It’s common knowledge that the longer you wait to get life insurance, the more expensive it’ll be. However, that shouldn’t stop you from signing up for one, even if you’re an older adult.
Firstly, you should always compare multiple quotes before choosing a life insurance company. Some variables to keep in mind are: the monthly cost, the amount of the policy, its term, and the requirements demanded. The company should have a good financial rating with a third party company, which means they shouldn’t have any problems with paying out your policy.
If you buy a term policy with this company, you can still choose to convert to permanent life insurance. This option is available up to the age of 74. They also offer many different riders, like reducing some monthly expenses in the event that you become permanently disabled.
2. State Farm
This is a very popular company, mostly because of its good customer service. You can purchase both a term or a permanent life insurance policy with many possible additional rider options. Your policies are guaranteed to be renewable through age 95. There’s even the possibility to convert to a permanent policy if you have a term one.
3. Haven Life
You have to be younger than 65 to apply for this insurance. It’s the best choice if you’re looking for the option of an online application process and good customer service. If you go for its medically underwritten insurance, you can get a cheaper deal.
4. AIG Life
This company’s biggest upside is the big variety of available terms. Their Select-a-Term policy option allows you to customize your coverage timeline. It’s a really important advantage to take into account, mostly if you’re thinking about a specific coverage term.
You can decide between large and small benefit amounts with this company. The first ones can be bought without a medical exam and an online application. The second one can ask you to go through a medical exam and contact an agent. This company allows your term to last until the age of 80.