The Optimum Age to Buy Life Insurance
The investment in life insurance is a big one. Unfortunately, many people don’t even begin to think about getting life insurance until they have a home, a family, and are financially planning. Buying this insurance at a young age is a wise decision to make, even if you don’t think you’re ready for coverage yet. If you’re wondering at what age you should consider life insurance in Vancouver, WA, read on.
Many investors consider 35 an ideal age for people to invest in life insurance. At this age, people remain relatively healthy, they have years of life left to live, and they likely have dependents and assets they wish to protect. Generally, investments for those under the age of 35 are less common, although not entirely nonexistent. Most young people don’t have a lot of disposable income, assets to protect, or dependents to think about.
So, how young is too young? Purchasing life insurance for a child under the age of 18 may sound unreasonable, but it can be extremely beneficial. A basic funeral insurance plan may be enough, since young people do not have anyone relying on them for their income. Even so, having finances from an insurance plan can help if a tragic event happens and the child dies.
It is best to purchase life insurance at a young age. Typically, the sooner you do, the lower your costs will be. Here’s what to keep in mind when considering a life insurance policy at a young age:
- It costs less to purchase life insurance if you are young and healthy. This helps you lock in a low rate well into your 50s and beyond.
- Term life insurance policies can help you cover specific needs for a short amount of time.
- If you choose to invest in whole life insurance at a young age, you can borrow against these policies over time and rap into them during your retirement years for income.
Quite simply, the right age at which you should get life insurance is the age at which you can benefit from it. Luckily, at Action Insurance Group, we work with you to find the right coverage for your needs – whatever your age. Our life insurance experts are ready to get started. Contact us today for more information.
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