When to Get Life Insurance Cover
Life insurance is a large investment. It may not be a major one, and that is perhaps why it is so commonly overlooked. However, it is valuable coverage that can benefit your future finances. What may don’t consider is when to buy life insurance coverage. We take a look at whether or not there is a right age to buy life insurance.
Many investors consider it ideal for people to purchase life insurance when they’re young and healthy, around the age of 35. At this time of life, most are relatively healthy and have years of life left to live. They are also likely to have dependents and assets they wish to protect.
Ideally, people will get life insurance cover when they are at their healthiest and fittest so that they can lock in low rates for years. People under the age of 25 are more likely to enjoy low premiums because they are younger and healthier. As a result, they are not too much of a risk for insurers. However, many people under the age of 25 are concerned with immediate expenses and do not consider life insurance valuable. They may not have dependents to consider or any assets to protect.
That said, the right age to buy life insurance is when you would realistically benefit from coverage. Life insurance isn’t just for people who are married and own their own home. Even if you don’t have assets or dependents, consider your remaining debt and funeral costs that will fall to your loved ones when you pass.
Comments are closed.