There are a lot of life insurance commercials on television these days.
These life insurance commercials will talk about the age of an individual or their family members.
When inquiring about life insurance, a potential client will learn that there is age limit for obtaining life insurance.
If someone is concerned about protecting themselves or their families living expenses and health, they should consider purchasing life insurance coverage.
There are two ways a client, at any age, can purchase life insurance.
The first is "term" and "whole" life insurance.
Buying life insurance will increase the older one is.
The reason for this is the payout.
Insurance goes up because the insurer is getting older and the possibility of the insurer passing away.
Let's say an older person has retired and living off their pension.
That pension, for the most part, may not be guaranteed, due to company and state issues.
With life insurance, the insurer will be able to rely in this money for things like paying their mortgage, if it still is not paid off, outstanding monthly bills for electricity, property taxes, food, doctor appoints and the list can go on.
These are just everyday living costs, but what if the insurer passes away? The funeral and burial costs can skyrocket.
This leaves the living family members wondering how and who will cover these costs.
It is also good to consider drawing up papers on who will get the insurers estate, before the state takes this property and all that is in the estate.
Let's talk more specifically about a person's age.
The younger person pays a higher premium.
When an insurer is younger, with a family, they will be less likely to pass away and this is why the will have to pay a higher premiums.
A younger person's mortally rate is not as high as someone over 50 years old, who might pass away before someone in the 30s or 40s.
Also, a younger person should be in better health, especially if they are taking care of themselves with eating healthy foods and staying within a reasonable weight.
All these will factor into the cost of their policy premium.
Younger people are advised to lock in their premium too.
This is the best way to go because the premium will not change, like increasing, as they get older.
The older crowd, like baby boomers, is living longer, but they still have a higher chance of passing away.
This could be due to their health issues.
Sometimes, older will gain weight for a variety of reasons.
There could be something like a medicine that is affecting their ability to stay at a reasonable weight, and this can not be controlled.
Then, there is the food they choose to eat.
If there are a lot of fatty foods in their daily diet, like chips, a lot of bread, processed foods and so on this can cause them to become heavier.
If someone is on a fixed income, they are more likely than not, going to eat out more.
The majority of restaurant foods are filled with a lot of fat and ingredients not normally found in homemade meals.
Even though these are factors for the older crowd, they should expect lower premium rates if they purchase more insurance.
This should be something an insurer should discuss with their financial planner.