you can get the coverage you need: final expense insurance. Final expense insurance offers coverage to people who are ineligible for traditional life insurance due to their health or age, but it is a lot more expensive.

Is life insurance worth it?

Life insurance provides an income replacement to your family if yu die. But if you are unable to get affordable coverage due to your age, the investment won’t pay off the way you had intended. Life insurance might not be for you if:

The rates are too high and will cost more than the death benefit in the long-run
Your children are self-sufficient and aren’t relying on you to care for them
Your mortgage is fully paid off and you don’t have any outstanding debt that your spouse will need to pay off when you die

If those situations sound like you, there might be better ways to provide for loved ones after you die. This can include your savings or home equity.

However, many people maintain a life insurance policy as more of a bequest than a necessity.

If you want to leave a legacy, “life insurance is an excellent way to do that,” says Rowles.

Creating a legacy for a charity or a loved one is a common reason why seniors continue to pay into a life insurance policy when they no longer have dependents.

“Since life insurance death benefits are income-tax free, it is a great way to leverage your dollar and leave money to someone you care about,” says Gail Linn, financial advisor at Fortis Lux Financial Services. “Since life insurance death benefits are income-tax free, it is a great way to leverage your dollar and leave money to someone you care about.”

Regardless of what option you choose, make sure you shop around, get quotes from multiple companies, and research the company’s reputation. If you’re shopping for life insurance, a good place to start is to review Insure’s Best Life Insurance Companies.

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