Many people mistakenly think that life insurance is something you start thinking about when you get older. There are several issues with that line of reasoning. The glaring one is: what happens to your family if you tragically pass away young? What are other reasons to consider getting your life insurance now?
#1 Age and Health Determine How Much Life Insurance You Can Buy
Once you hit a certain age or degree of health, insurance companies are not going to want to provide you with life insurance anymore. You may only be able to purchase enough to cover burial expenses. If you want to leave your family with a nice nest egg when you pass, you have to purchase insurance while you are young and healthy.
#2 Youth Equals Affordability
The younger you are, the more affordable your life insurance premiums will be. This makes sense. The insurance company assumes they will collect premium from a young person for many years without having to pay out. The older you are, the more risk there is for the insurance company.
#3 You Can Lock in a Rate at a Young Age
You can lock in a rate now while you are young and healthy that will allow you to be able to afford to leave your family in good shape should you become sick in a few years. Even if you live a long full life, you don’t have to worry about skyrocketing prices later or that you won’t be able to get as much coverage as you want.