At LifeHealthPro, Brad Cummins (a fellow insurance pro and Buckeye) has an interesting, provocative article on the risks associated with buying term life insurance.
Here's a taste:
"[S]ince every life insurance company has financial underwriting requirements, what you are eligible to get (as opposed to what you want to receive) may be exponentially different than what another applicant in another age bracket can buy."
This is key because most folks think that the only applicable underwriting criteria is one's health (which is important, of course, but only one facet of the process).
Here's another:
"There are further age-related limitations, which prevent you from purchasing coverage for as long as you may prefer."
Another salient point; it's become increasingly more difficult to find 20 (or even 15) year lock-ins for my mature clients, as carriers pull back from offering these options.
Definitely read the whole thing - it's not terribly long, but it is packed with good info.
Here's a taste:
"[S]ince every life insurance company has financial underwriting requirements, what you are eligible to get (as opposed to what you want to receive) may be exponentially different than what another applicant in another age bracket can buy."
This is key because most folks think that the only applicable underwriting criteria is one's health (which is important, of course, but only one facet of the process).
Here's another:
"There are further age-related limitations, which prevent you from purchasing coverage for as long as you may prefer."
Another salient point; it's become increasingly more difficult to find 20 (or even 15) year lock-ins for my mature clients, as carriers pull back from offering these options.
Definitely read the whole thing - it's not terribly long, but it is packed with good info.
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