You may have read that you don’t need to buy life insurance early in life, but getting a policy before midlife may prove wise. In fact, there are compelling reasons to get life insurance between the ages of 18 and 45,
The key question. Are you supporting individuals whose livelihood depends on your income? If the answer is yes, it’s time to look at life insurance.
You’ve got your health. Typically, people shop for a life insurance policy in the middle of their life spans – when they are in their 40s or 50s. At that time, they may already have fallen into the grip of unhealthy lifestyle habits, or disease may already have entered their health picture. All these conditions can jack up premiums or make it harder to get a policy.
The cost is relatively cheap. Additionally, premiums for standard-risk term life insurance actually fell 50 percent between 1994 and 2007. Premiums have been getting cheaper and cheaper for new term life policyholders, partly because the mortality rate has dropped over the decades.
Why would young singles need life insurance? Good question. Some financial consultants will tell you there is no pressing reason for it. Yet if you are single, buying a term life policy (or even a permanent life policy) early on could bring you a better deal and potentially guarantee your insurability.
Maybe it’s time. Time passes, things change, and so does your need for insurance. Even if you are insured, it’s important to keep up with change, age, a marriage or a new baby.
If you’re young and you haven’t yet talked to a qualified insurance advisor, think about doing so today – you may be pleasantly surprised how affordable life insurance can be.