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  • How does my age affect life insurance rates?
  • March 1, 2014
  • age and insurance ratesBy

    Age is an important factor when it comes to pricing life insurance, because let’s face it, the older you are the higher the chance you may become sick or die.  There are limitations on the age that a person can take out a policy, but as people continue to live longer, some insurers have increased their insurable ages up to the age of 90 or 95.

    In general, the cut-off  to obtain life insurance is age 65, but over the years, insurance companies have had to adjust for decreased mortality rates. The CIA’s World Fact Book indicates that the current average life expectancy for both genders in the United States is 78 years and 11 months. While in the early 18th and 20th centuries, life expectancy averaged 30 to 45 years of age worldwide, according to the World Health Organization.

    Traditionally, the lack of demand for insurance for people over the age of 70 or 75 was directly related to a number of factors, notes Edward E. Graves, author of “McGill’s Life Insurance.” The high cost of insurance (because the older you are the more expensive the policy), an inability to satisfy the medical requirements on the application, and the limited need for new insurance for people in this age bracket all added to a decreased demand, says Graves.

    Life insurance for children

    Critics have long held opinions about why someone might insure a child, but there are benefits to taking out this type of insurance that most may not consider.

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