Most people assume that they can’t get life insurance if they wait until after retirement. That’s not the case, though. There are several types of policies available, and many seniors still qualify for one of them. 

Term Policies

Most companies in Fords, NJ offer something called term life insurance. These policies will provide coverage for a certain number of years, but they typically do have an age requirement. The age requirement varies per company. Some will stop offering policies at 70, while others will sell policies to people until they are 85 or 90. 

Whole Life Insurance

Whole life insurance is a policy that will cover you for your entire life. Companies typically still offer policies until people are 80 or 90. However, this does impact your premiums. Seniors and those with health problems usually have higher monthly premiums because they’re expected to make fewer payments on the policy. 

Final Expense Policies

A lot of people don’t think about these policies until they think they are close to the end of their life, and then they think it’s too late. Many companies offer a policy specifically for these situations. The policy offers a lower death benefit to simply cover funeral costs, and the premiums are higher, but they ensure your loved ones are not burdened with high funeral costs. An agent at Five Star Insurance Agency can help you learn more. 

Age and health requirements vary by company. Most companies offer various policies, too. That’s why it’s always a good idea to discuss your situation with a representative at Five Star Insurance Agency. We’ll work with you to find a policy that meets your needs. Contact us today. We’re currently serving the Fords, NJ area.  

Do you know when it’s the right time to get life insurance? The decision to purchase a life insurance policy can make all the difference when the unthinkable happens. 

The professionals at Five Star Insurance Agency, servicing Fords, NJ and surrounding areas, are here to answer your questions about life insurance. Getting the right type of life insurance for your needs can give you peace of mind. 

What Is Life Insurance?

Life insurance is a type of insurance that can help take care of your loved ones in the event of your death. Adults who have families and people or pets who depend on them often seek life insurance to provide protection when disaster occurs. 

When Is Life Insurance the Right Choice for Your Family?

Many adults start thinking about purchasing life insurance when they begin a family, because they want to know that their loved ones (children, spouse, etc.) will be financially protected in the event of their death. Typical life insurance policies (like term life insurance and whole life insurance) pay a death benefit that can be used for expenses like a mortgage payment, school tuition, living expenses, and more. 

If you have children and don’t yet have life insurance, talk to your insurance agent to learn more about life insurance. 

What Type of Life Insurance Is Right For You?

There are several types of life insurance. Here are some of the most common types of life insurance:

• Term life insurance: Term life insurance only lasts for a specific period, although some policies can be extended. The premium for term life insurance stays the same throughout the life of the policy. 
• Whole life insurance: Whole life insurance lasts for the lifetime of the insured, as long as the premium is paid.

If you want to ensure that your loved ones are cared for if something happens to you, contact Five Star Insurance Agency, servicing Fords, NJ and surrounding areas, to learn more about life insurance.