When Should I Buy My First Life Insurance Policy?

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 31st December 2023

If you are wondering about the best age to purchase life insurance, you recognize the importance of this cover, which means you are halfway there.

There is no single answer regarding which age to get life insurance.

Which time is best depends on your life circumstances and what you are expecting this cover to provide? Life insurance is an investment in your loved ones so there is never a bad time to purchase it.

Getting this cover at the best time means that the cover is in place when it is most important.

Timing the Purchase

Purchasing a home, starting a business, getting married, and raising a family are several events that trigger a life insurance purchase. Anyone who is planning to do any of these things should consider purchasing life cover immediately.

Unfortunately, many people do not heed this advice, waiting instead until they are already home or business owners, spouses, or parents. This can increase the cost of cover because age affects life insurance premiums. An insurance company takes on more risk by insuring an older individual.

Those who argue against purchasing life insurance before it may be needed often do so because they want to increase their income. Others think that their plans for marriage, children, or home or business ownership may not come to fruition.

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They do not want to be left paying for cover that will not benefit anyone. What if the individual does get married or have children, buys a home, or starts a business but waits until later in life? Premiums will be quite expensive. Waiting until income is at a comfortable level is a valid reason but could also result in an unexpected premium considering the stagnant wage levels in the UK.

Getting the Lowest Rates

Young, healthy individuals who are physically fit pay the lowest premiums for life insurance. This weakens the case for waiting. Right now might be the perfect time for you to purchase life insurance. Request some quotes through the Insurance Hero quote engine to find out.

There is no obligation to make a purchase and the figures will serve as a starting point so you understand the best-case scenario.

While it is true that life expectancy is steadily increasing, causing life insurance premiums to decline, waiting for additional increases in life expectancy is not necessarily a smart move. Things could take a turn and the reality is that the younger someone is when investing in an insurance policy, the less expensive the cover is. Getting quotes now and budgeting for this purchase in the near future enable you to secure a policy before it becomes too expensive.

Since there are both whole life and term life policies with different levels of benefits, most people have multiple cover options. Term life is less expensive and the cover period can be adjusted for additional cost savings. However, do not sacrifice cover for cost.

If the policy will not provide enough money to help beneficiaries with expenses, it is not worth the money.

Increase the benefit level and use the Insurance Hero comparison site to find an affordable policy from a member of our vast provider network.