Acquiring life insurance before age 40 can save consumers 55% or more on annual premiums
Foster City, CA – March 5, 2020 – Insurance.com, a one-stop destination for unbiased, expert advice on life, auto, health and home insurance, just published results of interviews with industry experts on why buying life insurance in your 20s and 30s should be part of a sound financial plan.
Waiting until you’re a parent or homeowner can be a mistake for many reasons, including:
- Life insurance companies base rates on a consumer’s age and health, so younger buyers pay the lowest premiums.
- Young consumers may have college and installment debt that must be paid off should they die unexpectedly.
- Many don’t understand that some types of life insurance can serve as an interest-earning and tax-deferred “savings account.”
“All things being equal, a woman at age 50 may pay 216% more for a 20-year term life insurance policy than she would pay if she buys the policy at age 30,” notes Les Masterson, Insurance.com managing editor. “The difference is more stark for men. That 20-year term policy costs a 50-year-old male 246% more than it does for a 30-year-old, and that’s assuming there aren’t difficulties obtaining coverage due to health issues.”
Insurance.com research shows average annual premiums for men and women at age 30, 40, 50 and 60 for 10-, 20-, and 30-year term policies with $250,000 in death benefits. The full report: Why life insurance is an important purchase in your 20s and 30s, explains the differences between term and permanent life insurance and outlines the benefits of four types of permanent life options.
Industry experts offering advice in Insurance.com research include:
- Matt Schmidt, CEO, Diabetes Life Solutions
- Lev Barinskiy, CEO, SmartFinancial
- Scott Butler, Certified Financial Planner
- Fuad Sahouri, VP, Sahouri Insurance
- Janine Golding, EVP, The Archer Financial Group
Les Masterson is available to comment on this study and elaborate on why younger consumers should consider some form of life insurance sooner, rather than later.
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