Why buying life insurance young pays off

It might seem unnecessary, especially if you’re young and healthy. Still, getting coverage early could help protect your future — and may be simpler and more affordable than you’d expect. In fact, getting life insurance at a young age could include benefits like lower rates, flexible options and comfort knowing there’s some cushion for anything in the future.

If you’ve ever wondered “When should I get life insurance?” or what the best life insurance policy for young adults looks like, you’re not alone. Learning about term life insurance now could help you make a smart choice for the future — one that grows with you as life changes.

Why is life insurance cheaper when you’re younger?

Life insurance companies consider several details when determining your monthly cost, also known as your premium. One of the biggest factors is age. The younger you are, the lower the risk you may be to insurers. That often means your coverage is more affordable.

So, is life insurance cheaper when you’re younger? It often is. And that’s why many experts say the best age to buy life insurance is when you’re young and healthy.

As we get older, we typically face more health issues. These changes could lead to higher costs — or may even make it harder to get approved for some types of insurance.

The cost of waiting

It can be tempting to put off life insurance until later. But waiting can come at a cost. Even a few years could make a big difference in how much you’ll pay each month.

If you’re asking “When should I get life insurance?” or what age should you get life insurance, the answer might be “the earlier, the better.” Starting young generally means locking in a lower rate that stays the same for the length of your coverage term.

It could also mean you spend less money over time — giving you more room to save for other expenses like a house, travel or your future family.

Health and age go hand in hand

In general, young people tend to be healthier. This could also help make life insurance less expensive, since good health is another key factor in the cost of coverage.

Some health conditions don’t show up until later in life. If you wait too long, your health could change — and that may make it harder to find the best life insurance policy for you. That’s another reason why starting now could make sense.

Coverage that grows with you

Even if you’re not married or don’t have children yet, that doesn’t mean life insurance isn’t useful. Many people use it to help cover:

• Student loans or other debts
• Funeral or final expenses
• Support for aging parents or other loved ones
• Long-term savings and financial planning

And the benefits of getting life insurance at a young age don’t stop there. Some policies may build cash value over time or offer flexible options for the future.

By starting early, you may also have more choices by picking a plan that fits your life now and adjusts as your goals or needs change.

It’s about preparing for the future

Life insurance isn’t just for older people. It’s a way to look out for the people you love — and a way to feel more secure in the plans you’re making.

Think about the “what ifs” when considering life insurance. Having coverage in place means one less thing to worry about — especially if you are young. Whether you're just starting your career, renting your first apartment or planning your future — life insurance could offer comfort and support and make financial sense.

How to decide what’s right for you

Not sure when to get life insurance or which type to choose? Take time to think about your budget, your health and your long-term plans.

Term life insurance is a popular choice for young adults because it tends to be simple and budget friendly. You pay a monthly rate for a set number of years (for example, 10, 20 or 30 years) during that time.

When comparing options, think about:

• How much coverage you may need
• What fits into your budget
• Whether you want extra features like cash value

Every person’s life is different, and there’s no one-size-fits-all answer. But the benefits of life insurance for young adults may be worth exploring sooner rather than later.

Getting started

You don’t have to have it all figured out to take your first step. Starting early may give you more control over your choices, help you save money in the long run and give you peace of mind knowing you’re looking out for yourself and the people who matter most.

Explore coverage options from TruStage™ that may fit your needs today. Learn more.