Most people are aware of life insurance, and they are probably even aware of the fact that they should probably have some, but many aren’t aware at just how inexpensive and simple it can be to buy life insurance.
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So, what are you waiting for? Need more convincing?
Here are five reasons why you shouldn’t wait to buy life insurance:1. The older you are, the more expensive it is.
One of the main factors in determining the cost of life insurance is an applicant’s age. What is life insurance? It’s a financial tool to replace one’s income if that person dies, and the older you are the closer you are to dying. It’s just a fact. The life insurance companies make up for this risk by increasing premium costs as ages go up.
A healthy, non-smoking 30-year old male could get a 20-year term $500,000 life insurance policy for as little as $22 per month. Let’s say he decided to wait to buy. If he wanted to apply at age 40 instead, his price for the same policy (assuming his health stayed the same) would then be $34 per month instead. Now while $34 is still very reasonable for the peace of mind life insurance brings, it’s still quite the jump in cost.Average Annual Cost of a $250,000 20-Year Term Life Insurance Policy for a Healthy Non-SmokerAverage Annual Cost of a $250,000 20-Year Term Life Insurance Policy for a Healthy Non-SmokerAverage Annual Cost of a $250,000 20-Year Term Life Insurance Policy for a Healthy Non-SmokerAgeMaleFemale25$169$14830$173$15335$183$16340$244$21145$361$29850$542$41855$853$63460$1480$106965$2578$1841
2. The longer you wait, the chances of a health issue arising increases.
The second main factor in determining the