When it comes to purchasing term life insurance, one of the best times to make this investment is when you are in your 30s. In your 30s, you are building your career and family, and having life insurance is the responsible choice to make.
A term life insurance policy is good for a set number of years. For example, you can purchase a 20-year-term policy that will cover you until you are 50 years old.
You Are In Great Health
It is smart to get a life insurance policy when you are in great health. Most 30s-year-olds don't have the same health issues that someone a decade or two older would have. Some life insurance policies allow you to start without a physical, but other life insurance policies require you to have a physical and reveal your medical history.
Various health conditions can increase your life insurance rates, which is why it makes sense to get a life insurance policy when you are in great health so you can grab the lowest rate possible. If you start a life insurance policy now, your rates will not go up if your health changes in the future.
You Present Less Risk
As someone in their 30s, you present less of a risk to the insurance company, and you will be able to secure a lower rate than someone who is older. Statistically, your chances of cashing in on your insurance policy in the short-term are lower, which is why you are able to secure a lower rate when you purchase a term life insurance policy in your 30s.
The greatest thing about the rate that you secure in your 30s is that it is the rate that you will pay for the entire length of your life insurance policy. Each year you wait to purchase a life insurance policy increases the monthly premium that you will have to pay for the insurance policy.
You Have Financial Responsibilities
Finally, you should purchase a term life insurance policy because you have financial responsibilities. For example, if you have children, a life insurance policy would provide the money necessary for your partner to raise your child in the event of your death. If you have a spouse, a life insurance policy could provide for their future if you were to pass.
If you have a mortgage, auto loan, or student loans where you have co-borrowers or co-signers, a life insurance policy will allow those debts to be paid off without putting the entire responsibility of that debt on your co-borrower or co-signer.
It makes sense to get a term life insurance policy when you are in your 30s when your health is good, and you present less risk to the insurance company, thus allowing you to lock in a lower premium rate. You also have financial responsibilities in your 30s, which makes getting a life insurance policy a smart life choice as well.
For more information, contact an insurance agency.Share