As one would expect, the younger and healthier you are, the less expensive a life insurance policy is. Typically, the lowest prices are obtained when a person is in their twenties or thirties, as the insurer is taking less risk by insuring a healthy young person who is likely to live for many decades.
Although regardless of your age, if you have people who depend on you, it’s important to ensure your family will be taken care of if you are no longer around. In fact, studies show most people buy life insurance after life-changing events such as marriage, new babies, unexpected illnesses or grief.
As life insurance premiums become more costly when you get older, it’s important not to put off purchasing life insurance coverage. The longer you wait, the more expensive it will become. Having said this, life insurance coverage that is both inexpensive and of good quality is accessible for people of all ages.