The older you are the higher the premium _________________ **************************************
Life gaurantees a chance NOT a fair shake
**************************************
FIND a way EVERY day to lighten the load of another
**************************************
Posted: Fri Nov 14, 2008 2:02 am Post subject: Age factor in a group policy
Got this from a group policy. .....The amount of your life insurance coverage in force at any time depends on your age, your annual salary, and the Bonus
Coverage (currently 100%). The amount of your Life Insurance coverage will change with any changes in your salary
or when your age changes or with any changes in the percentage of Bonus Coverage.
EXAMPLE:
30-Year Old with Annual Salary of $25,000
$25,000 X 1.60 = $40,000 X 2.0 = $80,000.00
Annual Salary Age Factor Basic Life Coverage 100% Bonus Dividend Total Life Insurance Coverage
The insurance company assigns an age factor to an age. In this case the factor was 1.60 for a 30 year old, a 22 year old would be 1.92. I think the lower your age the higher your factor.
The age of the applicant plays an important role in determining his/her insurability. The rate of the premium, as well as the coverage level, grossly depends upon the mortality rate of the individual. Therefore, as you grow old you’re required to pay more on the premium of life insurance even for the same level of coverage than a younger applicant.
The medical condition of the applicant is yet another important parameter in deciding the policy premium, since mortality also depends upon it. The life insurance providers may shy-away from insuring individuals with severe health troubles.
Hence, it’s wise that you apply for a life policy when you are young with no significant health issues. It’d ensure higher coverage level at lower premium rate.
There are several factors that have an impact on your life insurance approval, and premiums.
Some factors considered are your age, gender, health, family health history, type of policy, amount of coverage, occupation, hobbies, and height-to-weight ratio, among others.
Your age will aid in determing your life expectancy. The older you are, the higher your premiums may be because your life expectancy is shorter, than for a younger person, on average.
That's why they say it's good to lock-in your life isnurance premiums at a young age, because you can guarantee yourself level rates, and coverage for a set period of time, depending on whether you buy term life insurance, or permanent life insurance.
However you look at it, Age is one of the key factors in life insurance when it comes to underwriting, pricing, and approval of an applicant for a life insurance policy. _________________ Visit http://www.term-life-online.com to learn how term life insurance works and compare free quotes today.
Posted: Sat Nov 15, 2008 2:00 pm Post subject: insurance
HADLEY...got a question for you. I'm looking for Life Insurance for my 15 year old son. I've talked to people about Whole Life and Term Life. 'pros and cons' of both., Cash-building policies,etc. What would you reccomend? If anything?
I think it depends on his goals. I have chosen to create savings plans for my daughters who are younger, which allow for college savings, and other short and long term goals.
I'm not necessarily of the opinion that all kids should have life insurance. I think it depends on the perspective of the parents who may be making the purchase.
Although some plans can create savings and long term security, possibly for your child's future family, I think creating other savings plans first may be a good idea.
That being said, I would probably consider a whole life plan with the thought being it would provide some cash value build-up in future years, it would guarantee life insurance protection as an adult, and the chance to purchase additional limits of coverage when he turns 18, or 21, regardless of his health, or military service - at least with some plans.
I hope that helps. Best of luck to you and your family.
Posted: Sat Nov 15, 2008 2:44 pm Post subject: insurance
I appriciate the quick reply!! I've looked into some Life Insurance plans, for him..........just haven't decided what to do, yet. Military? I serve in the Military..............'our' Life Insurance is great.....of course, as long as you stay in the Military. I think you can continue after you are Honorable Discharged, however, you would have to pay ALOT more than what 'we' pay now.
I think the whole life option does sound the best. The garenteed cocverage as an adult would be the biggest factor for me. You never know what the future holds so having these things in place is always a very good idea.
Hi SD, though I wasn’t asked about my opinion, but I’d give it anyway….
The purpose of buying a life plan on a young life doesn’t always make a wise investment, but it may well depend upon the objective. If saving for his future life and college education is the purpose, then I too will vote for the whole life plan, otherwise, he may well wait for the life changing events to occur before purchasing a life insurance plan.
Posted: Fri Nov 21, 2008 3:28 pm Post subject: Life Insurance for 15 Year Old Son
sdchargersfan,
You mentioned being in the military, I believe there is a VGLI option when you retire, if you apply for it within a certain time period after retirement.
Also, some term-life-online.com/globe-life-vs-gerber-life.html child life insurance plans provide coverage that is guaranteed and will provide protection even if your child joins the military when they grow up.
This may be something for you to consider. I believe the Globe Young Adult Plan provides this coverage.
Posted: Fri Nov 21, 2008 4:11 pm Post subject: Age Factor
AGE FACTOR MORE or less depend on the geographical area where you are located because generally risk of the insurer increses with those who are non earning members that is children and old guys because they are more prone to diseases compared to other group. _________________ INSURANCE AT PUNE
