What Is the Best Age to Get Life Insurance?

What Is the Best Age to Get Life Insurance?

The best age to purchase life insurance for yourself has been a subject of debate for quite some time. Most often the debates come down to paying a smaller premium amount for a longer time, versus paying a higher premium for a shorter time frame. The amount of your premium is affected by your age and your overall health. Knowing this, you think it may be possible to figure out the best age to get life insurance with a simple math equation to get the best price and maximum value or return on investment. However, everyone is different, and tomorrow is a relative unknown, so ultimately the best age to get life insurance is based on what you are comfortable with.

We already know that life insurance is highly influenced by age, so below we highlight the different age groups and some of the variables considered for life insurance policies.

1. Ages 20-39

This age range is among the best to get life insurance because the premium payable will be the lowest. If you go for a whole life insurance policy, your age range will give you the longest time possible to build cash value, as your life expectancy is the longest in this age group.

2. Ages 40-59

This age range is among the most popular age ranges that people believe that they should have life insurance. However, in this age bracket premiums have already begun to increase and some individuals may even give up on the idea of a life insurance policy for themselves as they do not believe they can fit the added expense into their budget. Even though premiums are higher in this age group, than the previous bracket, you should also consider that you have not been paying into the premiums previously, so the money that you have not been spending over the years, is being made up in a way now, with the slightly higher premiums.

3. Ages 60 and Above

At this age range, you can expect to pay the highest premiums if you are just now opting into a life insurance policy. This is because at 60+ the chances of life changing illness or even death are higher than any of the other age groups. Some insurance companies may even refuse to offer insurance to individuals in this age bracket, or may ask for frequent medical exams for continued eligibility.

Ultimately the best age for you to get life insurance is based on what you are comfortable with. However, signing up for life insurance at a younger age will provide the lowest premium rates and also provide coverage in case of an unexpected illness and accident. As you reach certain milestone events in your life such as getting married, purchasing a home or having children, the importance of life insurance increases as you want to ensure your loved ones are financially protected. It is never too late to get a life insurance policy to protect your family and loved ones, you may just need to take a few extra steps, including medical exams and pay a higher premium for your coverage.