When Is The Right Time To Buy Life Insurance?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    The younger and healthier you are the better.  Insurance premiums are extremely low for babies.  As we get older the premiums go up.  This is because life insurance race are based on mortality, or how long a person is expected to live.  Since we obviously are growing older each year, the sooner you purchase life insurance the better.
    Answered on July 3, 2013
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  2. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    Honestly the best time to buy life insurance is when you are young and in good health. Your rates will never be cheaper and the potential benefits to you better. If you can afford a permanent plan, do it. Plans like these build cash value that is free from any taxation so long as they stay in the policy. If that is not possible financially, then look into a long term term plan with a conversion option. The conversion option allows you to switch all or a portion of the coverage into a permanent plan without having to go through any exam or underwriting. In both cases, another benefit is that you protect your insurability. We are not young forever and likewise some of us are not healthy forever either. Health issues later in life can prevent you from buying the insurance you may need or make it too costly.
    Answered on December 30, 2015
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