Protection Planning Common Questions |
Is it less expensive to buy life insurance while I'm young?
Answer:
Your insurance premiums will increase as your life expectancy decreases – the older you get, the more life insurance is going to cost you. Whether you buy permanent or term life insurance, it will usually cost you less while you're young.
If you're at high risk for a medical condition that might make it too expensive or impossible for you to get insurance later (e.g., a family history of cancer), consider buying life insurance while you're still young and healthy.
If you buy term insurance, ask about a renewability provision. Although your premiums may increase at renewal time because your life expectancy is shorter, you'll be able to renew your policy without having to prove your insurability again. Please note that several factors affect the cost of life insurance, such as your current health, whether or not you are a smoker, and any pre-existing conditions.
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Life Insurance And Estate Planning Questions
- Why do I need life insurance?
- Do I need life insurance if I'm single?
- Is it less expensive to buy life insurance while I'm young?
- What is term life insurance?
- What is whole life insurance?
- What is group life insurance?
- Can I convert all or part of my term life insurance to permanent life insurance?
- Are withdrawals from a cash value life insurance policy ever tax free?
- Can an insurance company require me to submit to a medical exam before granting me a life insurance policy?
- When I die, is my beneficiary required to take a lump-sum payment of my life insurance death benefit?
- Will I be taxed on the growth of the cash value of my life insurance? What if my policy pays dividends?
- Will my beneficiaries have to pay taxes on the proceeds of my life insurance policy?
