We get asked a lot, “Hey there, could you shoot me some life insurance quotes?” You are thinking of purchasing life insurance, but when is the best time to buy life insurance?
You are wondering…
How much will it cost my family? If the unthinkable happened to you tomorrow, consider how much you will NOT have for your family.
Questions to ask yourself…
- Would they be forced to make quick decisions to move or downsize their home?
- Would they be forced to deal with debt, car payments, medical bills all while grieving during an already tough time?
When should you buy life insurance and invest in the protection of your family and their future? Here’s our take on it.
Don’t spend another day without life insurance – Get A FREE Online Quote!
Better, Sooner than Later When Choosing Life Insurance
While insurance costs are NOT affected by the economy, pandemics, or supply/demand, a handful of factors are factors in providing a life insurance quote.
Some factors are controllable, others not, but one thing they all have in common is that the sooner you choose life insurance, the better.
You’ve protected your home from the unimaginable, but when should you buy life insurance? Buying life insurance protects and cares for your loved ones should you not be here to care for them.
It gives you and your loved ones peace of mind to know those left behind have the benefits in place to pay off debts, make housing payments, and afford ongoing living expenses. While procrastinating or putting off “purchase life insurance” from your to-do list is easy to do, there are many factors that support that the sooner you buy, the better.
Age Affects Life Insurance Cost
One of the most important criteria for calculating premium is the age of the policyholder. You are perceived to be at fewer risks health-wise when you are young, and hence the cost of a policy is cheaper when taken at an early age.
Also, young people are expected to have longer policy coverage and premium payment term, which means more revenue for insurers; hence, this also leads to cheaper premiums for young customers.
Better sooner than later…
Don’t wait or depend on what you have at work. I promise life insurance won’t be any less expensive than it is today.
– SN Agency
Life Insurance Cost May Increase with Health Conditions
People suffering from health ailments will be required to pay a higher premium than those who are not on any medication. This is mainly because making a claim is higher among people already suffering from some diseases.
Better sooner than later…
Lifestyle Habits: Higher Risk, Higher Premium
People who smoke and drink frequently have higher chances of developing life-threatening diseases.
If you fall in this category, you will be required to pay a higher premium, sometimes 50 percent more than normal. JUST SAY NO.
Males Are More Likely to Pay More
In the insurance world, the premium varies according to gender.
A female policyholder will be required to pay a lesser premium than a male of the same profile and criteria. This is mainly so because men are perceived to be at higher risks and have a low life expectancy. Not exactly fair, but it is what it is. Sorry guys!
Better sooner than later, especially for men!
The Longer the Policy Term, the Lower the Premium
The longer the policy duration, the lower the premium. A long-term policy ensures longer premium flow for an insurance company and that’s why they charge lesser for policies with longer coverage.
Better sooner than later.
High-Risk Occupation Equals Higher Premiums
If you are employed in a high-risk industry such as construction, mining, or shipping, you will be charged a higher premium. The premium would be lesser for people employed in office jobs who are less at risk of having an accident at the workplace.
Family History May Impact Cost
Certain diseases like diabetes are considered hereditary. So people who have a family history of such diseases could be asked to pay a higher premium than others.
Recap: Best Time To Buy Life Insurance
When you are planning to buy life insurance, we know you may feel anxious and unsure. We are here to help you secure your future and give you peace of mind knowing your family is protected in an emergency. CLICK HERE for a free quote from SN Agency!
