Technically, it is never too late to buy life insurance. However, if you wait until later in your life to purchase life insurance, you may pay higher premiums or settle for a policy that you do not really want. If you are thinking about buying life insurance, it is usually a good idea because:

• Life insurance protects family members from having to pay for medical and funeral costs if you die.
• Life insurance may help pay off the remaining mortgage on your home, allowing you to leave your property unencumbered to a family member.
• If you are not currently ill, you will be a better candidate for low life insurance premiums than if you wait until you are older, with more potential for health problems.

Depending on your age and health, there are different life insurance options available.

• Term Life Insurance is life insurance that you buy for a fixed period of time. If you die during that time, fixed payments are made to your beneficiary. If you do not die during that time, the policy can be renewed. Be aware that some policies automatically renew.
• Permanent Insurance includes Whole Life Insurance, Universal Life Insurance, and Variable Universal Life Insurance, all of which are purchased for a lifetime.

Realize that most life insurance companies may require you to answer some questions regarding your medical history. Some may even require you to undergo a medical exam.

• Underwritten life insurance policies are tailored to each specific individual. These require questions to be answered and require the applicant to go through medical exams. Rates for this policy are set based on the results of the tests.
• Simplified Issue policies require some information regarding your medical history, but medical exams are rarely required. These types of policies usually have pre-determined rates and are not specific to individuals.
• Guaranteed Acceptance or Guaranteed Issue policies do not require either medical history or a medical exam. Although they are usually granted to anyone, there may be age requirements. Like simplified issue policies, they are not specific to each individual.

To find out more about the different life insurance options available to you, visit insurance Web sites like MassMutual Financial Group, MetLife, or the Insurance Information Institute (I.I.I.).