Age and Life Insurance go way back. What is the convenient time to take up life insurance? Are my premiums going to be lower if I take up the policy now than in the future? For how long should and can I pay for that policy? These and many more questions flock Assure-Us offices in Miami Beach, FL. For starters, this article will be your guide to mastering age and life insurance, so read on!
Basics of Age/Time in Life Policies
To understand age’s significance, master the role of time and the three life insurance types. Term life policies have low-cost premiums running for 10, 20 or 30 years. A whole life policy accumulates a cash value throughout your life serving as both an investment and policy. Lastly, universal policies have lifetime premiums that are flexible as you can switch from savings to as insurance easily.
The Impact of Age
Now that you understand the three, your age comes in. Insurers in Miami Beach, FL use your age, health and other factors to comprehensively determine the size of your premiums. Of these factors, age is the inordinate contributing factor to how long you will and can be able to service your premiums.
A secret insurers will not tell you is that the interest rates, for let’s say, 3 years to come. At Assure-Us, Life insurance policies increase in rates averagely by 8-10% if you take one in your forties and 10-12% in your fifties. Still thinking of what age to start? Now is best and affordable. As seen, the more time you wait to get a policy the pricier it will be. To beat this yearly rate increases, choose a lifetime policy. With this policy, insurers will calculate your premiums based on your age, and then spread them evenly for the 20-30 years giving you yearly invariable premiums.
Mastering age should be easy. For any left out issue or more details, contact us.