Life insurance helps you give your family a secure future, but many people still procrastinate when it comes to buying coverage. This is especially true of those in the younger generation who tend to believe these policies are only for the elderly. In reality, almost everyone can benefit from getting it while they’re still young. If you’re trying to figure out the best age to purchase a policy, the following information will provide some helpful insight.

How to Determine When You Should Get Life Insurance

Why Younger Is Better 

When you apply for life insurance, the provider will calculate your rates based on the immediate likelihood of a claim being filed on your policy. As such, buying coverage at a young age will allow you to lock in a lower rate. Statistically, the odds are greater for someone older to develop health problems and pass away. Chronic conditions like high cholesterol and blood pressure often start showing up in middle age. Thus, for most people, the ideal time to purchase a policy is in their twenties and thirties. Every year beyond that, the premium will increase.

Factors to Consider 

While you may feel you’re still too young to spend money on life insurance, death can, unfortunately, occur at any time. If you should pass unexpectedly, death benefits will help pay for funeral costs and any outstanding debt left behind. For example, if your parents co-signed on your student loans, this will help relieve them of that burden. If you have dependents or plan to get married and start a family one day, life insurance will protect them from facing financial hardship in the wake of your death.

Although life insurance is a worthwhile purchase at any age, it’s typically more advantageous to get it when you’re young. To explore your policy options, contact Doris Watson Insurance Agency. As a State Farm® representative, she can help you find reliable products at competitive prices. Over the years, countless residents in the Broken Arrow, OK, community have entrusted her to help protect their future finances. Call (918) 251-4333 to schedule an appointment or visit the website to request a quote.