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Why it makes sense to get Life Insurance under 30

Why it makes sense to get Life Insurance under 30

new-comparison-site-leads-to-thousands-savedIf you’re under 30, life insurance is probably the last thing on your mind. Dying seems like something in the distant future, and you’re already overloaded with bills, from student loans to car payments and housing costs. But buying life insurance when you’re young makes good financial sense — and it’s surprisingly affordable. For a small monthly premium, you can provide a substantial financial safety net for your loved ones.

Learning more about the application process is critical to understanding why you should purchase a policy when you are under 30. When you apply for life insurance, you will be required to undergo a physical exam and answer questions about your lifestyle (such as whether you smoke or have dangerous hobbies). Rates are determined based on these factors. Typically, it is both easier and cheaper to get life insurance when you are young and healthy. Waiting to purchase insurance until you’re older can greatly increase the cost of your policy — or can prevent you from getting life insurance at all if you are diagnosed with a medical condition. By purchasing life insurance when you’re young and healthy, you can lock in low rates — and ensure that you are insurable.

For applicants of all ages, term life insurance is one of the most popular options due to its low cost and fixed premium levels. It is a temporary insurance for a set period of time (usually 10, 20 or 30 years). If you die during that term, the insurer pays a death benefit. Otherwise, the policy expires and you do not receive a benefit or a return of your premiums. Term life insurance rates for young, healthy nonsmokers are incredibly affordable — as low as $12 per month. That same policy would be significantly more expensive for older applicants, so applying when you are young is the best way to guarantee low rates for the life of the policy.

The bottom line? Buying life insurance when you’re under 30 makes good financial sense. Click your state in the map below to compare with no obligation, you’re welcome.