Life insurance is often overlooked as a financial necessity, but it’s a crucial investment that can provide significant peace of mind. The cost of life insurance quotes can vary depending on factors like age, health, and lifestyle. However, one thing is certain: it’s generally more affordable when purchased at a younger age. By acting now, you can secure a lower premium and ensure that your loved ones are financially protected.
You can save money by getting life insurance while you’re young.
Life insurance is the most affordable when you’re young and healthy. To give some perspective, a 30-year-old can expect to pay just 25% of what a 50-year-old would pay for the same amount of coverage.
It’s another good reason to quit smoking (or vaping).
Smokers pay two to three times more than nonsmokers. And life insurance companies usually treat e-cigarette users just like smokers, so you’ll likely pay more if you vape.
You can get life insurance without a medical exam.
Most life insurance companies now offer simplified underwriting, where you can skip the medical exam (although this will usually mean higher premiums).
Life insurance through your employer often isn’t enough.
The median life insurance payout for employer-provided coverage is either $20,000 or one year’s salary. If your family relies on dual incomes, as 54% of American households do, this won’t be enough.
It isn’t as expensive as you might think.
The average term life insurance premium for a 30-year-old is $170 a year, yet many millennials estimate it to be about six times higher.