When it comes to purchasing life insurance, you should not wait for your skin to grow wrinkles or joints to get pain. Many people wait to grow old enough thinking the right age to buy life insurance will come still later. But many of the many might be making a mistake unless they have accumulated enough for their heirs to inherit and live comfortably.
So, what is the best age to buy life insurance? – you should seek the best answer to.
If you need life insurance at any stage of your life, any age is perfect to buy life insurance for you. But every age has its pros and cons.
This is why we are showing how different ages and buying life insurance are related so that you may understand for yourself what the best age to buy life insurance for.
Life Insurance Under 20
The earliest age you can buy life insurance is when you are 1 day old. A parent can buy life insurance on a child either through a child life insurance rider or through an independent policy. The child becomes the owner of the policy when it grows up to legal age or the company-specified validity age which can be 25 years latest. The child needs to takes steps to continue the policy at maturity else it goes to auto-termination.
A life insurance bought for a child has two benefits. On one hand, it protects insurability. Once the child s insured, the company can never cancel the policy no matter how its health becomes at later days. On the other hand, the insurance works as a whole life insurance policy and grows cash value which the child can use for educational purposes or for buying his own car or for credit card purposes. The child can also use the money during down payment on home or even for secure retirement planning.
Life Insurance at 20s
20s typically falls in two parts when it comes to life insurance. If you are in your early 20s, have private student loan and a parent has co-signed the loan, you may consider life insurance. If you think your parents will find repaying the loan in the event of something happening to you, you ‘might’ consider life insurance. Should anything befall you, your death benefit will go to ease your parent’s burden of repayment.
Somewhere in late 20s, like most people, you will probably have started your own family. Marriage shoulders upon you financial responsibilities and commitments that you cannot ignore. Making sure that your life partner will remain financially secure even if you live beyond her reach is an issue you should not ignore.
At this age, you will earn well with annual rise in income and can very well consider a whole life insurance for financial protection of your partner as well as make use of life insurance for retirement planning. On the other hand, if you are buying a mortgage home, you can buy a mortgage life insurance which is a term life insurance policy wherein the benefit grows thinner as you age.
Life Insurance in 30s
The perfect age to buy life insurance begins to slid away if you do not buy some policy in your 30s. Your liabilities go up at this stage. You become a parent now. There is also mortgage on your shoulder. But up till now you are least likely to have accumulated savings for the family to survive on behind you. This is why, early 30s is the best time for you to buy life insurance.
Late 30s, you can probably understand, is a bit late for you to buy life insurance. There are two reasons for you to consider life insurance at this stage of your life. One is, age plays a catalyst’s role in determining your life insurance premiums. Your life insurance age-band started when you were 18 and already you have fallen behind by many years. As a matter of course, your life insurance rate will go up to a great extent by now.
The other reason is growth in age might have its negative physical impacts on you. At late 30s, you might not be the same healthy person that you used to be. You might have elevated blood pressure or other symptoms that may be a reason for you to be un-insurable or raise your costs.
Life Insurance in 40s
If not too late, 40s is quite late age to buy life insurance. This age is often said to be the age of vulnerability, with different physical symptoms showing up. They raise the cost-barometer of your life insurance tremendously and sometimes can be a cause for application denial. This is why you had better not wait till 40s for life insurance.
Life Insurance Beyond 40s
Getting life insurance beyond 40s sets you in rather a dim background. You may have already lost your insurability for physical issues or your costs will have gone pretty high by now. Also, your choice now may be narrower than it could have been earlier. For example, you may not be eligible (depends on age) to buy a 30-year term insurance policy now. Also, you cannot buy as big a coverage as you would want to. Oftentimes, your only choice comes through final expense life insurance.
Need Is the Time
You may buy life insurance till your 80s with your choices getting limited and cost rising. There are also possibilities of denial. But when it comes to protection, the best age to buy life insurance is whenever you feel you need it. Need is the time for you.
Our advice to you is: buy life insurance when you are between 25 to 35. At this age, you will have the best rates, best policy and best protection that no other age can find you.