People often think that they can wait until they are old before purchasing life insurance, but this is a risky proposition. In fact, age has little or nothing to do with when one should purchase life insurance, other than the fact that the older you get, the more expensive your premium will be. The short answer is, you should buy life insurance at whatever age you have dependents.
In most cases, you should consider a policy when you have dependents or when you have a large outstanding debt such as a mortgage. Keep in mind that the primary factors which determine the cost of life insurance are age and health. Life insurance tends to be less expensive when you are young and healthy. By purchasing life insurance earlier on in life you can lock in lower premiums in many cases.
Although life insurance has very little to do with your age, it does affect your premiums. What really matters is if you have anything or anyone that you want to protect financially when you die. However, as you age your insurability decreases and your rates will rise. This is because most people will have a decline in health as they become older and their coverage will get more expensive if they wait to apply. Even if you have a healthy lifestyle, factors such as elevated cholesterol and even hypertension (high blood pressure) will often rear their ugly heads. In general, these conditions may not prevent you from getting insured, but they will hit your wallet a little bit harder.
Unfortunately, tragedy can strike at any minute, accidents happen during daily commutes, robberies go awry, and illnesses strike at the most inopportune moments. In order to decide whether you need life insurance, you need to ask yourself one simple question.
Do you have dependents or relatives that depend on you? If the answer is yes, then you need life insurance.
Think about the difficulties that your family might find themselves in if you were to pass away. For example, your wife might lose your house, your daughter might not be able to afford college, and your family might be burdened by your funeral costs.
The sad truth is that no one knows when tragedy might strike, and the last thing that you want is to become a burden on your family from the beyond. Although thinking about insurance might be depressing, it’s probably the most important policy to have in case of unforeseen circumstances.