Get a free life insurance quote – I hear this quite often when speaking to couples in their twenties and even into their thirties.  However, according to the Life and Health Insurance Foundation for Education (LIFE), there are several compelling reasons to reconsider this line of thought:

Protection…just in case.

Statistically, you’re unlikely to die in your 20s or 30s.  But the truth is, there’s no way of knowing for sure.  That’s why you should buy life insurance as soon as a need arises, like when you become engaged to be married or decide to have children.  If you are already married and/or have children, you most probably have a need for life insurance.

Guaranteed Insurability

When you’re young and healthy, your insurability is at its peak and, if you’re in good health,  you’ll be rewarded with preferred rates.  If you wait too long, there’s always a chance that you might develop health problems that could compromise your ability to afford or qualify for coverage.

Low Cost

All forms of life insurance get more expensive as you get older.  So if you know that you’ll need coverage soon or already have a need, you can lock in a low rate now and rest easy in the years ahead knowing your loved ones are protected.  As an example, a healthy twenty-five year old male, if in excellent health, could purchase a $500,000, 30 year term policy for as little as thirty dollars a month.  If he waits another ten years, he will pay an additional ten dollars a month (based on current rates and provided he remains in excellent health).