Life Insurance: The Earlier, The Better

+Let’s face it, people usually do not enjoy the idea of thinking about life insurance because they don’t like having to think about death. This is probably the reason why people tend to put it off and think to themselves, “I don’t need that yet.” From a cost standpoint though, the earlier you get life insurance, the better. Here’s why.

Life insurance rates are always based on your current age, state of health and lifestyle. Insurance companies employ an entire department of underwriters; people who specialize in calculating the risk involved in approving a person’s life insurance application.

With that in mind, it is best to apply for a life insurance policy as soon as you can, while you are young and healthy to ensure you get great rates locked in. You may even qualify for a preferred rating due to good health. Although there are policies tailored to people with health issues, they are typically much more expensive and come with restrictions. You do not have to worry too much about beneficiaries, as your listed beneficiaries can be changed anytime as your life changes. Do not fall into the trap of thinking you do not need life insurance yet, especially since when you do need it, you might not be able to get it.