Life insurance rates can vary depending on a few factors. One of these important factors has to do with age. Often people will say that it is better to purchase life insurance at an earlier age. People in their 20’s sometimes feel that they get a better rate in this age range than those in their 40’s or 50’s. While this may be true to some degree, your overall health is another important factor. Generally speaking, the older we get the more medical care we need, thus insurance premiums can and do rise.
Buying life or burial insurance at an earlier age can provide you with some benefits you might not have been aware of. For one, you can borrow some of your insurance’s cash value to supplement retirement, or even pay for a wedding. Many people are not aware of this potential benefit. The important thing to remember however, is that you must purchase this insurance earlier. For example, if you purchase it in your 20’s you can use it to your advantage to help off-set other major life costs.
Health issues are one aspect of age and life insurance rates. As we grow older we tend to experience more health problems. If you wait to purchase life insurance then it will ultimately come at a much steeper price. Between the ages of 49 and 50, life insurance premiums for even a healthy individual can be expensive. Making a decision to buy it earlier will save you money and help you to accrue assets for future endeavors.
Make an educated decision when you decide to purchase life insurance. There are many life insurance companies available, and they all have different plans and rates placed at various price points. If you do your homework you should have no problem deciding if the time is right for you to make that life insurance purchase.