If you're wondering when to buy life insurance coverage, here's a simple guideline: The fact that you're wondering probably means the solution could be “right now.” Let us explain.
The reason for life insurance would be to help financially protect your dependents (like a spouse or partner, kids and other loved ones) when the worst happen. By “the worst,” we mean your untimely demise. So if you're wondering when to buy life insurance coverage, that means you probably have dependents or else you expect to have some soon (maybe you plan on settling down or starting a household). Which, in turn, means you should probably get life insurance coverage now.
You get affordable term life to help protect all your family members in case of surprise death – which is, obviously, a celebration that can not be predicted. Therefore it doesn't make much sense to hold back to obtain protection. You wouldn't delay getting auto insurance since you seem like nothing's going to happen this year, and also the acquisition of life insurance coverage follows exactly the same logic.
How to great life insurance coverage rates
Various factors modify the price of life insurance coverage, but one constant is the fact that usually the younger you're, the cheaper it is. The monthly price you'll purchase a specific amount of coverage rises each and every year that you age, and the age-based increases grow larger while you get older – the cost jump between ages 35-40 is much more than 3 times the increase between ages 30 and 35 (click here for a chart of life insurance coverage rates by age.) Buying life insurance may be the opposite of purchasing a TV – there isn't any Black Friday to hold back for; all that happens is usually the longer waiting, the greater expensive it gets.
One from the main stuff that affects the price of life insurance coverage may be the chronilogical age of the individual taking out the policy. As your age increases, the same is true the cost you'll pay to buy a policy.
Another component that impacts your life insurance rates is exactly what kind of policy you purchase. Term life, which is what Haven Life sells, is one of the simplest and many affordable kinds of coverage often appeals to many young families searching for coverage. With regard to this piece, we'll concentrate on term life quotes.
Sample 20-year term life insurance rates by age for individuals in excellent health
Don't have enough time to cost out how term life quotes rise exponentially with age? View the chart below, which illustrates the price of a 20-year Haven Term insurance policy for women and men in excellent health at various ages. It's clear that shopping early for term life insurance can help you save money.
Finding the best time to buy life insurance coverage for you
If you're single, childless and expect to remain that way, and you haven't any debts that would be passed on to your loved ones if you died, then you probably don't need to buy life insurance right now.
For the rest of us, it's time to go searching for any personalized quote. If you need life insurance coverage at this time, why wait?