Hey, are you over 50 years old? Is it to late for you to buy life insurance? What is "too late'? It's only too late for life insurance when your health is too bad to get approved by any company or you are too old to qualify. Other than that, you should be able to find some type of coverage that hopefully fits in your budget. If your health is very bad, than we can use different guarantee issue products that you can probably still qualify for.

The sooner you purchase life insurance, typically the better off you are. The reason behind this is that you are never going to be younger than today and probably not healthier. It can be too late with life insurance if your health takes a turn for the worse as it can make you uninsurable or create a drastic price increase. If you are rated heavily for your medical issues than you may want to consider taking the policy as you can go uninsurable quickly. After a year or two, you can go back to the insurance companies and re-apply, but in the meantime be covered.

It never hurts to check and see if you can get insurance. If you are not sure, check and see what the options are. The worst case scenario is that you get a no.

Talking about Whole life Insurance

Whole life insurance is one of the oldest products in the insurance business. It has many features and facets and provides tremendous benefit for owners and beneficiaries. Just as it sounds it is a product that is permanent and will last for your entire life provided you pay the premium. The premium is fixed and will remain the same for the life of the contract. The earlier and the healthier you are the better it is, as it will lock you into the lowest possible monthly premium.

Whole life insurance builds cash value along with having a permanent death benefit. The cash value accumulates over time and is a great fund to use for emergencies and opportunities. Many people will use the cash value like a bank and finance cars, children's education, invest in businesses.

The cash value accumulates with a guaranteed interest rate and with non-guaranteed dividends. The dividend will be declared by the company at the end of the year and it can vary from year to year. The cash value grows tax deferred and can be accessed tax free through policy loans. It can be a great idea to put more money in above the premium and that will expedite the growth of the cash value and buy paid up additions.

Another great aspect of whole life insurance is if the dividend gets big enough you can use it to pay the premiums for you. How long this takes, just depends on the dividend that the company pays. This is often referred to as paid up insurance. While this is more expensive than term initially, it will remain level when level term goes through the ceiling.

Term Life Insurance (vs. Whole Life)

One of the most popular types of life insurance is known as term life insurance or term assurance. Consumers are attracted to term life insurance policies for many reasons, and over the past couple of years this type of coverage has become even more popular. If you are interested in buying life insurance coverage, checking out the details of a term policy may be the best place for you to start your search. We can help. Our experienced consultants are here to answer any questions you might have.

DEFINE TERM INSURANCE: Term life insurance provides coverage for a limited period of time. For instance, a 10 year term life insurance would cover you for 10 years, not a day longer. This is different than a whole life policy which covers you for your entire life.

Once a term life insurance policy expires you can either drop it or purchase additional coverage. Keep in mind that adding more coverage may cost more money as your circumstances have changed and you are now older.

Term life insurance is one of the most cost effective policies available. With the average life expectancy increasing the cost of term life is on its way down. As a consumer you may not like the fact that term life insurance can expire, but it is hard to argue with the low cost of coverage.

With term life insurance consumers have options including the length and amount of coverage; this is similar to all types of policies.

WHOLE LIFE COMPARISON:: Term life policies offer death benefits only, so if you die you win (so to speak). If you live past the length of the policy, you (or, more specifically, your family members) get no money back.

Permanent life policies offer death benefits and a "savings account" (also called "cash value") so that if you live, you get back at least some of, and often much more than, the amount you spent on your premium. You get this money back either by cashing in the policy or by borrowing against it.

As you might expect, permanent life insurance premiums are more expensive than term premiums because some of the money is put into a savings program. The longer the policy has been in force, the higher the cash value, because more money has been paid in and the cash value has earned interest, dividends or both.

The debate is all about that cash value. If you buy a policy today, your first annual premium is likely to be much higher for a permanent life policy than for term.

However, the premiums for permanent life stay the same over the years, while the premiums for term life increase. That extra premium paid in the early years of the permanent policy gets invested and grows, minus the amount your agent takes as a sales commission. The gain is tax-deferred if the policy is cashed in during your life. (If you die, the proceeds are usually tax-free to your beneficiary.)