The age at which you should get life insurance is an important question. There are some pros and cons to each approach. Here is what they look like.
Getting Life Insurance Young
Many people might recommend that you get life insurance when you’re in your twenties and thirties. The pros to this approach include that the insurance is going to be very cheap provided you are in good health, which you likely will be.
Another benefit is the fact that you can sleep easy through that period knowing that anyone connected to you will benefit should anything happen to you. The downside is that when you’re young, you don’t tend to have as much money.
You also tend to not have as much of a reason to need to provide money for other people in the event of your death, which gives you less of a reason to get life insurance in the first place.
Getting Life Insurance When Older
The immediate downside to getting life insurance when you’re older such as in your 60s and up, is that you will likely get a much higher rate. Life insurance companies will choose premiums for you based on how healthy you are and your age.
So, this might not be as much of a problem if you’re in good health, but if you are an older person chances are still good that your premium will be considerably higher than when you were young.
The pros to waiting until you’re older include the fact that it’s more likely that you have a family now, for example. You have somewhere for all that money to go in the event of your death. This is true for any time you have to re-mortgage anything. The best mortgage advice will always take your age into account.
Of course, it’s also the case that if you’re older, you’re more likely to actually have money that you can spend on this.
If you need more info please visit us @ www.mortgageadviceservices.co.uk or call us on telephone number 01332 257 087 for a free quote today.
Labels: insurance policy, life assurance