Best Time to Buy a Term Life Policy

Read our helpful tips to find out when you should buy life insurance.

Generally speaking, it is best to get term life insurance while you are young and in good health. The same life insurance policy you buy today may cost significantly more money just 10 years from now. The longer you wait, the more you can expect to pay for a term life insurance policy -- if you can get coverage at all.

The reason is simple - as you grow older, the likelihood for mortality increases. For example, a 23-year old is considered less likely to die than a 65-year old. That's why older individuals pay more for term life insurance coverage and in some cases, are unable to find coverage at any cost.

Because term life insurance premiums are locked in for the entire time that the policy is in force, young people can often obtain a significant amount of coverage for as long as 20 or 30 years at an affordable rate. The low rate stays the same for the duration of the term, even if the policyholder's health declines.

You should also think about purchasing term life insurance when you:

Obtain a new mortgage
Have or adopt children
Acquire additional debt, such as a mortgage
Change jobs or get a raise at work

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