Life doesn’t always go to plan and can be cut short at any time. Whether it be due to a freak accident, a short or long-term illness or even a violent crime, there are a lot of possible ways that you could pass away prematurely. This is the unfortunate truth and there’s no sugar coating it. Of course the majority of us live to a decent age anyway, and that’s why average life expectancies are pretty high in a lot of countries- but what if you aren’t one of the lucky ones? Do you really want to take that risk? You just need to think about what you’d be leaving behind, and more importantly who you’d be leaving behind. Will they be able to cope in your absence, or will a lack of planning hit them hard for years to come? Life insurance is one of the most important things to consider, what at what age should you actually consider getting it? Don’t worry, we’re here to tell you just that.
So first of all, what actually is life insurance? Well, you could compare it to car insurance but obviously on a much grander scale. You pay an insurance company a set amount of money per month, which is then set away. This then builds up over a long period of time and is kept safe by the insurance company. An agreement is put in place that this money is paid out when you die, or in some cases a set amount of time after your death. The insurance company will also contribute some of their own money if you pass away, meaning the money you put towards your insurance will get some interest as well. This will increase the funds that are left to your loved ones if you suffer an untimely death.
There are a lot of different types of life insurance. There is whole life insurance, which does what it says on the tin. It pays out the insurance money you pay for no matter wen you die and no matter what age you are. This means you really are planning ahead, as the majority of us don’t know when that day will come. This allows you to be safe in the knowledge that no matter what happens, money is being put aside.
You also get forms of life insurance which are time or age based. This means the money will be paid out if you die at or before a certain age, or before or during a certain year. This is normally more suitable for people will long term illnesses who have a better idea of when they may pass away, but it’s up to you to decide which of these types are most suited to you and your family’s needs.
So what age should you actually start paying towards your life insurance at, or at least start thinking about it? There are a lot of different factors which play a part in this decision, so we’re going to talk about different reasons for different age groups investing in life insurance.
If you’re thinking along the lines of how much your policy will cost you, then getting the insurance sorted as soon as possible is important. Policies are cheaper to originally take out if you’re younger, so in reality taking one out as soon as you’re born would be ideal. Obviously this isn’t going to be the case, and you’ll probably have a lot of other monthly payments to worry about as well. Cars and mortgages make up just two of the bills you’ll be stressing over, and a lot of people put of purchasing life insurance until they’re a lot older. This can backfire however, as the longer you wait the more you’ll have to pay. Every year you live and don’t take out insurance pushes the price up that little bit more, so it’s worth taking it out as soon as possible- especially if finding the cheapest policy is your aim.
You also need to think about the age that you’ll be wanting to start a family, or if you already have one. Your family will obviously be the main gainers from your life insurance, which will shine a very small light on a dark situation for them. You don’t want to risk leaving nothing behind for your loved ones, so make sure you take this into consideration. If you’re about to start your own family, definitely consider investing in life insurance as soon as possible- this will result in a more risk-free approach being taken.
Of course, you also need to take into account the different kinds of health issues which will come with age. The older you get, the more of these conditions you’ll be likely to contract or have to deal with, and a lot of them can significantly shorten your life expectancy. This means you’ll have to have had a good insurance plan in line for a while, as you might not have much time left to get your affairs in order and have a lot of money set aside. Getting a lot of investment done before you encounter any of these problems is obviously ideal, but this isn’t possible for anyone. Try to make sure you sort your insurance before reaching an age where you’ll experience more health issues.
These kinds of conditions include Alzheimer’s disease, cancer, heart disease, diabetes and arthritis. These can all be treated, but there are always cases where nothing can be done to save your life. Growing older brings increased risks of contracting these diseases amd conditions, so planning early will help you a lot. Chances of having to deal with these conditions often multiply after reaching the 50-60 year old mark, so making sure you have your life insurance sorted way before these ages will mean that even if you do get a life-threatening version then you’ll have a lot of money put away anyway.
The general consensus is that getting your life insurance as young as possible is key. You might have a lot of other bills to worry about, but it’ll save you money in the long term and will also mean you’ll have more money put away in case of a worst case scenario.
For more information about life insurance, check out National Guardian Life Insurance.
