Life is busy, and shopping for life insurance is one of many tasks that may get pushed further down your to-do list. However, the longer you delay purchasing life insurance, the more expensive it will be. Buying a life insurance policy sooner rather than later can help you lock in favorable rates and establish peace of mind that your family will have a safety net if you pass away. Read on to learn why no time is better than the present to get the life insurance coverage you and your loved ones need.
Reasons to Buy Life Insurance Now
The Longer You Wait, the More Expensive Life Insurance Gets
The cost of life insurance is based on risk. Factors like your health, lifestyle, gender, and age all come into play during the underwriting process when your rates are being decided. As you age, you naturally become a bigger risk to insure.
Getting older comes with an increased risk of health conditions, and therefore there’s a higher chance that you may pass away. Life insurance companies compensate for this risk and the greater likelihood of having to make a payout by charging higher life insurance rates. Overall, the earlier you lock in your rates, the better.
Buying Life Insurance When You’re Young and Healthy Can Cut Costs
As you age, your health risks increase, so it’s wise to buy life insurance when you’re young and healthy to avoid paying higher premiums. Most traditional life insurance policies will require you to undergo a life insurance medical exam in addition to providing your medical history, so it makes sense to go through this process while you’re young and in optimal health.
If you do apply for life insurance later in life, you can consider no medical exam life insurance. This option makes the most sense for those under age 60 and in generally good health, but it’s still in your best interest to apply when you’re young and healthy to get the most affordable rates possible.
Considering Your Future Could Save You Money
The future is hard to predict. However, looking ahead when considering life insurance can save you money in the long run. Committing to a policy sooner rather than later will help you maintain an affordable rate over the policy’s lifetime.
By purchasing life insurance when you’re younger and healthier, you lock in your premiums. This makes it easier and more affordable to get additional coverage as your needs change in the future, as well as to plan for other financial obligations, since you’ll know exactly how your life insurance payments will fit into your budget going forward.
If You Buy Health, Home, or Auto Insurance, You Should Buy Life Insurance
Insurance is one of those things you hope you never have to use but are thankful to have it when you need it. Just like with other types of coverage, including auto or home insurance, life insurance provides valuable peace of mind.
Think about what would happen to your loved ones if you passed away. Would they be able to meet both daily and long-term expenses without your income? Life insurance acts as a financial safety net for your family and offers you invaluable security for the future.
Don’t wait—get a free life insurance quote from SelectQuote today.
As we’ve discussed, there’s no better time to buy life insurance than right now. If you’re feeling overwhelmed by the options available to you, SelectQuote can help. We make buying life insurance quick and easy. With nearly 40 years of experience, we’re well-equipped to guide you through decisions about life insurance, and by gathering a variety of quotes from trusted carriers on your behalf, we’ll save you time and money along the way.
