5 Reasons To Purchase Life Insurance At A Young Age

Healthy Is Great

Life insurance companies love to write policies for healthy customers, as profits rest on taking in a high amount of premium compared to claims payments. The industry's decades of actuarial data show the best way to achieve this is by providing insurance to young, healthy individuals. As their customer bases age, the insurance companies need to find new, healthy customers, so they offer options to attract the young and healthy, which means huge savings for those in the coveted category. It's wise to take advantage of this, especially because most individuals are less likely to have a disqualifying medical condition at a young age. Unfortunately, a lot of people develop health issues in middle age that preclude them from buying regular, inexpensive life insurance. At that point, if they have no life insurance, they have to either go without it or purchase costly guaranteed-acceptance plans, which provide limited benefits.

Those who abstain from smoking, work in safe occupations, and avoid dangerous activities, like hang gliding, qualify for better rates. For younger individuals, health is established via questionnaires and possibly a blood test. As people age, insurers demand more comprehensive tests to screen for issues like hypertension, diabetes, and cancer.

Continue reading to learn how purchasing life insurance young benefits retirement.