President, Lane Independent Agency, Southern California
The age you are now. The time to buy life insurance is the sooner and earlier the better. The younger you are the lower the rate, all other things being equal. And you can lock that rate in for the rest of your life with permanent, and for 20 years with term. What is you became uninsurable? You can protect your kids the rest of their lives from worrying about insurability. You can protect yourself when you might not be able to do so later. Do it now! Thank you. GARY LANE.
My advice is the earliest age that you need it. When someone you love and care about is financially dependent on you or you would saddle them with debt if you were to pass away suddenly, it is time to purchase life insurance. Here is the basic rule of thumb when purchasing life insurance. It will never be more affordable than it is today. We all get older and sicker with each passing day and this adds to risk when purchasing life insurance.
That is a great question! One of the best bits of financial advice I can give you is to buy life insurance as young as you can afford it, and start saving for your retirement as soon as you can also. Life insurance is cheaper when you are young, and in great health, and if purchased when you are young enough, will often allow you to increase the coverage periodically without medical exams. The low price is locked, and never changes. Saving for your future allows more time for your money to work for you, and help secure a better funded retirement. If you would like to know more about this, please contact me. Thank you for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
You should consider life insurance as soon as you love someone. While there are economic reasons to buy life insurance at an early age, it is the pain of loss that is the prime motivator to buying and keeping life insurance. When you recognize the devastating affect that your death might have on those you love, you have identified the correct time to buy life insurance.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
The short answer is at the earliest age you are when you have a need and can afford the premium. One major pricing factor in life insurance is the age of the insured. Younger folks pay less for the benefit coverage because statistically they will be living longer. In most cases they are also in good health and pretty good shape as well, which are additional considered underwriting factors.
There is no one best age to buy life insurance, but there are some factors that may help you decide when to buy it.
1) Health. If you are in good health now, you will save a lot of money over someone your age who has developed an unexpected illness. If you are young enough, you could lock in a 30 year term policy and pay rates based on your current good health for the next 30 years. Or you can buy permanent insurance and pay preferred rates to cover the rest of your life.
2). Age. Younger people pay lower rates; older people pay higher rates, because life insurance is based on mortality rates, and mortality rates go up as we age. Of course, this means that our chance of dying increases as we age. So if a person does not have money saved to at least pay for final expenses, it is a good time to buy life insurance, no matter his/her age.
3) Need. If anyone relies on your income to maintain their quality of life, then it is a good time to buy life insurance.
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The age you are now. The time to buy life insurance is the sooner and earlier the better. The younger you are the lower the rate, all other things being equal. And you can lock that rate in for the rest of your life with permanent, and for 20 years with term. What is you became uninsurable? You can protect your kids the rest of their lives from worrying about insurability. You can protect yourself when you might not be able to do so later. Do it now! Thank you. GARY LANE.
1) Health. If you are in good health now, you will save a lot of money over someone your age who has developed an unexpected illness. If you are young enough, you could lock in a 30 year term policy and pay rates based on your current good health for the next 30 years. Or you can buy permanent insurance and pay preferred rates to cover the rest of your life.
2). Age. Younger people pay lower rates; older people pay higher rates, because life insurance is based on mortality rates, and mortality rates go up as we age. Of course, this means that our chance of dying increases as we age. So if a person does not have money saved to at least pay for final expenses, it is a good time to buy life insurance, no matter his/her age.
3) Need. If anyone relies on your income to maintain their quality of life, then it is a good time to buy life insurance.