It’s always good to have life insurance, since you can never be sure what’s going to happen to you in the next hour, day, week, month or year. And the best time to get it is probably right after birth. But that’s not how things work in today’s world. Not everyone can afford life insurance and very few people have the means to pay for life insurance for the entire duration of their lives. But, if you have to get it, what is the best age to get life insurance?
It’s all about the money
The thing about life insurance is that the older you get, the more it costs. That’s why getting insurance for a newborn may not be such a bad idea. With a whole life policy, when the child turns 18, the ownership can be transferred to the insured. At that point, the holder can either fund it further or cash in, if it holds any equity.
For a young person, fresh out of college, things may be even more complicated. At 22 or 23 years of age, these people are just now starting their adult lives. This means they have to get credit cards, a car, even funds to relocate or to buy or rent a place to live, and all in addition to the burden caused by student loans. With all this unsecured debt around, a life insurance policy becomes a necessity. Unfortunately, most individuals under the age of 25 prefer to pay off their existing loans rather than buying insurance.
The purpose of life insurance
You don’t get life insurance to protect yourself, you do it to protect those you love, who might have to deal with financial problems in case something happens to you. If you’re the main breadwinner in your family and you want to protect them, then you must definitely get life insurance.
Getting insurance at a younger age can be costly over the long term. But, if you postpone getting it until later in life, you can be sure that the annual premiums will not be kind to you. And remember that there’s always the possibility you won’t be able to get insurance. Medical conditions can develop as an individual gets older. If something serious arises, it may make it impossible for you to get insurance.