House prices rose dramatically in recent years. It s also true to say that things have calmed down a little now, but we have some worryingly high unemployment figures, which balance this. The result of these factors explains why an increasingly growing number of people are not getting into the housing market, marrying or starting a family until much later in life than would have been the case ten years or so ago.
Where, at one time, there were lots of couples in their 20 s starting up home together and setting about their first mortgage commitments, they are now in the minority. First mortgages are often the time when most people start on their life insurance plans and the fact is that life insurance is going to be available on the very best terms for younger and healthier people. It s a fact that the best time to buy life insurance is when you’re young, fit and healthy. The very time you can t ever imagine needing it.
So, how easy is it to get a really good deal in life insurance when you re slightly older? Take a 25 year old person applying for life insurance to cover a 25 year mortgage. If they re fit and healthy, there s every chance or them surviving until the end of the mortgage term, when they ll be 50. Someone who is already 50 when they take out the mortgage will be 75 by the end of the term and whilst there are many very active and healthy 75 year olds around, the risk of them dying before then is understandably higher, and therefore so too will be the premium for the insurance.
The extra cost of life insurance will continue with these slightly older people. They are likely to start a family rather sooner than younger couples would, so the dual income aspect would apply for less time. This is a time when life insurance needs will certainly increase. If you re in this position, you ll find that bringing up a family is an expensive business and with a family to support they re going to need to increase your insurance. It will have hit you in recent years just how much the cost of living is and if you were to die whilst the children were still dependent on you, how could the family cope financially?
At an age where you may be well advanced in your career, your life style is likely to be improved and you may decide on private schooling for the children and maybe a second home abroad or a move to somewhere with stabling for the ponies and all that goes with them. Again, think about the insurance aspect now there s a lot more to protect.
Purchasing this cover slightly later in life is still possible, but will obviously be more expensive. You ll have your application assessed by your insurers and your lifestyle, medical history and current health will be a factor, but if everything is in order you should find that the premiums are not too horrific. If something you tell them points to slightly more risk than normal, the premiums will cost you more. When you answer questions regarding your health, whether or not you smoke or take exercise, do tell the truth. If you omit any details which later come to light, you could put any claim in jeopardy. The good news is that the cost of insurance is generally coming down as the figures for life expectancy improve and many more people are living is good health for longer than ever before.
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