When thinking about the future, we often consider what our families and loved ones will do should we pass away unexpectedly.
One of the many concerns we may have includes how they will go about paying final expenses, personal debts, and mortgages as well as continue being able to afford living expenses.
By the age of 35, we have usually started looking into life insurance options or at least considered it in an attempt to help financially support our family in the event of a tragedy.
While some may believe age 35 is too late, or maybe too early, to start thinking about life insurance, it may actually be the perfect time to secure a policy.
By the age of 35, we have a good idea of what type of coverage our family will need and what types of payments will fit into our household budget. Also, those in their mid to late 30s are usually pretty healthy and active, making them the perfect candidate to apply for a life insurance policy and be able to take advantage of different options.
Policy Affordability Over 35
Since many individuals around the age 35 are healthy and active, many insurance providers are comfortable providing them coverage at a lower premium rate since there is a lesser chance of them making a claim.
Insurance companies always take a look at the applicant’s health when determining premiums so, if you are healthy and not taking medications for things such as high blood pressure, diabetes, or high cholesterol, chances are you will not be asked to pay high monthly premiums.
Qualifying for Life Insurance Over 35
For the same reasons that insurance coverage is affordable for those age 35 and over, it is also easy for them to qualify for a policy. Healthy individuals are much more attractive as applicants to life insurance providers and often they will be qualified for a policy even without an in-depth medical exam.
Generally, the time to secure a life insurance policy is when you are at the peak of your health. Most people at this time are easily qualified and lock in a lower premium rate than someone on medication or with a medical condition.
More Options for Those Over 35
Regular, basic term life insurance is usually the most affordable and most often chosen life insurance policy available today. While this may seem like the most logical choice from a budget standpoint, there may be other insurance options available to a healthy 35-year old that are just as cost effective.
Some other, more robust, life insurance options you may want to consider include Return of Premium Insurance, Universal Life Insurance, and Whole of Life Insurance.
Any of the policies listed above should be considered as alternatives for an everyday life insurance policy, especially for 35-year olds who are generally in good health.
These types of policies are often more expensive because of the different features they offer, but well qualified candidates can sometimes secure these types of policies for the same or similar price of a regular life insurance policy. Make sure to take your family’s financial needs into consideration when making a policy decision.
Genesage Can Help
While it is great that individuals who are healthy and around the age of 35 have so many affordable options, it can sometimes be difficult to make a decision about which policy and insurance company is the right choice.
Once you have an idea of how much coverage your family will need and what features you desire in a policy, you should also compare similar policies from a number of different life insurance providers, helping you to find the best possible deal for your life insurance policy.
If the choices seem overwhelming, consulting a knowledgeable life insurance provider can help to explain the options and the process, making the decision a little easier.
The professional life insurance advisors at Genesage can help you to determine the best possible coverage options for your unique situation and then help to walk you through the different insurance providers and premium rates on the market.
With Genesage’s help, you can find the best possible policy to fit your needs and your budget.