When to Buy Life Insurance

Many people put off buying life insurance until they’re married or have children, reasoning that it’s not necessary until then. That’s a big mistake that can cost them significantly in premiums, as getting set up with a policy while you’re young can allow you to lock in premiums and avoid higher costs charged to older insureds.

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Life insurance companies base premiums on the level of risk they feel insureds pose. Older insureds have a greater risk of dying than younger insureds, as do those who are in dangerous occupations or who are in poor health. That’s why these insureds typically pay more in life insurance premiums than younger, healthier men and women.

When you purchase a policy in your 20s, or take over a policy your parents started for you when you were a child, you obtain a lower premium than you would if you waited until later in life to purchase a policy. Also, by starting a policy as a young adult, you establish a habit of thinking about the future and saving for it, which will stand you in good stead throughout your life.

Bottom line: The best time to purchase a life insurance policy is right now if you don’t have one already. Even if you currently have life insurance, now may be a good time to evaluate your coverage and determine if you have enough.

EQUOTE connects people searching for quality, affordable life insurance with some of the best insurers in the industry. For consumers searching for hassle-free, no medical exam policies, EQUOTE can help them find the right policy that will provide the peace of mind their families deserve.