Rather than a fun shopping alert this week, I’m sharing this life insurance web site, Wholesaleinsurance.net. The live term life insurance quote tool supports the idea that those whose choose to wait until middle age to purchase life insurance will certainly pay higher premiums. Realizing that premiums will rise with age, my purpose is simply to provoke midlife thought and planning.
The reluctance young people express about purchasing life insurance is understandable: the common perception is that life insurance is for old people, and when you’re 20 or 30, chances are you have a long, great life ahead of you. However, in terms of life insurance, this can be to your advantage.
Americans that shop for a life insurance policy at midlife – when they are in their forties or fifties – may have fallen into the grip of bad habits. Smoking, obesity, or high alcohol consumption along with health problems like diabetes, heart disease, or cancer may have entered their life picture. All these conditions increase premiums or make it harder to purchase a policy. Just days before my mother passed, she gave me dad’s term life insurance policy. He never believed in life insurance and wanted her to cancel it. While it is a small policy, mom kept paying the premiums knowing what burden funerals can be on families.
The feature I like most about this life insurance tool is it works by making a few selections from a drop down list. There is no filling out pages of information to simply see the premium amounts. The quotes are associated with A+ rated insurance company, which generally suggests a certain amount of integrity.
Below is an example comparison for 100,000 in life insurance with a lifetime term:
A thirty one year old female non-smoker best estimate is $305.00 annually. Born in 1970, a 41 year old non-smoking female quote is $452.00 per year, born in 1960 with the same criteria the premium is $734.00 per year, 1950 will cost $1234.00.
These are estimates and not actual premiums nevertheless, the example supports and hopefully encourages you to consider the cost of life insurance. Do you have life insurance? Did you purchase it before or during midlife?
Try being a middle-aged guy and buy life insurance. It doesn’t get any easier and you’ll find the rates fluctuate so much. 44 year old / non-smoker / great health / athlete … my rates started to creep because I’m in a demographic at “risk”.
Is this service just available in the US?
I do believe it is limited to the USA. I always amazes me how insurance companies determine rates.