When the words “life insurance” gets thrown around, adults of varying age groups have different takes on it. The consensus is it’s best to get one while you’re young since the younger you are, the cheaper the premium you have to pay. However, getting one at an early stage of your adult life presents one major hurdle: budget constraints. You may not be earning that much yet to be able to afford one, but it’s all about setting priorities.
You don’t need to worry if you still don’t have life insurance in your early 20s. You’ll get your chance once you’re earning enough and you’ve set your priorities straight. This may take years, to a point where you’ve already hit middle age or even beyond and getting life insurance has never been an option till then. But don’t fret. It’s never too late to get one. You just must deal with some disadvantages in signing up for one late in the game.
Different age groups mean different earnings, priorities, and responsibilities. Regardless of age, there is a life insurance plan that’s a perfect fit for you. You’ll have to figure out what your goals are, so you could prepare for them and protect your family in case the inevitable happens.
You would think your youth and excellent health are good reasons to forego life insurance, but this is the perfect age to think about preparing for your future. In the long run, a little financial planning can save you a large amount of money since soon, you’ll get your hands full.
While the idea of passing away isn’t even in consideration, getting one now should be a priority. Essentially, this is the preparation stage for all your goals in life: starting a family, climbing up the career ladder, and building wealth to achieve your dreams. All this will be the culmination of your efforts through the years of hard work and getting life insurance is one of the right steps to take in making them happen.
Being in your healthy 20s can let you take advantage of the best possible life insurance rates. You’ll be able to pay for affordable monthly premiums and reap the financial benefits to fund your goals.
By the time you reach your thirties, most of you would’ve started families. Some may even be running a business of their own. And if you’re thinking about postponing your life insurance, remember you’ll never be 30 again or as young as you are today, so now will be a good time since rates increase at around five percent per year in your 30s and each one that passes.
Forties: Because Life Begins at 40
Middle age is a time when you should be thinking about retirement, so income replacement is usually the primary reason people are looking for life insurance. If you’re the breadwinner, this should be a priority in case, by some unfortunate incident, you aren’t able to come home one day. Because let’s face it, your health won’t be like it was when you were younger.
You might think premiums would be astronomically high when you hit your forties, but this isn’t the case. There are flexible terms that could fit your budget. Considering factors such as age, gender, health rating, and financial situation, what’s recommended is the 20-year term insurance. This is ideal if you have older children who are financially stable with their own savings and if you think coverage would be redundant when you reach your 60s.
A 20-year term is a far better option than getting whole insurance. It’s more affordable and covers your needs in case of unfortunate circumstances.
When you reach your fifties, choosing the right life insurance is crucial since this may be the last policy you’ll ever buy. The trick here is to find the right agent or financial advisor who can help you find the type that you actually need.
To find the one that fits your needs, you should know the reason why you need one. It may be for income replacement or inheritance in such case you wish to leave your spouse and children a death benefit. This would be useful in paying for your children’s university fees, cover outstanding business obligations, or long-term care needs if you are unable to work due to health concerns, among others.
When you legally qualify to be a senior citizen, you might be asking if it’s still okay to buy life insurance. Yes, you still can, but you’ll be under special policies that cater to people in that age range.
By this time, most people your age will be suffering from some form of health condition. If you’re still working, replacing lost income and financing your long-term care in the event of your death are two of the main reasons you’ll need life insurance. You’ll have to look for shorter terms so you can still be able to pay for the premium during the remaining years of your professional career.
If you have made investments in real estate during your younger years, then policies like BPI-Philam’s Build Estate Plus can cover not only your life protection but also the estate taxes of the properties you leave behind. That way, your family can continue to enjoy the fruits of labor long after you’re gone—without burning through their savings just to afford the inheritance you’re leaving behind.
You Can Get Insurance at Any Age
Don’t be discouraged from getting life insurance even if you’re a little older because you can still have one regardless of your age. The one thing you should keep in mind is the older you get insured, the fewer policies to choose from, and the higher the possible premium.
To find that right life insurance term that fits your budget no matter your age, you can talk to a Bancassurance Sales Executive at any of the 800 BPI branches nationwide. Remember, now is always the right time to get life insurance.