Eventually we all are uninsurable
As we all age, choices get put on the table and taken off. One of those which can be disappointing is prolonging the purchase of life insurance. Life insurance plays different roles over ones lifetime.
Early it can serve as family income replacement and security against outstanding debts like home mortgages or business loans. Later in life, some policies will advance the death benefit in light of a terminal illness and even in some cases, as funding for long term care. If untouched, at death it leaves an immediate cash estate for your loved ones.
But the key for life insurance to work hardest for you is to buy it when you feel invincible and presume you won't need it. If you wait until a chronic illness or change in body maturity, the premiums can be rated much higher than someone in good health.
Yes the preferred plus ratings are the ones you always hear quoted on the radio for the person without a chink in their health history. People can be very dissappointed if they don't get those rates and most don't, that's because life insurance companies perform due dilegence in checking your health status.
One of the features you can apply for on most individual policies is a rider which will pay your premium if you become disabled, usually issued only before the age of 60. I have seen this happen in several policies I wrote. Due to cancer, severe heart attack and crippling auto wreck the insurance company waived the need pay the premium at the very time they had become at least temporarily uninsurable.
