Jessica Fox Last Updated On: June 27, 2023

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When to Buy Life Insurance

what age should you buy life insurance

When you’re young and busy getting a foothold in life, it’s easy to overlook important things like buying life insurance. Not to mention, who wants to think about their own mortality? But there are many benefits to starting life insurance early. 

Consider this: life insurance is about protecting your loved ones (spouse, kids, or parents) from shouldering the financial burden if you’re not around. Even young adults can accrue debt that can be passed on to their family members, so the best time to get life insurance will always be when you’re young, even though you can purchase it at any age.

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What Age Should I Get Life Insurance?

If you want the best rates, then the best time to get life insurance is when you’re young. But, whether you’re young, middle-aged, or in your golden years, it’s never too late to buy a life insurance policy.

So, let’s take a look at the benefits of getting life insurance at every age.

The Benefit of Getting Life Insurance While You’re Young

For young adults, there are many perks to getting life insurance early on, such as:
  • Loans: Many college graduates amass huge debts. While most are student loans (federal student loans get dismissed if you die), if you get a private loan, your family will be on the hook to pay the remainder of your loan.
  • Lower rates: When you apply for life insurance, insurers look at the age you begin your policy to determine your premiums. So, the earlier you buy life insurance, the cheaper your rates.
  • Health: Another way insurers arrive at your life insurance rate is based on your current state of health. The older you get, the less robust your health becomes, which results in higher premiums.
  • Options: You have more life insurance options available to you; for instance, many employers offer life insurance!

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Getting Life Insurance after Marriage or Kids

If you put off buying a life insurance policy until after you get married or have children, then these are some reasons why a policy can help protect your family.
  • Financial protection: Marriage means combining your assets and debts, so if one of you were to pass away early, then life insurance protects your spouse and children from financial stress.
  • Low rates: Getting life insurance while in your prime will shrink your life insurance rates because you have age and good health on your side!

Buying Life Insurance During Retirement

Even though buying life insurance while you’re young is ideal, you can still purchase a life insurance policy during retirement. Unfortunately, waiting to get life insurance puts you at greater risk of being denied coverage if your health is not stellar.

These are the reasons why retirees should still go through with obtaining life insurance:

  • Loss of coverage: If you have employer-sponsored life insurance and retire, you may need to look elsewhere for coverage.
  • Final expenses: Final expenses are not cheap, so knowing that your affairs are in order is a solid way to protect your loved ones from having to pay burial expenses.
  • Protects your spouse: If you and your spouse are both retired, that can be a huge loss of income if one of you passes away. Although life insurance can never replace you, it can prevent your spouse from experiencing financial difficulties.

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How Age Affects Your Life Insurance Rates

When calculating your insurance premiums, insurers assess your risk class by using things like your age, overall health, or whether you smoke — if you’re low risk, you’ll get a better rate. However, research suggests that your premiums increase 8-10% every year, indicating that the longer you put off getting life insurance, the more it’ll cost you!

When Should I Get Life Insurance?

When it comes to protecting your beneficiaries from financial hardships, it’s in your best interest to investigate and find the right life insurance policy for you. Of course, from a rate standpoint, this means buying life insurance early on in life. 

But, the bottom line is that the best way to protect your assets and your family when you can’t be there to support them is to have an active life insurance policy. Don’t leave anything to chance and get life insurance as soon as you can so you and your family are covered. 

Jessica Fox Jessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.

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