Friday, 5 July 2013

Life insurance: at what age should I be shopping for it?

Life insurance is one of the most important policies you should be subscribing to. Simply put, it's an agreement between yourself and your insurance provider in which your subscription to it means that upon the death of the person to whom the policy applies, you will be payed a sum of money (as per the agreement you and your insurer make). That is life insurance at its most basic, but some policies also grant payment when it becomes evident that the insured individual is terminally or critically ill, and may even cover funeral expenses.

Most people know this, and in thinking of it, they reason that death, and even illness, shouldn't be affecting them for a few more decades (despite that there are exceptions), and that they will likely not face the sort of calamity that would leave their loved ones in a financial bind if they were to pass. With that in mind, they conclude that life insurance—while it would be nice to have now—doesn't become a necessity until middle age and beyond, when it's more likely that they may pass. But the fact of the matter is that the younger you are, the better rates you will get on your premiums. Are you newly wed? As grim as it may be to think of “the end” when you've just embarked on a wonderful journey of partnership, protecting your spouse financially through life insurance will actually be easier to get into if you start when you are under thirty and in good health.

There is a Hindu proverb that says “Dig your well before you're thirsty.” No advice could be more sage when it comes to deciding when to purchase life insurance. If you wait until a medical problem kicks in, this will absolutely have an impact on your premiums, and your policy will cost significantly more than it would have if you had made a policy when you were healthy. Investing in life insurance early on also acts as a hedge against inflation: when you are purchasing a life insurance policy that you plan to subscribe to over a longer period, like 20 years for example, you have the opportunity to consider and anticipate what the inflation rates may be like over those decades, and to wisely purchase a policy that would benefit your family by those future standards. If you have any dependents, life insurance is indispensable; and the sooner you invest, the better your rates will be.


  1. I agree that being prepared for such an inevitable event like death is very essential. Plus, if you are well into old age, it is only natural to think about the financial security of your loved ones after you pass away. I this case, I always recommend looking into this site about different kinds of insurances that don't need medical exams. This page is particularly about funeral insurance though, if you are interested, you can look at other insurances

  2. I really enjoyed your article on life insurance!

    There are many things to consider when choosing a life insurance package and I especially like your advice regarding preparing for the inevitable before it's too late.

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  6. I think you should start when you have a kids, so do not leave them without money if anything would happened to you. You can always get a research paper here if your kids can't cope with it.

  7. If we are talking about a Term 10 Life Insurance, for example, then I believe any age would be appropriate.