{"id":135,"date":"2016-11-30T12:22:06","date_gmt":"2016-11-30T12:22:06","guid":{"rendered":"http:\/\/www.ladderlife.com/blog\/?p=135"},"modified":"2021-05-19T19:45:23","modified_gmt":"2021-05-19T19:45:23","slug":"when-is-the-best-time-to-buy-life-insurance","status":"publish","type":"post","link":"https:\/\/ladderlife.com/blog\/2016\/11\/30\/when-is-the-best-time-to-buy-life-insurance\/","title":{"rendered":"When is the Best Time to Buy Life Insurance?"},"content":{"rendered":"

Here are some <\/span>key considerations<\/span>, as you decide when is the right time for you to get life insurance.<\/span><\/p>\n

<\/p>\n

The Gist<\/b><\/p>\n

Buying life insurance when you are young and healthy can save you money and give you peace of mind.<\/p>\n

Life changes are another important time to consider your coverage needs.<\/p>\n

Life insurance is like the safety net trapeze artists use in case they fall. As you flip, twist, and turn through life, you hope you don\u2019t need to use the net, but it\u2019s good to know it\u2019s there. If something happens to you, you want to provide a financial cushion for the people you love and care about most.<\/span><\/p>\n

So, when does it make sense to get life insurance? <\/span><\/p>\n

While You\u2019re Young
\n<\/b>One major factor in calculating life insurance costs is your age – the younger you are when you apply, the lower the monthly rates will be for the entire term. So <\/span>if you need it<\/span>, buying life insurance while you\u2019re young (in your 20s and 30s) can save you thousands of dollars.  <\/span><\/p>\n

Let\u2019s take a look at an example of a healthy, non-smoking male who is 5\u201910\u201d, weighs 180lbs, and would like $1 million of coverage for 20 years. You can also choose to play around with our coverage calculator<\/a>.<\/span><\/p>\n

If he gets coverage at:<\/span>           His monthly payment will be:<\/span><\/p>\n

Age 25<\/span>                                    $34.85
\n<\/span>Age 30<\/span>                                    $40.15
\n<\/span>Age 35                                    <\/span>$52.42
\n<\/span>Age 40                                    <\/span>$79.16
\n<\/span>Age 45                                    <\/span>$122.30<\/span><\/p>\n

While You\u2019re Healthy
\n<\/b>Not only is it cheaper to buy life insurance when you\u2019re younger, but people tend to be in better health when they are younger, too. Your health condition is another primary factor in the cost of coverage. When applying for life insurance, people are evaluated differently if, for instance, they are obese, smoke, or have high blood pressure.<\/span><\/p>\n

As you age<\/span>, there is a greater risk of developing a chronic health issue, including diabetes, cancer, and heart disease. If a serious medical condition arises or you are diagnosed with a terminal illness, you may not be able to get coverage at all. You can avoid that problem by getting your life insurance in place before any of these conditions develop.<\/span><\/p>\n

When You Have a Life Change
\n<\/b>As you live your life, changes can take place: you might get a promotion at work, start having kids, get married or divorced, or buy a new home. These life events are a perfect time to consider buying or adjusting your life insurance to cover new needs. And you can be proactive if you anticipate any life changes ahead, since looking into insurance early can save money. Read more about other life changes and <\/span>who needs (or may not need) life insurance<\/span>.<\/span><\/p>\n

Why Wait?
\n<\/b>While it is easy to put off buying life insurance, just getting it done can bring peace of mind. Know yourself: if you are prone to let life insurance linger on your to do list for months on end, consider getting it done today. Check it off your list, and enjoy the peace of mind that comes with having coverage in place. If you are the plan-ahead type, you are probably already ready to check the box. In either case, Ladder is here for you.<\/span><\/p>\n

Conclusion
\n<\/b>In short, it is great to get life insurance are while you are young, while you are healthy, and when you have a new life event. As you monitor and adjust your entire financial life over time, it is wise to consider your life insurance needs and whether they have changed. Get started<\/a> with Ladder.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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