I’m sure you’ve heard the phrase, “Time is money.”
Well, those words ring true when it comes to buying life insurance to protect your family’s financial future.
Even though term life insurance costs much less than most young people anticipate (Most people under age 25 think the cost of life insurance is nearly ten times its true cost!), why pay more than you have to?
Factors Influencing Term Life Insurance Costs
The cost of term life policies varies depending on the length of the policy. Typical term periods are 10, 15, 20, 25, or 30 years. The shorter the term, the lower the premium.
But two other things also affect the pricing of term life premiums:
- Your age when you apply — The younger you are, the lower the premium.
- Your health status — The healthier you are (based on a paramedical exam and your answers to some specific health and lifestyle questions), the lower the premium.
Statistically, younger people have fewer health-related problems than older people. Therefore, you stand to get a much better rate on your term life policy if you apply when you’re young and healthy because insurance providers see you as a lower risk.
By waiting to apply for a policy, you’re rolling the dice. Say you figure you’ll delay buying life insurance for five years or so and in that time you’re diagnosed with a medical condition. When you do finally apply, not only will you pay a higher premium because of your age, you might also pay more because of your health situation.
But what if you get a policy now and later learn you have a health condition? It doesn’t matter! Your premium is guaranteed for the length of your term policy, and your benefits will be there for your family if the unthinkable were to happen to you.
No Time Like the Present to Get Term Life Insurance to Protect Your Family
Even though 31% of people say in just one month they’d feel the financial impact from the death of the primary wage earner, 30% of American households still don’t have life insurance.
Rather astounding, isn’t it?
Term life can help your loved ones…
- Pay for your funeral expenses.
- Continue to pay the mortgage or rent.
- Pay for your children’s college education.
- Put food on the table and keep up with utility bills, etc.
In short, life insurance provides a safety net and peace of mind for those who matter most to you.
Surely, something that important shouldn’t go on the back burner.
And there’s no time like the present to get a term life quote. As a younger, healthier person, you can get a longer term policy for less than you would a shorter policy when you’re older and not in such good health. That’s incentive to look into term life sooner rather than later.
Remember, time is money.
Source of statistics: 2014 Insurance Barometer Study, Life Happens, and LIMRA