Why the Older You Get the More You May Have to Pay in Life Insurance

“Face it mummy, you’re ancient history!” Now that some tomb raider has helped you escape, you want to get a low premium policy. Girl, please! Of curse, we understand that you’ve been wrapped up in getting your body back together, but you should have thought about life insurance a thousand years ago, if you wanted great rates.

Hey, you may look good for your age, but your hopes for decent life insurance rates are buried in 1127A.D. You see, for a term policy the premium amount increases about 8% to 10% for every year of age. If you do the math, you’d have to be a pharaoh to afford it.

We, at Achieve Financial Group, realize that this is ‘mum’umental for you, so we’ll write it out in hieroglyphics to make it clear.

Life insurance policy rates increase every year by 5% to 8% in your 40’s and by 9% to 12% each year if you’re over age 50.
• Once the term of your current term policy expires, your rates could increase significantly because of your age.
• If you outlive the initial term, your insurance carrier must adjust the premium to reflect your new age.
• If you’re over 70, you may have limited options. For instance, you probably won’t get a 20-year term policy.
• If you’re over 45, you may be required to take a medical exam, blood test, urine test and have an EKG.
• Because of additional testing requirements, the examiner may discover more health conditions.
• Your carrier may require you to take a cognitive test if you’re a senior.

Since you’re so well preserved, you may think that age is just a number. Well, if you want an insurance policy, that number will determine how much you pay for your premium. Now, don’t unravel. Remember, it’s not too late. All you have to do is gather your gold coins and get your policy TODAY! Reach out to us to learn more about providing for your family in case you go too soon at [email protected]

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