When is the best time to buy life insurance? Well, if you don’t already have it — and if anyone in your life relies on you financially — the answer is now. Here’s why purchasing life insurance sooner rather than later is one of the best decisions you can make for both you and your loved ones.
1. The younger you are, the less expensive your rates will be.
There are two main factors in determining the cost of life insurance. The first one is applicant age.
As you age, it becomes more likely and more imminent that an insurance company will need to pay out. To mitigate that risk, insurance companies will charge higher premiums for older first-time applicants. We recommend purchasing life insurance as soon as you’re married or have dependents; the younger you are, the more likely it is that you’ll be able to lock in a lower rate.
2. Generally, the younger you are, the more healthy you’ll be (and as a result, the less expensive your life insurance will be).
The second main factor affecting the cost of life insurance is applicant health.
As a young, healthy applicant, your chances of dying are low, as are your monthly premiums. However, as you age, your chance of failing health increases. If you experience a health issue and then purchase life insurance, you can expect significantly higher rates.
As for that health exam often required to purchase a life insurance policy? It’s nothing to worry about. The process is quick and painless, and typically consists of an examiner checking your height, weight, pulse, and blood pressure, drawing your blood, and requesting a urine sample. Examiners generally focus on screening for the “big three”: cancer, diabetes, and cardiovascular disease.
3. Purchasing life insurance now means protecting your family in the future.
Life insurance exists to protect what’s most important to you: your family. When you pass, your life insurance will replace your income so that your family won’t experience financial struggles in addition to mourning the loss of a loved one. Investing in life insurance is one of the most important things you can do to take care of your family, even when you’re no longer physically with them.
If you plan on purchasing life insurance at any point in the future, why wait? Purchasing insurance sooner rather than later will save you money, ensure future financial security for your loved ones, and grant you peace of mind.
At Lindow, we’re experts when it comes to life insurance, having provided coverage to satisfied customers for more than 20 years. We’d be happy to answer any and all related questions. We encourage you to contact us today!