The Value of Buying Life Insurance Young

So many of us are more concerned with the present than the future, but when it comes to life insurance, the opposite is true. The younger and healthier you are, the better chance you have of getting quality coverage at an affordable rate. Even if your health declines over time, term life policies come with a conversion feature that can help you lock in coverage and protect your loved ones.

The obvious benefit of buying life insurance when you’re young is cost savings. Premiums are based on age and health — the younger you are, the less expensive your policy will be because you pose less risk to insurers. This means that if you buy early, your premiums will remain low for many years — even in cases where health status changes.

Did you know you can add a rider to your term policy to provide death benefits for all of your children? One rider, one small premium, and coverage for all of your children. The Children’s Term Insurance Rider provides level-term insurance to age 25 on the insured’s children listed on the original application.

When the child is old enough (typically starting around 18 and on up to age 25), an insured child can purchase a new policy up to five times the face amount without ever having to qualify medically. So even if their health has declined, they can convert 5x the Child Insurance Rider you purchased — giving them lasting peace of mind.