What is the best age to buy life insurance?
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Asked January 31, 2014
When to buy life insurance depends on the type of policy you are buying. If you are looking for a permanent life insurance policy, buying the policy as early as possible works out to be the most effective method. If you are trying to make sure that your home will get paid off if you pass away, a term life policy could be purchased any time after you purchase the home. If you are not trying to provide benefits for survivors, a final expense policy may do the trick, and can be bought any time during adulthood.
There are several reasons to purchase a permanent life insurance policy for a child. First, it locks in the lowest possible rates over the lifetime of the policy. Second, it prevents possible denial for coverage later in life when medical conditions develop. Finally, a policy that builds cash value, purchased when the named insured is a child, could develop into an impressive nest egg by the time he has grown and is ready to start a family. If value compared to cost is your primary concern, purchase permanent life coverage as early as possible.
Term life insurance is best used for a specific protection, or to meet a family goal. For example, you could take out a term life policy on yourself for each child when they start school to guarantee college tuition when they graduate, even if you cannot be there. Paying off a mortgage, vehicle, or some other large bill is another common use for term policies. If you need a term policy, try the free insurance quotes on this website, which compare rates with several companies to give you a good idea of what the policy will cost.
Final expense life insurance, sometimes called funeral insurance, is designed solely to provide for your final needs. The benefits pay to the funeral parlor which will handle your interment, not to family or other named beneficiaries. The benefit of a final expense policy is that you can buy one without a medical exam, and the rates are designed to fit tight financial budgets.
Answered January 31, 2014 by Anonymous