If you’re relatively young and healthy, you’re probably not thinking about life insurance. In fact, it might be the furthest thing from your mind.
I’ll worry about that later, you’re thinking. Maybe 10 or 15 years from now.
Here’s the problem with that: You’ll never get a better deal on life insurance than you will right now, while you still have your health. You’ll never get any younger than you are right now. And the younger you are, the lower your premiums will be.
Putting it off means you’ll pay more. By getting in early, you’ll be protecting your loved ones at the best price possible.
Also, keep in mind that term life insurance is probably cheaper than you think. For example, rates start at just $16 a month at a company called Bestow.
If you’re under the age of 54, you can get a free quote without a medical exam — or even getting up from the couch.
With Life Insurance, It’s Smarter to Act Sooner Than Later
Maybe you don’t want to think about life insurance right now. But think about leaving your family $1 million, and the security of knowing they’ll be taken care of.
“Life insurance is a difficult topic for many to think about, and so it is often avoided or forgotten until it’s either too late or too expensive,” said Kerri Moriarty, a financial business strategist based in Boston.
“Premiums only increase as you get older, and you are likely the healthiest you’ll ever be now. Term insurance is an affordable way to get started with a death benefit that can cover you through the most important upcoming years — a new mortgage, young children, etc.”
So have you thought about how your family would manage without your income after you’re gone? How they’ll pay the bills? Send the kids through school?
Now’s a good time to start planning for the future. To get the best deal, get a policy while you’re young and healthy.
Getting a quote from Bestow takes minutes.
Farrah Daniel is an editorial assistant at The Penny Hoarder.
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