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When's the best time to buy life insurance

Youth is the location location location of life insurance

People will call in and ask when is the best time to buy life insurance?  Life insurance brokers are not suppose to be sarcastic so we avoid the "before you die" calls.  I'm not sure you can really be funny with the subject of life insurance any way.  Just annoying.  In light of that, let's really take a look at timing in terms of when to purchase term life insurance to find out if there's an advantage.

No one has a crystal ball otherwise we wouldn't need life insurance any way.  More accurately, no one could afford it in such a situation.  Once we've come to terms with the underlying need for life insurance, when's the best time to buy?  The short (and usually right) answer is as soon as possible.  I know you wouldn't expect anything else from from a broker but it's solely in your interest in this case.  Your age is the greatest determinant on what your life insurance rates will be and maybe more importantly, what you will pay during the entire term of coverage on a cumulative basis.  Health may allow you to qualify but age dictates the rate more than anything else. 

The problem is that few people are aware of this fact or even the need for life insurance in their 20's.  Now and then we get a person in their 20's who's responsible beyond their years but it's a) rare or b) the result of a crash course in maturity which is loosely translated as a sudden addition to the family (new baby and/or spouse).  Term life insurance can be incredibly inexpensive when purchased in your 20's.  With every passing decade, the rates will continue to increase at an ever fast clip.  In your 20's $500K for 20 years can be around $30/monthly.  That jumps to almost $50/monthly in your 40's.  The good news is that if you are in your 30's, the rate isn't that different than a person in their 20's.  This is one of few times we get to feel young again!  The reason is that the risk of a 20 year old and 30 year old are both pretty comparable (which in this case means low).  It goes up quickly from here.

The take away is that the best time to buy term life insurance is in your 20's or 30's.  You will pay more going forward after that but even then...the earlier the better.  Life insurance rates are based on risk and probability of someone passing away.  This risk increases as we get older unfortunately and this is felt directly in the life rate we pay.  When you buy life insurance at the best time...when you're young...you lock in that rate for the duration of the policy.  This save you significantly during the course of the policy.  It's funny, most people in their 20's would jump if someone were to offer them almost $5000 but will wait to get life insurance in their 40's and pay this amount during the length of the term because they didn't buy at the best time. 

Always keep in mind that the best time to buy life insurance is when you have legitimate life insurance needs.  This is usually in the form of dependents that rely on you financially.  If you are care-free with no dependents in your 20's, a full policy might not make the most sense for you.  Most people cue into the need for life insurance when starting a new family, business, or encountering other typical needs for life insurance.   You'll know when you really NEED life insurance and that's probably the best time to purchase.  Keep in mind that age dictates the rates for the most part but health "buys" you life insurance.  You need to be in good health for the most part to qualify for life coverage.  You're more likely to be in good health and hence in a position to qualify when you're younger since many ailments accompanying age.  Young and healthy...the best time to buy life insurance.




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