The younger you are, the more options you have thanks to the variety of life insurance products available on the market. There are permanent and term policies, each with varying flavors of added benefits and price points.
If you’re buying a life insurance policy, you are probably trying to find the most affordable way to protect your family after you’re gone. It’s important to compare insurance policy in order to make the best decision possible so you can actually afford the coverage you need.
Buying life insurance in your 20s
Term life insurance is best if you want the policy to protect someone else financially. If, however, your goal is to protect yourself or a family member with a policy in the event of your death, it’s important to remember that buying coverage when you’re younger and healthier is generally more cost-effective. For many people, their 20s are a healthy time in their lives; for example, their health history may be limited and they might not have experienced any major illnesses yet. Therefore, these years are ideal for buying affordable term life insurance.
Buying life insurance in your 30s
Life insurance rates (for non-smokers) tend to lower the younger you are and increase as you get older. This is because statistically speaking, life expectancy goes down the older you get. In your 30s, you’re more likely to be married, own a house, have a few kids, drive a couple cars, and plenty of bills to pay. With so many financial responsibilities, and good health likely still on your side, life insurance becomes even more important than the last decade or two.
Buying life insurance in your 40s
When buying life insurance in your 40s, two factors matter most to insurers: health and lifestyle. And that’s why those in their 40s have an advantage over others in getting inexpensive coverage. Assuming you’re relatively healthy and haven’t done anything too risky to raise your risk profile, your premiums will remain low for the next few decades. But as you get older, your premiums will slowly start to rise, and rise more if you develop health problems or engage in risky behavior. By shopping intelligently now, you can find policies that are affordable and still allow for the future growth of your family.
If you are in your forties and life insurance seems too expensive, reconsider what you need. For example, if you do not have a family at home who depends on you, reducing the coverage or choosing a policy with a shorter level of benefit might help reduce costs.
Buying life insurance in your 50s
Life insurance quotes in your 50s can cost more than they did when you were a young adult with no dependents. That’s because older adults who have few assets and are not supporting a family are often viewed as higher risk by insurers. If you are in good health and don’t need life insurance immediately, there is a chance you could find better rates when you advance to senior status. Contact mahindra insurance customer care number for any query related to the insurance policy. .
