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So, you've landed your dream job, are getting married, and the thought of raising children is not farfetched. Everything in life is coming together. And while these are some of the happiest times of your life, it is not a bad idea to plan for some of the worst, death. No one wants to think of a premature death, but since it's a possibility, let's discuss why you should lock in lower life insurance rates while you still can. Rates for life insurance are primarily based on three elements—age, health, and gender.
Age
It goes without saying that the healthier you are, the less expensive a life insurance policy may be. Additionally, the younger you are, the further away you are from your passing away (statistically speaking), and therefore, you pose less of a risk to insurance companies than if you were older.
Gender
Research shows that females tend to live approximately seven years longer than males, making their policies a bit less expensive. However, that gap is slowly starting to close making the difference between gender-specific policies not quite so significant with the same type of policies. Because of the former two characteristics—health and age—you can reap a rather inexpensive life insurance policy while you're still in your young days.
Health
You may be surprised to learn that—for illustrative purposes only—an outstandingly healthy 25-year-old female purchasing a 10-year term policy would only cost about $16/month for $250,000 of coverage.
The moral of the story: if you're a young, healthy individual, why not "lock in" lower rates now with a whole life insurance policy? Procrastinating on the decision to buy only means you're going to miss your opportunity to buy low. Think about it: if you buy life insurance now, you get a deal! Why wait?
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