Birthdays are a personal new year—an annual reminder to reflect on what’s behind us and look forward to what’s in front of us. Trading 365 days of youth for 365 days of wisdom is always a little bittersweet, but when it comes down to it, we’re always grateful for another spin around the sun.
Whether your tradition is to throw yourself the soiree of the season or just enjoy dinner with family and a big slice of cake, party planning should only be a part of your birthday to-do list.
The Premiums of a Much Younger Person
Did you know that age is one of the biggest factors in determining life insurance rates? It makes sense, since the older we are, the closer we are to, well…you know. But what you may not be aware of is that life insurance premiums are typically fixed, so you can lock in a lower rate for as many years as you own your policy.
That means if you buy a policy at age 50, you could still be enjoying that same youthful rate for the rest of your life! It’s the birthday gift that keeps on giving.
Happy Half Birthday
Life insurance rates by age are calculated a little differently from company to company. Some life insurance companies determine your rate based on actual age, but many use “nearest age,” which means if it’s been more than six months since your last birthday, it's your upcoming age that they look at. The downside is that, on paper, you might look a year older. The upside is that you get an excuse to celebrate your half birthday for the first time since childhood. Maybe with affordable life insurance and a cupcake.
Any Way You Slice It
The older you are, the higher the “happy birthday” hike in premiums may be. Life insurance rates can increase annually by an average of 5% to 8% in your 40s and 9% to 12% each year if you’re over the age of 50…so getting covered before you’re blowing out the candles on your next birthday cake can really make a difference in the long run.
And again…because life insurance premiums are typically locked in when you purchase your policy, getting approved before your next birthday (or half-birthday) doesn’t just mean potentially getting a better rate this year...it means keeping that better rate for the rest of your life. So just like your “29th” birthday, you can keep celebrating your decision over and over again!
Ready to beat the calendar and get your personalized quote on a great life insurance policy? Call 888-432-7066 or visit our website Final Wishes Covered today!