As you get older, your life begins to change in many ways. If you still aren’t quite ready yet to retire for good, the thought may be entering your mind in near future. Hopefully, you put aside money for retirement and are in a position to save even more money before you cease to work. What helps now is the fact that many of your previous financial concerns, such as raising children and paying a mortgage are now in the past.
Everyone dreams of living well during the retirement phase of their lives, and one thing you definitely don’t want to do is overspend on a whole life insurance policy. However, it’s important to realize that you’re getting a lot in return for your money. Not only does this type of coverage give you peace of mind, but it also ensures that you’ll have something to leave behind to your cherished family or loved ones.
When is the right time to buy insurance?
You probably shouldn’t wait another day to at least learn more about your options, as doing so will only complicate your situation and lessen the likelihood of finding the right policy at the right price. For instance, you may decide to opt for a whole life insurance policy that is meant to pay nothing more than your final expenses. That is certainly one choice.
But don’t rush into anything, either. Shop around because no two companies are the same. This is particularly true when buying whole life coverage when you’re past the age of 50. You need to find a provider with a good reputation and one that can offer a competitive rate. There’s a good chance you have purchased a policy in the past already. Even if you have coverage in place, either term or whole life, you can still add to it.
For example, you may have term insurance that you purchase some time ago. You should review your policy features to find out if it is convertible to whole life insurance or universal as another option. Converting term coverage will allow you to keep the rating you got on the original policy, and you will not have to go through medical underwriting. Speak to a knowledgeable agent who can answer specific questions you may have.