The Right Time to Buy Life Insurance

Life insurance is a type of coverage that many do not even think about until they absolutely have it. Many go years without securing coverage when they could benefit from the policy. Is there a right age to purchase life insurance in Long Island, NY? We take a look into when life insurance is beneficial.

Generally, we recommend that people buy life insurance as early in life as possible. Major events such as marriage, owning a business, and having children can play a significant role in determining when you need coverage. However, life insurance is age-banded, meaning that the longer you wait to get coverage, the more expensive it becomes. We like our clients to secure some form of life coverage before the age of 24.

When someone applies for a life insurance policy, the insurer looks at a number of factors. One of the most important influences in determining coverage and a premium is the age of the policyholder. The younger an applicant is, the less likely they are to pass away, all else being equal. Young people are often healthier because they have not developed any health conditions or concerns, too. By being younger and healthier, the applicant is often awarded a cheap premium. This means that young people can lock in low rates on a policy that lasts them years.

Even if you have no dependents, do not think you can go without coverage. For most, life insurance will be beneficial to cover remaining debt and funeral expenses if you pass instead of leaving loved ones in the lurch.

If you want to keep your premiums as low as possible, the ideal time to purchase life insurance is in your mid-20s. Although that may seem young, life insurance builds a nice security nest for your finances, especially since chronic conditions like high blood pressure and cholesterol often begin to show up after the age of 30.

When you’re looking for quality life insurance, trust the experts at Premier Risk Insurance. We have years of experience in finding reliable policies for every individual, tailoring it to your needs and budget. Contact us today in Long Island, New York to get started!