The price of the same exact policy will only increase the longer you wait since younger policyholders have, all other things being equal, lower rates. And you lock in those lower rates for the life of the policy when you sign on the dotted line.
This principle holds true whether you are looking for a term life policy, whole life, or something else. Younger equals lower premiums, and prices on everything tend to rise with the passing of time – life insurance is no exception.
Sign Up While You Are Still Healthy
You can probably find a life insurer regardless of your current health condition and age, but when it comes to affordable life insurance offers, health will impact your policy and premiums in one way or another.
For example, the underwriting process involves asking a number of health questions and usually includes a short physical and medical background check.
When relatively healthy, “performance” on such tests only marginally affects your premiums. But a serious condition could have a big impact, especially if it’s a life-threatening one – so better to sign up while young and healthy!
Plan Your Coverage With A Purpose In Mind
Another obvious factor affecting when to take out a life policy is the purpose or purposes that are motivating you to insure your life for the sake of a beneficiary.
Many people time their term life policies to expire at the same time their home mortgage is scheduled to be paid off. Others simply get a term policy that will last until they retire from work or until the children will likely be through school and college.
If you are simply looking for a policy to assist your loved ones after you pass away, regardless of other factors, then whole life may be the best route. While universal life is best if you conceive of your insurance as doubling as a quasi-investment.
You Don’t Have To Wait To Afford Life Insurance
One mistake many make is to delay getting the policy they would ideally prefer because they can’t afford it at the moment.
You might, for example, want whole life but lack the income right now for it. But you could start with term and then later upgrade to whole, while retaining the same “policy” throughout and get a lower rate for whole life when you make the upgrade than if you had started from zero.
Plus, you can also add higher coverage or another beneficiary or otherwise change and upgrade your policy at a future date, so there’s really no reason to wait.
Most US adults say that they believe they should have life insurance, but far fewer actually have it. In reality, the best time to sign up for life insurance is now because you will get a better deal and you can always change policy details later as needed.
To learn more about how term life, whole life, and other options work or for a free quote, contact Flagler County (FL) Insurance Agency today!