If you’re like most young adults, you may be thinking…I know that I will eventually need to think about life insurance, but I’m not sure that day is today. You might even start taking the question more serious after completing a few of life’s major mile stones, such as, buying your first home, getting married or having your first child.

These kinds of life events do add a certain amount of weight to a persons stack of responsibilities. I think we can all agree on this. But even still, the question lingers for many.

And even with these kinds of added responsibilities, many times the idea of purchasing life insurance becomes something that we put off due to other financial constraints. Things like paying off student debts, or waiting until we get a higher paying job, and many other reasonable enough excuses to help us feel better about kicking the can down the road a bit.

While some of these ideas may sound convincing, they do not change the facts concerning “when” the best time to buy life insurance happens to be. So if there is a good, better, best time to buy, when is it? We’re glad you asked 🙂 and even more, we’re glad you stuck around so we could help explain it.

First, everyone’s situation is unique and while we can provide some high level input for your consideration, our objective here is to simply get you thinking and hopefully to take action to click the button below to speak with an agent that can really help you on a personal level to answer this question and ultimately assist you with finding the right policy to fit your budget, while better securing your loved ones future with financial protection at the same time. So take our blog post with a grain of salt. It’s not a substitute for financial advice and it is not legal advice either. We can’t bind or sell you a policy through the website, you must speak with a licensed agent to walk you through the application process. 

Life insurance is directly tied to age. In insurance speak they call this being age-banded. In plain English it means as you age, you are a higher risk so the price is broken down into different layers or “bands”. Younger bands are at a lower risk of dying so they get the best pricing. The older you become, obviously the more likely you are to die so those bands are more expensive. The bottom line is, if you can purchase when you’re younger and lock in a longer term like 30 years, you’ll save a lot of money over the years as opposed to waiting until you are older and in a higher risk and price bracket. Of course you could lock in for 10 or 20 years but generally speaking, the earlier and longer the term you lock in the better. You could always just cancel or stop paying. By locking-in your rate, we don’t mean to imply that you can’t change your mind. It simply means that when you sign up, you ask your agent for the longest term available. They’ll provide you with a quote and if that sounds affordable and manageable, you can sign up and be covered. As long as you continue to make your payments, you’ll be entitled to keep your policy in effect, until it reaches the maturity date and expires. Which again, ideally would be 30 or 40 years from now.