Life has no set path. No proven route. One minute you could be chatting with a neighbor, only to be struck down a short while later. If you've made it to your forties and have not purchased life insurance, you simply must get started - life insurance is very affordable if you are between 40 and 50 years of age.
As we age, life insurance prices also increase. The average life expectancy in the United States is currently 78.5 years. By the time you've reached your forties, you are at the half way mark. For this reason, insurance companies charge higher rates to offset the chances that you will die before the policy runs out.
Insurance companies state that the best time to buy life insurance is before your 50th birthday. When you turn 50, rates rapidly increase. The sooner you purchase a life insurance policy, the better your chances at finding affordable coverage.
There are two options when purchasing life insurance: term life and whole life. Term life come with a pre-selected expiration date, usually 20 years. You make payments on the life insurance policy for the full 20 years. Payment terms are generally affordable. Whole life has much larger payment terms, but a portion of your payment is put aside into an interest bearing account. The interest is generally minimal. You should consider the benefits and downfalls to each policy before making a final choice.
Insurance salesmen push whole life insurance policies because the rates remain the same throughout the person's life. This is a strong selling point. Unfortunately, the higher rate may negate any savings you are setting aside. Life insurance agents love selling whole life policies because they gain a bigger commission. All they are seeing is the money they could be putting into their own wallet, not the money they are taking from yours.
No matter what insurance policy you select, you will need to undergo a brief physical for many life insurance policies. These are held in the privacy of your own home or office and require a blood pressure test, weight, pulse, and blood samples for drug screening, cholesterol and liver function. These exams are scheduled to be completely convenient for you and do not cost you a penny.
The worst part of death can be that you've not prepared and left your significant other or family with financial burdens they cannot handle. Purchasing a life insurance policy is the smartest thing you can do for them. Those who put issues like this off are often forcing their family to face loss of personal items or even the home you shared.