People may not consider some aspects of being an adult until they’ve reached middle age. For example, many people put off writing a will or getting life insurance when they’re in their 20s or 30s. But waiting is a mistake. Not only can the worst happen unexpectedly, but securing a life insurance policy when you’re older is also far more expensive than doing so at a young age — specifically, before turning 35.
When you start the process to sign up for life insurance, the company you’re working with will consider the risk it takes on by insuring you. For example, people with health issues or bad health habits will pay more for their insurance per month than a healthier person. This reason is partly why signing up for a life insurance policy at a young age is important. You’ll also enjoy paying lower premiums before —and if — you start a family. Many people wait until they have their first child to sign up for a policy, but you can secure a locked-in rate before that time.
Members of the millennial generation tend to have a better health history, which equates to lower premiums. More specifically, millennial women are the demographic that stands to receive the lowest premiums because they have the highest life expectancy. However, many other factors will affect what you’ll pay for life insurance. Head over to Health IQ and take a quick quiz to test your knowledge about life insurance and find out what you should understand about getting a policy.