Your health can have a big impact on the life insurance quotes you will find when looking for a policy. Since insurance companies usually require medical evaluations before giving you a final quote, there are special considerations you should take in terms of when to get a policy.
The easiest way to find affordable life insurance is to buy it early. Life insurance is not typically very high on a young person’s list of priorities. But, it is actually much cheaper to buy life insurance policies the younger you are. On average, life insurance rates rise between 4.5-9% for every year of age.
Another bonus of buying life insurance at a younger age is that you can lock in your premium rate for the duration of coverage.
This means that if you purchased a permanent life insurance policy or a 30 year term life insurance policy when you were 18 and now are age 40, you will still be paying the same monthly premium that you had at age 18 as long as you keep up with your bills.
Life insurance becomes more expensive as you get older, but there are still options for affordable insurance if you are purchasing it later in life.
If you are older and do not have many dependents, you can look for a life insurance policy that has a smaller benefit amount. These typically will have a cheaper monthly premium.
You could also choose a term life insurance policy that only lasts for a certain amount of time. These policies are usually cheaper than permanent life insurance.
However, keep in mind that (in general) the healthier you are, the less risk the insurer will consider and the cheaper your monthly premium will be.
Now that you know when you should purchase life insurance, it is time to buy. Learn how to shop for the cheapest policies.
By Admin –