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.
