I’ve been thinking about life insurance but not sure when the best time is to get it. I’ve heard it’s cheaper when you’re younger, but I don’t have any kids or a mortgage yet. Is it worth getting it now, or should I wait?
It’s true that life insurance is cheaper the younger you are. I got mine in my 30s, and now my premiums are much lower than what I’d pay if I waited. If you think you’ll need it down the road (like when you get a mortgage or have kids), locking in a lower rate early can be a good idea.
@Storm
Same here. I got mine when I bought a house. It felt like the right time since I had more financial responsibilities, but looking back, I wish I’d started sooner for the lower premiums.
I waited until I had kids before getting life insurance, but I definitely paid more because I was older. If you don’t have dependents yet, you might not need it immediately, but starting early does help you save in the long run.
@Carter
That’s what I did too. I held off until my first kid was born, but yeah, the cost goes up the longer you wait. If you can afford it, getting it young just makes sense.
Even if you don’t have kids or a mortgage, life insurance can still be useful. I wanted to make sure my partner wouldn’t be stuck with any debt if something happened to me, so I got a policy before we even bought a house.
@Blair
Exactly. It’s not just about kids or a mortgage. Life insurance can cover all sorts of things, like funeral costs or helping your partner manage finances if you’re gone.
If you’re healthy and can afford it, I’d say go for it now. You’ll lock in a lower premium, and if your circumstances change (like getting a mortgage), you’ll already be covered.
It’s really about what works for your situation. If you’re healthy and don’t have major financial obligations yet, you could wait, but just know that premiums do get more expensive as you get older. Getting a quote now doesn’t hurt.