Are you thinking of purchasing life insurance but don’t know when? When purchasing life insurance, two of the main factors an insurer will evaluate when determining qualification and cost are your age and health.
The best time to get life insurance varies for each person. This may be based on family and financial conditions. So, before you commit, it’s critical to understand how life insurance rates according to your age works.
Even if you don’t need it, your twenties are the perfect age to purchase term life insurance coverage at the best price. This is because an insurer takes on less risk when covering a young, healthy person.
There’s no other way to describe it. Purchasing life insurance in your 50s will be more expensive. However, if you have limited assets and financial dependence on your income, you should not skip coverage.