When you're in your 20s or 30s, you've hardly had time to adjust to your independence and the responsibilities that go along with it. Life insurance is probably the last thing on your mind, and it might even seem unimportant to you if you aren't married or if you don't have children.
The fact is that at this stage of life, most of us expect to have a long life ahead of us. But that one fact alone isn't enough reason to put off getting life insurance. There are good reasons to seriously consider taking out a policy before you reach an age when you expect to have an increased need for it.
For the most part, the older you are when you start a policy, the more your monthly payments increase for the same amount of coverage. There is also the risk of health changes which could affect your rates. If you buy a policy when you're younger, the payments are much more affordable and remain at that same rate throughout the payment period.
There are two basic categories of life insurance available: permanent life insurance and term life insurance. A permanent life insurance policy is designed to remain in place for your entire life and can be designed to provide living benefits as well. Term life insurance policies offer coverage for a certain number of years (the policy term), after which the coverage expires. There are usually no cash value or living benefits.
If you intend to investigate life insurance, remember:
There are different types of policies out there to fit each individual need and budget.
Rates can rise substantially for the same amount of coverage on life insurance if you wait until you're older before you purchase a policy.
It makes sense to look into your options before you decide what the best age is for you to buy life insurance.
We’ll help you find the right coverage. Call Wilber-Price Insurance Group at (800) 797-2016 for more information on life insurance.