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How Well Do You Know Life Insurance?

By Mich

People often wait to buy life insurance until they have children, which may be the first time when they feel the pressure of being responsible for other people financially. But is that time the best time to buy life insurance? Life insurance is a complicated product, and one of the factors that impacts both the price of your policy and your eligibility is age. The insurance experts at Health IQ suggest that you consider buying a policy while you’re still young for many reasons.


People who buy a policy while they’re still in their 20s will pay a much lower premium than those who wait until they are in their mid-30s. If you’re buying term life insurance with a 30-year term, you can lock in a low rate for decades. Buying young also means your policy will already be in place if you develop a chronic health condition that may increase the price of your policy. If you think you may be at risk of a chronic health condition, you should
buy a level-premium policy.

 

If you’re buying life insurance before you have a family of your own, you may wonder who should be your beneficiary. The best answer is often your parents. They may not be financially dependent on your income now, but who’s to say they weren’t hoping you would help take care of them later in their lives? Learn more about buying life insurance for your family by taking this  a short Health IQ quiz on life insurance.

Health IQ: Insurance for the Health-Minded>Life Insurance Policy>Quiz>Life Insurance for Millenials

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Filed Under: Insurance

About Mich

Mich is your typical middle class guy with a house and 2 kids minus the dog. He works in the IT industry and likes to muse about how to achieve more for less when it comes to money.

About Invest It Wisely

Invest It Wisely is about evaluating the choices that each of us face everyday. It’s about investing your time, your money, and your energy wisely, in order to achieve your goals. The end goal is maximizing your life expectation, and exploring the ways to get there.

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