18 Oct What Age Should You Buy Life Insurance?
Is there a right age for taking out a life insurance policy?
Like many insurance policies, life insurance is often put on the back burner. People may know they need to think about coverage, but they may not have the time or patience. What you should know is that life insurance is age-banded, meaning that a policy becomes more and more expensive with each passing year. So, is there an optimum age to purchase life insurance?
Quite simply, the right age to buy life cover is at the age you would realistically benefit from the coverage. For some, that may be when they’re young and spritely, for others, maybe not. Although it might be more common to buy life insurance when you’re going through a major life event, such as buying a home or having a baby, you should take these considerations into.
Age affects costs.
Generally, the older you are the more you should expect to pay for a policy. This is because the younger you are, the (typically) healthier you are with many years left of life. The older you get, the more you’re considered an insurance risk to providers.
Life insurance isn’t just for families.
If you’re thinking of waiting until you have children to get life insurance, think again. Life insurance covers much more than just your family’s financial future. Even if you don’t have dependents, you may have remaining debt and funeral expenses to be taken care of when you pass. Although many people under the age of 25 are more concerned with paying current bills than acquiring new ones, there are significant advantages of purchasing a policy when you’re younger.