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How Insurance Needs Change as we Age

You may not realize it, but aging is a primary factor that will affect your insurance needs over the years. It also influences the type of policy you seek and the cost. The type and amount of insurance needed will also be motivated by milestones in your life such as marriage, buying a home, the birth of a child and retirement.

Life Insurance

Younger individuals typically don’t think too much about life insurance. However, the cost will definitely be more expensive the older you get. As a young single or family, your life insurance will primarily be focused on amounts that provide funds for final expenses, to pay off debts and mortgages, a child’s education, and to provide breathing room for a spouse after your demise.

As children become adults, you’ll typically be more concerned with leaving a financial amount for spousal support. You may also want to leave funds for your children and grandchildren, or a charitable contribution. The premiums will always be cheaper the younger you are when you purchase the policy.


The cost of living continues ever upward and Social Security only pays a limited amount. Even if you and your spouse have a pension and retirement fund, it may not be sufficient for future needs. You could be poorly equipped to financially manage the costs of a funeral and final expenses. Insurance is an excellent way to provide financially for a remaining spouse, but could be almost impossible to obtain due to your age when you want to take out a policy.

Medical Concerns

Age and medical conditions usually go hand-in-hand. Even if they’re only minor concerns for you, insurance carriers view any medical condition as a risk to the company. Age can severely limit your ability to even obtain insurance. Carriers generally require extensive testing and access to your past medical records the older you are. Policy terms may be limited or companies may refuse to insure you at all, even in you’re in good health, simply based on your age. Insurance is an option that can provide for extended or long-term care due to illness or disability.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

We can be found on Social Media at the following links.


The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487