The best time to purchase life insurance is right now. Because life insurance rates are greatly  dependent on age, your rate could increase with each day that passes. Every day you wait to purchase life insurance could be costing you money.

Now we know that may sound a little extreme and we admit there are a few other factors that play into the best time to purchase life insurance. Let’s dive in a little deeper to give you a better understanding of when you need to buy.

The optimal age to purchase life insurance is under the age of 35, however, it has been found that at this point in history this demographic is actually the least likely to purchase life insurance.

Why is that?

Trends amongst this age group have played a key role in an individual’s belief that they even need life insurance. Many couples are waiting longer to get married and many people are also waiting longer to have children. 

These two milestones have traditionally been key factors in an individual’s motivation to purchase life insurance. If you are single with no kids, you worry less about what would happen in the event of your early death.

Today, individuals 35 or younger are more likely to have a poor debt to income ratio as well. This makes expenses that seem “optional” or “unnecessary” harder to justify spending money on. They are focused on getting bills paid not adding new ones. 

Waiting will cost you

As we mentioned before, waiting to purchase life insurance near Springfield, Ohio will almost always cost you much more in the long run. Simply put, as you age, the cost to insure your life will increase. 

Waiting can also introduce other factors into your life such as illness that will make it more expensive for you to be insured. Certain medical conditions can even make it so you are uninsurable.

While it may seem like an optional, extra, or unnecessary expense right now, your future self will thank you for purchasing a life insurance policy as soon as possible!