Most people know that they need life insurance coverage. The real question is not if they secure it, but when. Is it when you take on a mortgage, get married, or have kids? To find out when you should secure life insurance on Long Island, NY, read on.
What Age to Purchase Life Insurance
Life insurance is age-banded, which means that the costs rise as you pack on the years, as your likelihood of death increases and your risk to the insurer swells. The younger you are when you seek out insurance, the lower premiums you’ll pay. Ideally, it’s wise to purchase life insurance when you are young and healthy to lock in low rates for the next 10, 20 or 30 years.
Despite the financial benefits, few young people are taking out life insurance policies. This happens for two reasons, generally – young people often feel invincible and they are tackling debt like student loans, low income, and higher living expenses.
Most financial experts recommend you take out life insurance before you reach 35. Premiums, as well as health problems, tend to rise sharply after that threshold. Even if you don’t yet own a home or have kids at that age, you would do well to secure a policy and lock in lower premiums.
Wait too long to buy insurance and you’ll not only face higher monthly bills, but your options for coverage will be more limited. Some life insurance agencies won’t extend coverage to those over 65 or will only do so for shorter terms. As your age and health issues increase, it becomes more and more difficult to secure coverage.
Ready to get started on your life insurance policy? Talk to the professionals at Premier Risk Insurance to find out how you can acquire affordable coverage. We serve Long Island and surrounding cities in New York, and we look forward to hearing from you today.
