Life insurance for young mothers are some of the most affordable life insurance policies you may ever see. The rates for young adults are cheap when it comes to life insurance; that’s true. But the peace of mind that life insurance offers a young person is worth far more than the price of the policy.
The chances of death among young people is very low, so the insurance companies can offer very competitive rates. As we get older the risk of us dying gets progressively higher. Therefore, the insurance company has a much greater risk of having to pay a claim, and this causes higher rates.
Anyone that has a condition that could be deamed “unhealthy” will have higher rates than a healthy young person. This is just simple math for the insurance companies. And it is simple math. Insure someone who is young and unlikely to die and you’ve got yourself a cheap rate.
Have poor health and/or are older? Then your rates are going to be higher overall.
So does this mean that when I’m young and healthy that this is the best time to get life insurance?
That’s exactly what it means. When you are young and in good health you will get better rates than you may ever see for the rest of your life (when it comes to life insurance). The best thing to do then is get the most life insurance you can afford while you are young (and for the longest term you can afford/ or whole life policy).
The reason is real simple. Money.
It will go a lot further now, while you are young.
Insurance companies don’t want to take on a risk that is sure to lose them money. They are fine with paying out claims most of the time, but they do not want to lose money on purpose. Young people are a very good risk for them because of this.
What if I’m not young anymore?
You’ll never be younger than you are today right?
You may not be a spring chicken, but if you need life insurance or think you may need it in the near future do not hesitate to get rates. Your rates today are going to be better than they are in 5 years.
I’ve talked to many people over the last few years that wanted to age life insurance but could not because their health was not so good anymore. The point is; don’t wait until too late to look into this. When it comes to life policies; time is not on your side… unless you are young that is.
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