Is It More Affordable To Buy Life Insurance When I'm Young?

Your life insurance premiums will increase as your life expectancy decreases. This means the older you get, the more life insurance is going to cost you.

Whether you buy permanent insurance or term life insurance, it will usually cost you less while you're young.

If you're at high risk for a medical condition that might make it too expensive or impossible for you to get insured for life insurance later in life (for example, a family history of cancer), consider buying a life insurance policy while you're still young and in good health.

If you buy term life insurance, ask about a renewability provision. Although your premiums may increase at renewal time because your life expectancy is shorter, you'll be able to renew your life insurance policy without having to prove your insurability again, which means, you won't have to take a physical exam to qualify for the renewal policy.

Keep in mind several factors affect the cost of your life insurance policy, including your current health, whether or not you are a smoker, your lifestyle, occupation and hobbies, and any pre-existing medical conditions.

Here's how you can find affordable life insurance coverage.