Why the Best Time to Buy Life Insurance is Now

A mom and her son share a hug after she learns why the best time to buy a life insurance policy is now

Simply put, when it comes to life insurance, shopping for it sooner is always better than later. Life insurance is something we often think about, but tell ourselves we’ll come back to later, so before putting it off any longer, learn more about why you should consider shopping around to secure your family’s financial future now. 

Your Age

Although there are various factors that go into determining your life insurance premium, age is one of the most critical components. It’s a simple fact that a younger person can get a life insurance policy that is more affordable than an older person. 

While you may think you don’t need life insurance now, purchasing it when you’re young will not only mean lower premiums, but it will also make it easier to get more life insurance coverage in the future when you do need it. 

Your Health

Another main factor in determining your premium is your health and it’s possible right now you’re the healthiest you’ll be. As individuals grow older, they are more likely to develop health problems or medical conditions that make it harder, or in some cases, impossible, to get insured. In these instances, there are life insurance options that require no medical exam that can help you find life insurance coverage even when your health might not be the best.

Purchasing life insurance when you’re younger and healthy will help you minimize your premiums over the life of your policy.

You can always change your life insurance policy later.

Re-shopping your life insurance at least once a year is recommended. Not only do insurance companies regularly change their rates, but if your health improves or if you find better coverage for a lower price, you can always replace your life insurance policy.

Additionally, if your life insurance coverage needs change due to a life event—new job, new house, new family member—you can always buy additional term life insurance policies

Purchasing life insurance now protects your family in the future.

From day-to-day, life insurance can seem like just another expense, when in reality, it can save your family from significant financial strain if something were to happen to you. If no life insurance policy is in place at the time of your passing, your family could be responsible for:

  • Student loan debt
  • Emergency or medical costs
  • Healthcare
  • Mortgages
  • Credit card debt
  • College tuition

Life insurance is an affordable way to protect the people you love and care about most. It’s a safety net so your family can continue living life and pay for important things like the mortgage, college tuition and even final expenses in the event you are unable to do so. A life insurance policy can give you and your family invaluable peace of mind. Let SelectQuote help you find the right life insurance coverage with the right carrier at the right price for you in just minutes.

We do the shopping. You do the saving.