Undoubtedly, when most people think of life insurance, they think of elderly people. This is due to the common misconception that life insurance is cheaper and more useful at that age. This is not the case. In fact, it is the best time to buy life insurance when a person is younger, because they are more likely to be healthier. Health and age play huge factors in rates for life insurance.
Why Should I Buy Life Insurance If I’m Healthy?
Sometimes, things happen unexpectedly, and the last thing you want is for your family’s finances to be in shambles as a result. If you are the primary breadwinner in your family, then shopping for life insurance should be a priority. Your health and well- being today is not a good predictor of the future, but life insurance can at least help provide financial security if something sudden occurs.
I’m Too Young For Life Insurance
Young to middle age adults may view life insurance as a waste of money since they are relatively young and healthy. It seems logical, but what happens in 10-20 years, when they age and their health deteriorates? When that person tries to get life insurance, they will be met with a hefty bill.
Rates also vary between men and women, but all the same, rates climb with age. The best time to buy life insurance is at a young age, where you can afford a simple policy. Most insurers will let you add on terms to your policy as time goes on because they understand your needs at the present may change in the future.
Take Home Message
Life insurance may seem useless at a relatively young age, but like all insurance, it will be there when you need it most. Getting it sooner rather than later can save you money and leave you with peace of mind knowing your family will be ok, should anything unfortunate occur to you.
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