What is the Best Life Insurance for Ages 30-50
Finding the best life insurance policy for ages 30-50 depends on numerous factors, the most important being the state of health and the age of the applicant.
There are ideal insurance policies for all age ranges, but know that there’s never a set type of life insurance policy that a person has to get at a certain age. There are just more popular life insurance policies available for people in that age range.
That being said, as long as they are healthy, most people that are ages 30 through 50, would be considering term life insurance as their best option, depending upon how much coverage they need.
You may only need 50 or a hundred thousand dollars in coverage, or you may want three or $500,000 or more in life insurance coverage. I all depends one how much coverage you want and how much coverage you can afford.
Fully Underwritten Life Insurance Term Policy
Term life insurance is pretty flexible. If you are extremely healthy, meaning your height and weight is
right about where it should be and you’re taking zero prescription medicines and you have no medical diagnosis, this type of life insurance policy may be best for you.
So if your perfect health, essentially, then you’re probably going to be a good candidate for a fully underwritten life insurance term policy.
A fully underwritten life insurance policy generally requires a medical exam to establish the premium rate you’ll pay based on the results. In addition to the life insurance application, a fully underwritten life insurance policy typically includes a blood and urine sample, as well as checking your height and weight.
A fully underwritten insurance policy means that the insurance company orders a medical exam where the examiner comes to you at your home and evaluates your health to see if you can qualify for this type of life insurance policy.
And again, you don’t pay for it. You just schedule it when it’s convenient for you. they do a blood draw. They get a urine sample. They check your height and weight and they ask you health questions.
The evaluation usually takes about 30 minutes. The reason why you want to do this is if you’re extremely healthy and no issues and your doctors have never expressed concern over your health, you will get much better coverage at a much cheaper price.
Remember, getting a life insurance policy is basically a bet between you and the insurance company that you will outlive the length of the term policy and they will not have to pay any money out at its expiration while you are betting you will die before the expiration and your family gets to collect the money.
It’s pretty simple. That is why before they approve you they want to ascertain you are in the best health possible which increases the chances you will outlive the term of the policy and will have to pay even more for coverage after that. The healthier you are the less of a chance they are taking. The worse your health is the bigger chance they are taking and the higher insurance premium they will require you to pay to lessen their loss should you die before the policy expires.
Once a life insurance company evaluates your health the application is reviewed by an insurance underwriter to determine the risks involved in insuring you and the amount of premium you will have to pay for the amount of insurance you want.
Insurance underwriters are professionals who evaluate and analyze the risks involved in insuring people and assets. Insurance underwriters establish pricing for accepted insurable risks. The term underwriting means receiving remuneration for the willingness to pay a potential risk. Underwriters use specialized software and actuarial data to determine the likelihood and magnitude of a risk.
If you’re spot on the money health wise, meaning perfect blood pressure, no cholesterol issues, perfect height to weight ratios, this will drop your price down substantially, sometimes 70% or 80% when you go fully underwritten with a medical exam.
This type of policy only works for people that are in perfect health.
There are varying degrees health life insurance companies will consider when evaluating you and determining a premium amount for the level coverage you need.
If you are taking one or two or three prescription medicines and have no major conditions you may not qualify for a fully underwritten term life insurance policy. Nor can you be taking insulin injections for diabetes.
You cannot be on blood thinners either. There are certain medical conditions that are auto declined with this kind of policy. If you are a smoker you would be immediately disqualified. They will also look at your family’s medical records as well. Generally there can be no death due to heart disease or cancer of a parent or sibling before age 60.
Then there are the Super preferred plus health rating policies that are out there. Applicants in excellent health who typically haven’t smoked for at least five years may land in this category and get the best possible rates. You’ll need normal weight for height, normal blood pressure and cholesterol readings, and a clean medical history.
Even you’re driving record counts, too when applying for this type of life insurance policy.. Generally you won’t make it into the top class if you’ve had a DUI conviction within the past five years. You also will be disqualified if your license has been suspended or you have had more than two moving violations or accidents within the past three years.
Simplified Issue Life Insurance
If you have one to three prescription medicines, your height and weight is okay, it doesn’t have to be perfect, no insulin or cancer, heart disease, etc., most likely you may qualify for a simplified issue term life insurance policy.
That means is there’s no medical exam. There’s no blood draw. There’s no urine sample. No double-checking your height and weight.
All the insurance company does is check your MIB, your medical database.
There’s nothing else that’s required from you, except for submitting an application through your agent.
There are some amazingly well-priced simple issue programs, however not going to be as low priced as the fully underwritten ones. their are extremely well priced, simplified issue policies that we at Protect With Insurance, as your agent, certainly have access to.
Many other agents and agencies do not have access to what we have, but a lot of times the policies we offer can be super solid programs – some of the best in the country. The pricing is very good given that it’s simplified issue way better than the competition. And it’s going to be something that’s going to be anywhere from 10 to 30 years of protection.
Be Careful When Term life Insurance Expires
Keep in mind term life insurance policies expire. They have an end date and if you outlive the term of the policy, which usually run between 10 and 20 years, and wish to continue once the term ends the price to continue the policy rises astronomically. A lot of life insurance companies will let you do that but be prepared for sticker shock, especially if you are not aware of the expiration and believe your coverage remains in effect and the insurance company continues to automatically bill you at a much higher premium..
Be very careful. There are a lot of agencies out there that will sell you a term policy and tell you not to worry because it will continue almost forever and will not have to be renewed.What they don’t tell you is that they are going to increase your payment by eight to 15 times at the end of the term because you are much older and a much greater risk of expiring before the term ends.
At the end of that term period, all of a sudden your bill is going to skyrocket. Whether it’s a monthly bill, quarterly bill, however you have them bill you, they will take the money and not say a thing.
What they’re not disclosing is that at the end of the term, usually 10, 15, 20, 25, 30 years, at the end of that term period all of a sudden your bill is going to skyrocket, whether it’s a monthly bill, quarterly bill, however you have them bill you.
Be very, very cautious on that. If you’re not expecting that and you’re not paying attention, you can quickly go through thousands of dollars, even within just a few months. And if you’re really not watching, if you’re on vacation or if you’re just not good about watching your bank account, you can burn through $30,000 in a year once you get past those terms.
So just be very, very cautious and carefully choose your agency and your agent. Make sure that it’s someone that’s really looking out for you because most unfortunately there are bad apples out there.
You have to be very, very cautious.
We hope this has been helpful.
Throughout our website, protect with insurance.com, we have many resources and lots of blogs covering life insurance issues and facts. Look there for additional information on term life insurance. If you go to the tabs at the top of the screen, and you look at the different services that we offer, you’re going to see some more helpful information there and you can run some pricing as well. Otherwise reach out to us directly. We’d love to help you. Stay safe.