If you are healthy and have no other risk factors, it is cheaper to get life insurance while you are young. It is also a good time to lock in premiums before you have any health conditions. Young people often feel as though nothing serious can happen to them, but cancer, diabetes, heart disease and accidents can strike at any age. What seemed like a big monthly payment when you take out the policy, will look like peanuts to you in the future.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
It is always a good idea to purchase cash value life insurance while you're young and healthy. Think of it as buying a piece of undeveloped property. You can buy it cheaply and as you hold onto it the value increases over time. Whole life is a valuable asset that works best with a lot of time to work.
What really is good about whole life is later in life, when you're not so young and not so healthy. They can't take it back, end it or raise the price. Believe me, as a 53 year old with major health issues the most secure financial tool I own is my whole life insurance. My health as of late, would probably make me uninsurable, so having taken care of that as a younger much healthier man, was one of the smartest things I've ever done.
Also term insurance as you hit your 60's is not the same product price wise as your 30's was. It is very expensive and many people in thier 60's are now looking for low cost term insurance for the next 30 years and aren't finding it. Later in life, term insurance has a way of making whole life purchased at a much younger age a real bargin.
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What really is good about whole life is later in life, when you're not so young and not so healthy. They can't take it back, end it or raise the price. Believe me, as a 53 year old with major health issues the most secure financial tool I own is my whole life insurance. My health as of late, would probably make me uninsurable, so having taken care of that as a younger much healthier man, was one of the smartest things I've ever done.
Also term insurance as you hit your 60's is not the same product price wise as your 30's was. It is very expensive and many people in thier 60's are now looking for low cost term insurance for the next 30 years and aren't finding it. Later in life, term insurance has a way of making whole life purchased at a much younger age a real bargin.