Life insurance can be purchased quickly from almost any agent. Getting the best policy for the family requires considering some things before buying. When time is given beforehand to think about the family’s future needs, buyers can end up with a policy that will be more beneficial and offer a greater level of confidence and security.
When to Buy Life Insurance
Life insurance premiums base the cost of premiums on age and health. Because of this, buyers are much better off buying life insurance when they are young and healthy. Delaying to buy another year means that the premiums will be higher–and it increases the risk of developing a serious health problem or two. With some health conditions, insurability is near impossible at a reasonable rate.NerdWallet, for instance, says that the average rate for men at 30 for a $500,000 term policy is $227 annually, but it jumps to $835 at 50. The jump is much larger at 60, rising to $2,362. A whole life policy for $500,000 will cost $4,985 at 30, $11,250 at 50, and it becomes completely unaffordable at 60–$18,130.
