You're Never Too Old Or Too Young For Insurance

We’ve all heard the old adage “Age is but a number” and while most of us would agree that’s a good motto to live life by, when it comes to insurance the older you get means the harder it can be to obtain. That being said, there are insurance products out there for most age groups. Let’s take a look at what insurance can look like at different times in your life.

0-18:
Even though you may not be this young, it is worth noting that when it comes to the best age to buy insurance this is the BEST age group. We have fantastic child policies which can cover Life and/or Critical Illness. Now you may ask yourself why does a child need life insurance when they don’t have any debt or dependents? The value lies in locking in their insurability before any health issues put them at a higher rate or render them uninsurable. Once they become adults, they can convert the policy to a permanent one, take over the premiums and enjoy a low rate of coverage for their entire life. We even have a rider to a term life policy that allows a parent to buy coverage a blanket policy for all of their children – even those who are not born yet!  All for as low as $5 or $10/month!   

19-29:
While this group is likely new to the housing market and probably strapped tight when it comes to being able to afford it, this is a fantastic time to purchase as much insurance as they can for the longest term they can afford it. There’s a lot of benefits to taking insurance at a younger age, not only are they offered the cheapest premiums, they are also locking in their health status while they are young and hopefully healthy. A 30-year term will have those rates locked-in and hopefully see you through to retirement. Although rates will rise when they go to renew their insurance between 50-60 but a significant portion of their mortgage should be paid down and they can lower their insurance coverage to prepare them for retirement.

30-49:
This group is probably your most significant demographic when it comes to mortgage clients – and the best suited for it! They likely have children, car loans, credit card debt and may even be living beyond their means. The loss of a spouse could be devastating if insurance is not in place to cover debt and living expenses. At this age insurance rates can vary depending on health but it should be made a priority and for as long a term as your clients can afford. With mortgages being refinanced at the rate they are, those financial obligations are extending further and further into retirement age.  We encourage you to lock in their rates before health and age triple and even quadruple premiums.

50-69:
For those who are older, insurance can be a daunting prospect as premiums increase as one ages. Maybe these individuals have had a history of health problems or have been rated in the past and don’t want to go through the headache of getting a paramedical exam done only to find out they will be declined or rated. While we try and encourage everyone to apply for standard insurance policies first, we do have a line of No Medical products (Life, Disability, and Critical Illness) that require no medical underwriting! These policies are rated higher for risk and will come at a cost – but it’s not too late to lock in your rates for 10 or 20 years. Even if coverage amounts have to be lowered to fit a budget, some insurance is better than nothing!

70-85:
If you fall into this age category, insurance isn’t always an easy sell. Unfortunately this age group is rated the highest in risk and therefore the premiums to cover an entire mortgage loan are usually unaffordable.  What we do recommend for this age group is a final expense policy – something in place to cover remaining debt, burial costs and some living expenses for the surviving spouse. If the remaining spouse can’t afford to take on the mortgage, this leaves the funds available from the sale of home so he or she can downsize or make other living arrangements.

So no matter you are, insurance should be considered! Contact Broker Plus Insurance today to ensure that your needs and your family’s needs are satisfied.

To request a quote on the products we offer, click here.
Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.