What’s the Right Age to Buy Life Insurance?

Young, healthy people don’t think about life insurance policies. They should. According to statistics compiled in 2005, the average age when women are marrying is now 26 27 for men. That means that 30 is most likely the very last age when you want to consider taking out a life insurance policy. After all, the coverage isn’t for you, it’s for someone you love, either by defraying the costs of your burial or by guaranteeing that your spouse and offspring can continue to enjoy a comparable standard of living in your absence.

Those are hard scenarios for people in that age bracket to consider, but they are the realities of life. People before age 30 tend to be healthy with few pre-existing conditions, making it easier to get insurance of any kind. Except in cases of high-risk occupations, individuals age 30 or younger can expect to qualify for good premium rates. After age 30, regardless of your physical condition, those rates will go up.

If you want to save over the long-term on monthly, quarterly, and annual premiums, life-insurance in your late twenties should be part of your future plans. Remember, the policy isn’t for you, it’s for the people you love.