If you’re wondering what’s the best age to get life insurance or if you should get one at all, you’ve come to the right place! In this article, we will cover the best age to get life insurance, the percentage of Americans that have life insurance and why you should get life insurance as soon as you can.
Best Age To Get Life Insurance
After some research, we discovered a very curious thing: The sooner you get life insurance the better. Why? Well, let’s suppose John got life insurance at 28 years old, and you got life insurance at 35 years of age, what happens is: John’s going to pay less when he first got the life insurance and over the years.
The more time you wait to get your life insurance the more you pay year-wise. Supposing you got life insurance at 28, paying 178 dollars a year, you will be keeping 1 grand more than if you got life insurance at 35 paying, more or less 247 dollars a year.
The best age to get life insurance is under 35, end of the story. But, the majority of Americans don’t get life insurance when they are 35 at all. The research found that 47% of Americans don’t have life insurance, and in the 53% that does have, more than half of them are over 35.
Technically, you should get life insurance right after birth, because like we said above, as each year goes by the policy gets more expensive, so it’s immensely better if you get your life insurance as soon as possible, and if your parent couldn’t give one to you, and you yourself have kids, give them a life insurance as soon as you can, so they don’t suffer from the same thing that you did.
With Age, Comes Diseases
Other huge con of getting life insurance after your 30s is: Chances are, you will probably have one or two diseases. The problem that appears with a ”bad” medical record is: You are more likely to get declined, and your life insurance policy will be more expensive.
The reason being is, as time passes you are inevitably more likely to have to use your life insurance sooner if you know what I mean, and that is not good for the life insurance company, so they up your policy prices based on your medical records.
The Year Is 2020
The number of dual-income households has doubled since the 70s. Life insurance exists to protect households from the death of the breadwinner, so, It’s logical that life insurance is not that necessary anymore, and the majority of Americans that don’t own life insurance say that they choose to prioritize cable and internet service over a prospective life insurance premium. And over the years people tend to get less and less life insurance coverage.
If you want life insurance, get it under 35, and if you want your kids to have life insurance, get them one as soon as they are born. But, if you can’t get life insurance because of money problems, well that’s totally fine, the reason being is, today houses tend to have more than one breadwinner, so life insurance kind of gets obsolete.