Age is no excuse to decline life insurance
Age is no excuse to decline life insurance. One of the most popular excuses to reject a life insurance contract is age. “I’m too young to think about that,” people who are under 30 often say. Life is long, “take that letter away from me, I’m not going to die for now”. It is as if talking about life insurance was an inappropriate topic for those who see old age through glasses.
On the other hand, there are those who have gray hair, are close to 60, and think that it’s too late to buy insurance, “at my age, it’s going to cost me an arm and a leg”.
Of course, age is one of the factors that insurers take into account to quote a life insurance policy, but it is not the only thing. In the formula to find the price of the premium, in addition to the years, factors such as gender, health, if you are a smoker, occupation, or if you practice any risky sport play a role. Who faces more risk, the 60-year-old man who works in a shoe store or an optician two blocks from his house, or the 22-year-old who goes paragliding, mountain biking, or skydiving every weekend?
Regardless of the age of the insured, the objective of having life insurance is to guarantee financial support for the surviving relatives. Of course, a healthy young man can guarantee, for example, that he beings receive a million dollars, paying a monthly premium of about 35 dollars. As it sounds, you deposit $35 every month and your loved ones will receive a million dollars if you pass away. Wow, doesn’t that sound so bad?
Since you are young and the risk of dying is negligible, insurers give you a super cheap policy to make it attractive to you. The best thing is that this contract cannot be modified and when you are 80 years old you will continue to pay 35 dollars a month. They can’t raise your premium. If you die very old, because no one is born for seed, they will pay your son a million dollars.
But those who are 55 or 60 years old and healthy can also aspire to purchase life insurance, whose benefit is one million dollars. A healthy 55-year-old man, who is generally in his prime at work, could afford to spend $210 a month so that, in the event of his death, his family receives a million dollars.
The conclusion we must draw is very simple: we are neither too young nor too old to reject life insurance. The important thing is to keep two things in mind: Life is fragile and it is in our hands to guarantee the financial well-being of our loved ones. Sure, if you start young, you’ll pay a ridiculous amount for that guarantee. Age is no excuse to decline life insurance.