This is the magic number we should all pay attention to: “55”.
My observation as a financial advisor is that most folks are in good health throughout the first 54 years of life. Obviously, this is not a hard and fast rule! But it’s close enough for government work.
So, at age 54 I had no health issues. One year later out of the blue, the “doc” told me I had slightly elevated blood pressure and prescribed some drugs- my first prescription that has now grown exponentially. Why am I telling you this? Fast forward 20 years and now I am uninsurable meaning I cannot buy new life insurance coverage, if I so desired. But this did not happen overnight. It was a slow process that started with me in my early 50s being a Preferred risk in the eyes of an underwriter (meaning I could qualify for the best rates for life insurance). That eventually dropped down to me being a Standard risk as the very minor health issues began to pop up. Rates were still very reasonable! Eventually I became Rated which increases the cost of insurance and eventually uninsurable, where I can no longer qualify for new coverage.
Thankfully I put the proper planning in place before I hit the magic age of 55. So my point is if you’re in your low 50’s, please call us for an insurance review. We can recommend coverage updates if appropriate and will take good care of your life insurance portfolio. Don’t be the person who calls us when it is too late!
So, at age 55-get a life expectancy checkup.