Many of us know that we need to secure life insurance, yet we are unsure of when is best to buy the policy. Perhaps it 's when we get married and have dependents? Or when we take out a mortgage? Or have children? Today, we take a look at what is the best age to purchase life insurance in Valatie, NY
When You Need to Buy Life Insurance
Statistically, the optimum age to purchase life insurance
is technically right after birth. Life insurance is age-banded, which means that as each year passes, the policy becomes more expensive. Simply put, the younger and healthier you are, the better your premium rates. However, younger people tend to put off buying life coverage in the face of debt like mortgages and car payments. While paying off current debt is critical, missing out on buying life insurance at a young age has a significant economic impact, much like delaying saving for retirement. In short, the sooner it is purchased, the better.
The Cost of Waiting
Forgoing life insurance purchases at a young age can be costly over the long term. It 's said that the overall cost of delaying the purchase for 10 years costs $1,800 over the life of the policy.
What 's more, the cost of waiting to purchase life insurance
can have a greater impact on an attempt to purchase a policy. Medical conditions are more likely to develop as an individual grows older. If a serious medical condition arises, a policy can be rated by the life underwriter, which could lead to higher premium payments or the possibility that the application for coverage can be declined outright.
Do you have more questions about finding the right, affordable life insurance
to the team at Kneller Agency
today to get started!