Purchasing life insurance once you're in your 40s can be pretty difficult. The older you get, the more expensive your insurance premiums become. At this age, you are the breadwinner of the family, which translates into bigger financial responsibilities for your spouse and children in your absence. Here are the top 10 things that you should be aware of when purchasing a policy after 40:

1. For adults in their 40s, the main purpose is to have coverage for funeral expenses, mortgage debts, and the day-to-day needs of your spouse and children.  If you bought a policy in your 20s or 30s, you are well and good. Shopping for it at this stage of life can be an ordeal, but not impossible. Get in touch with a life insurance agent/broker to get the right quote.
2. There are several types of life insurance policies sold on the market today. Of course, some of us in our 40s are less risk tolerant when it comes to investing our life savings in permanent life insurance; while others believe that permanent life insurance allows us to dip into our built-up cash value in times of emergencies. Term life insurance is preferred by many people who want to meet their family's insurance needs at cheaper rates. Consult a life insurance agent/broker and assess your family lifestyle and financial circumstances when going for a particularly type of policy.
3. When dealing with a life insurance agent or broker, you should properly their qualifications and get information on the financial solvency of the insurance company.
4. Make sure that the coverage is adequate for your family. The insurance coverage should be five to seven times more than your yearly earnings. Sit down with an agent or broker to evaluate your financial standing before actually deciding the coverage for the life insurance policy.
5. For those with serious health conditions, you can shop around for specialty insurance products on the market that choose to insure individuals who are unable to obtain regular life insurance.
6. Insurance companies usually determine your premium based on your health history, family health history, smoking history, and your occupation and hobbies.  You must provide all pertinent facts when filling out the application. If you are caught intentionally hiding information about your health, the insurance company retains the right to deny the claim to your beneficiaries in your absence.
7. When buying a life insurance policy, it is of the utmost importance that you have a complete understanding of the policy you plan to purchase. Depending on your financial and family circumstances, you might consider going for riders to protect your family. Even if you decide to cancel your policy, you can do so within the 30 day grace period and receive a full refund of your premium.
8. Ask any questions to your broker/agent about reinstatement of the policy in case there is a lapse for late premiums, issuance of policy, effective date of the policy, etc.
9. If you own a life insurance policy that has expired, it may be difficult for you to renew it as you get older. Many insurance companies might ask for medical check-ups before deciding to renew your policy. If any illnesses are found, the company may opt to deny coverage or renew coverage with higher premiums.
10. As you enter your 50s and 60s, life insurance becomes extremely expensive and it is very important to shop around. There are many life insurance companies that cater to senior citizens by offering term and permanent life at comparatively affordable rates.

Get in touch with a licensed agent today who will help you select a policy that safeguards your family’s financial interests.