Why Now is the Best Time to Get Term Life Insurance

Right now is the best time to get term life insurance. You aren’t getting any younger, and the younger you are the lower your life insurance premiums will be. Start shopping for affordable life insurance coverage now with our free comparison tool below. Don’t hesitate - this time is the right time to buy term life insurance!

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Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states. Born in Haiti. Reared in Brockton, MA. Matured in Philadelphia. Schimri is a proud graduate of Arcadia University, having earned both a Masters in Special Education and an MFA in Creative Writing from the castle-riddled campus in Glenside, PA. By personality and by profession, Schimri is an educator...

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UPDATED: Oct 28, 2020

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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?

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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 (learn more about affordable options here: Affordable Life Insurance):

  • 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. If you end up needing more life insurance while with a medical condition, then the situation will be different.

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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 insurance 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

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