Until what age can I buy or transfer life insurance?

Does hiring or transferring life insurance: Does age influence the cost?  

"To hire a life insurance policy or transfer the current one to a new insurer, it is necessary to take into account the client's age."

This is a determining factor in whether insurance companies accept the contract, and affects the premium to be paid.  

Therefore, a client's age may have an influence on the cost of life insurance. Why? In theory, the older the policyholder, the higher the associated risk the insurer considers to exist. This is because it increases the risk of illnesses, accidents, injuries, and death.  

In other words, the logic works: the older a client is, the more they will pay for their life insurance. However, most insurance companies have updated the policies they offer, due to the increase in life expectancy, now providing insurance options with guarantees up to 100 years of age.

However, in these cases, if you intend to take out or transfer your life insurance, you should consider that insurance companies may suggest a high premium to be paid or even refuse.

But is there an ideal age to hire/transfer life insurance? How do insurers calculate risk qualification?

Actuarial age in life insurance: How does it work?

Ideally, for life insurance, the age should not exceed 40 years because the cost will be lower than if the age exceeds 55 years.  

This is because, to assess a client's risk in life insurance, insurers take into account the actuarial age.  

Actuarial age considers the nearest birthday to the moment the contract is signed. The date can coincide with the real age or the age to be completed.

In other words: Imagining that you turned 54 years old on April 23, 2023 and are hiring insurance on June 1, 2023. Your actuarial age is 54 years, as your birthday is closer to the moment you will sign the contract.  

But considering that he would turn 55 on July 23, 2023, by hiring life insurance now, his actuarial age would already be 55. Therefore, the insurer would consider a higher associated risk and could propose a higher premium to be paid for the policy. Since this interval usually makes a difference for insurers, as we will see next. premium to be paid.

What is the impact of actuarial age on life insurance?

For insurers, there are age ranges that make a difference, even if they are only a few months apart. It varies depending on each entity, but, as a rule, the most prominent limits are: 40, 50, and 55 years of age. These ages define one type of risk from another.

And it is as certain as a client being 39 years old and being able to pay significantly less for the life insurance premium than a client who is 40 years old. The same goes between 49 years old and 50, and between 54 years old and 55. The limited numbers make a client lower or higher risk.

Therefore, if you want to hire or transfer your life insurance and are within the specified deadlines, it is time to do so. Because the more you let it pass, the more you will probably have to pay for insurance. In these cases, it is always important to move forward as soon as possible.

If you need help with hiring or transferring life insurance, agents from "Poupança no Minuto" can mediate the process between you and the insurance companies. In addition to providing a fast and assertive service, they find the most suitable solution for your context for free.

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