Often when we’re young and invincible, life insurance is the furthest thing from our minds. After all, it is typically most useful at the end of one’s road, and most vibrant, healthy twenty-somethings can expect to keep rolling for quite some time, excluding a sudden and unexpected stop. From this perspective, it’s easy to believe that life insurance is unnecessary for anyone born after 1985.
However, even without the fact that it is impossible to completely bar the unfortunate, like most things life insurance is much less expensive if you get it before you absolutely need it. As a matter of fact, the three Frugal Ladies have life and health insurance – we understand the importance and need of having both.
It sounds fairly obvious, after all, a good winter coat can cost hundreds in the winter and a few quid during beach season, but many people do not understand just how prudent an early investment in a life insurance policy may be. Insurance companies work tirelessly to assess the perceived risk of insuring each individual client and price their policies accordingly. Some say that age is just a number, but none of these people work at insurance companies. If you’re Australian like Jess, we recommend that you look into Suncorp for a quick quote online. Regardless of where you live, you should do proper research and only trust accredited and known life insurance providers.
A young person in the prime of their life will have access to much more preferable rates and options as compared to an older person, and may even qualify for a larger policy value. Some policy types even lock clients in at their initial rate, allowing you to enjoy the profits of your precocious practicality for decades to come.
Of course, age is not the deciding factor on the quality and price of life insurance policies available to you. Other factors such as health, occupation and lifestyle can greatly impact a provider’s evaluation of a potential client. The level and type of coverage you require may also change as your life does to allow for events such as marriage and having children.
However, your age is a large part of the picture a provider will try to paint of your life from the minute your application arrives at the office, and they do so before they ever consider offering you a policy. The reality of life is that age spares no man in its toll, and this is not a secret to insurance providers.
The best time to start anything beneficial is as soon as possible, and life insurance is certainly no exception. Insurance providers reward foresight with savings, and the best way to take advantage of this is to get your policy early.
Life is uncertain, and it is wise for a person of any age to be prepared for as many changes as possible. Nevertheless, one thing is for sure: the price of obtaining an insurance policy has about as much chance of going down with time as the number of candles on your cake each year.
Featured image source.
Do you have life insurance? Tell us your thoughts below!