Co-Founder, Coastal Financial Partners Group, California
Life insurance can be designed to fit virtually any budget. It is definitely more affordable the younger you are so start early and do so before your ability to qualify medically changes.
If your budget is tight, term insurance may be a place to start. For example, for about a dollar per day, a 35 year old in excellent health could buy $500,000 of 20 year term life insurance coverage. You can later convert it to permanent coverage, without having to prove you are insurable, when your budget allows for the higher premium. Then you can have coverage you cannot outlive.
Can you afford not to be covered? Term life insurance can be purchased as short a period as five years. Some term life insurance companies also sell annual renewable term life insurance coverage. The only real issue here is your medical condition, can you obtain affordable coverage? Your employer may offer group life insurance, possibly part of your benefits for free or group term life insurance.
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If your budget is tight, term insurance may be a place to start. For example, for about a dollar per day, a 35 year old in excellent health could buy $500,000 of 20 year term life insurance coverage. You can later convert it to permanent coverage, without having to prove you are insurable, when your budget allows for the higher premium. Then you can have coverage you cannot outlive.