Buy Life Insurance at an Early Age

Life insurance, to many, is a necessary evil. Many policyholders swear by it to protect their families from loss of income and hefty debt obligations in the event of their untimely death. Life insurance is calculated on risk factors and the higher your risk because of lifestyle, age and medical history, the more you will pay per month. As a healthy young person you are likely to be considered low risk and the cost of your policy will reflect that. Following are the reasons for taking loan at a young age:

i. Healthy is Good:
Many shop for a life insurance policy in the middle of their life spans – when they are in their forties or fifties. At that time, they may have already fallen into the grip of bad habits (smoking, heavy drinking) and diabetes, heart disease, cancer or HIV may have entered their health picture. All these conditions can jack up premiums or make it harder to get a policy.

ii. Term Life Insurance is Cheap:
Buying a term insurance or permanent cash value life policy early in life, before you have to encounter any of these problems, should allow you to pay less expensive premiums.