Will my age affect either my ability to purchase term life insurance or the resulting premium costs?

When you have a family and your loved ones depend on you for support, you probably should purchase life insurance. In case something happens to you, your family will have enough money so they can maintain the same lifestyle as when you were alive. Term life insurance may be the most affordable type of insurance.

Term life can pay the mortgage on your home in Wayzata, Minnesota so your family will not have to sell the house and move. It can help make sure that your young children will have the money necessary to go to college.

It is always easier and less expensive to purchase term insurance when you are young and in good health. Like all life insurance, the premium you pay for term is based on your life expectancy. As the name implies, a term life policy covers you for a set length of time. If you should die within that time period, your beneficiaries will receive the face value of the policy.

If you are 20 and in good health, the chances of you passing away in the next twenty years are very small. On the other hand, if you are 60 and have emphysema, your life expectancy may be far less than twenty years. Your age will affect the premium you pay as well as your ability to get coverage. In addition, if you are able to get a term policy, both the term and the amount of coverage you can buy may be limited.

At Pizano Insurance, our goal is to help our clients get the coverage they need at a price they can afford. Call us and an independent agent will be happy to sit down and talk with you about term life and the other options you may want to consider for your life insurance needs.