Reason #3 to Buy Life Insurance Now
If you wait, it’ll cost you.
While it’s easy to put off buying life insurance, the longer you wait, the more you’ll spend.
Up until age 40, coverage only goes up by a little bit every year. Once you hit 40, the increases become more noticeable, and by 50 they become even more pronounced.
A 20-year term policy with a $250,000 death benefit might cost $13 a month for a healthy man who’s 25. But that same policy purchased by a healthy man who’s 50 would cost $43 dollars a month.
“The older you are, the more expensive the premiums,” McGonigle says. “Think about it this way: It is highly unlikely that a person would be healthier at age 40, 50 or 60 than they were at age 30.”
But that doesn’t mean you should buy coverage just because you’re young. The key is for young people to lock in coverage when they need it.