When Should I Get Life Insurance?
 Written & Edited by Fran Majidi Fran MajidiFran Majidi manages content on SmartFinancial's website. She's had nearly a decade's worth of experience writing about i... Read more |
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Life insurance is ideally purchased before the age of 35 for cost effectiveness, because life insurance only gets more expensive the older you get. Even people in their 20s can benefit from having a life insurance policy that has a savings component, because it’s a tax deferred way of putting away money for the future. Most Americans do not know that life insurance can be an interest-earning, tax-deferred savings account. If you wait to buy life insurance when you’re older, any existing medical conditions you have will increase the price of your policy.
Some people buy life insurance policies for their children and let them cash it out towards college expenses. It’s never too early to buy life insurance but it can become too expensive if you wait until you’re older.
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Fran Majidi manages content on SmartFinancial's website. She's had nearly a decade's worth of experience writing about insurance-related topics. Prior, she was an arts and entertainment editor in New York City. She has a B.A. from Barnard College and an M.F.A. in writing from The New School. She writes books under her given name, Afarin Majidi.
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