Here’s a little-known fact that may help you save money on life insurance: when it comes to underwriting, insurance carriers typically rate clients to their closest birthday.
What does that mean? It means that if you are 39 years and 5 months old, you will be rated as a 39-year-old. If you are 39 years and 6 months old, you will be rated as a 40-year-old. And so on.
So if you are looking to lower the cost of life insurance, one way to potentially save some money is to buy it before you are within 6 months of your next birthday – especially one of those “milestone” birthdays at which you enter a new rate bracket.
New marriage, new baby, new job, or just the desire to put things in good order for your family – these are all reasons to buy, upgrade or change your life insurance coverage. Additionally, there is so much that life insurance can potentially accomplish for a business owner, a couple or a family.
Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.
We invite you to learn more – and urge you to review or look into life insurance coverage before another 6 months pass with the real possibility of premiums going up. So, please call or email us at 616.606.9100 or email@example.com anytime. We’d like to help you save some money!
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing. Guarantees are based on the claims paying ability of the issuing insurance company. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
Buy Life Insurance Before Your Next Half-Birthday
September 13, 2023