For many of us, securing life insurance is just part of responsible financial planning. But when it comes down to the specifics of your policy and how far into our retirement years it will provide coverage, age can be a major factor. Have you ever wondered how much longer you can purchase life insurance? If so, then read on! William Schantz explains whether or not you can get life insurance up to 90 years old – and more.
Can I Get Life Insurance To Age 90? William Schantz Answers
Yes, you can get life insurance to age 90, says William Schantz. Many providers offer policies that allow you to purchase coverage up to this age. These policies are often referred to as “whole-life” or “permanent” policies because they remain effective until the insured reaches 90 years of age (or even beyond).
These types of policies typically come with higher premiums than other types of life insurance, such as term life, due to their guarantee of providing coverage for a longer period of time. This means that while your monthly payments might be higher, you have peace of mind knowing that your loved ones will still be taken care of should something happen to you before age 90. Furthermore, whole and permanent life insurance policies also offer a cash value component, allowing you to access the money for any reason.
When purchasing life insurance up to age 90, it’s important, as per William Schantz, to understand the terms and conditions of your policy so that you are aware of the coverage you are getting. This includes understanding what type of policy is being offered (whole-life or permanent) and whether there are any exclusions or limitations on coverage. It’s also important to be aware of how much your premiums will increase as you age in order to ensure that they remain affordable over time.
Benefits Of A Whole Life Insurance
1. Guaranteed Death Benefit: A key advantage of buying a whole-life policy is that you have the assurance of a guaranteed death benefit. Even if your health deteriorates over time or if the market fluctuates and impacts your cash value, the death benefit remains fixed.
2. Cash Value: While other life insurance policies offer protection with no savings component, whole life insurance comes with an additional savings element known as cash value. This value accumulates tax deferred over time and can be accessed through loans or withdrawals during times of financial need.
3. Lower Rates: Whole-life policies generally come with lower premiums than other types of life insurance, such as term life insurance, because they are considered to be more secure investments. They also allow for more flexibility in premium payments and offer tax benefits on growth within the policy.
4. Estate Planning: Whole life insurance can also be used for estate planning purposes, as it offers a death benefit that is free from probate and other associated costs. The death benefits are also paid out to beneficiaries quickly and easily with no additional taxes due.
William Schantz’s Concluding Thoughts
Overall, if you are looking for life insurance coverage until age 90, there are options available that can meet your needs. According to William Schantz, with a little research and comparison shopping, you can find a policy that meets your needs and gives you the security of knowing the ones you will be taken care of should something happen to you.