Many people considering life insurance look to term life because it is the simplest of all life insurance products and generally, the least expensive. Term insurance rates vary considerably, and are dependent on a variety of factors including age, health, even gender. If you are considering looking into your options, here are a few tips for searching for term insurance rates by age that will help you make an informed decision.
Underwriting Rules Vary Between Insurance Companies
If you’ve ever had the pleasure of searching for life insurance, you probably already know how much information there is available. In fact, it can get overwhelming fast. But the good news is, more information means more choice, and it’s always better to have more options than less. When searching for term insurance rates by age, keep in mind that every company has different underwriting rules and it makes sense to compare a few different providers for the best value. For instance, one company may charge a considerable amount more after age 45, while another may not.
You Will Pay More The Older You Get
If you are serious about purchasing term life insurance, the time to buy is now. Insurance providers set rates based on risk, and the logic is, the older you are, the more risk you pose. If you are over 50, you will pay a higher premium for term life insurance than someone in their 30’s. The key is to understand that age is an important variable, but it’s not the only factor involved.
Lead a Healthy Lifestyle, Mitigate Risk and Keep Premiums Low
Believe it or not, you have more control over your life insurance premium than you realize. While you cannot change your age, you can take proactive steps to lead a healthy lifestyle to mitigate risk and keep your premiums low. If you do not smoke, refrain from dangerous hobbies and generally take care to maintain a healthy body weight, you are more likely to receive manageable quotes for term insurance rates by age.
Securing affordable term insurance is possible at any age. The key is knowing what you can and cannot control. Keep in mind that different insurance providers have different rules when it comes to setting rates and providing quotes. Stay healthy, stay informed and secure affordable term insurance rates by age that fit your needs and your budget.