Life insurance will never be cheaper than it is right now
. Locking in a high-value policy for the longest possible term gives your future family extensive financial protection at the lowest cost.While I wasn’t wise enough to get my own life insurance policy the first time around, I did sign up before having kids. After I met my wife and knew kids were on the horizon, I decided it was time and got my own life insurance policy outside of work.
In my late 20s, I chose a 30-year term that would last until shortly before I turn 60. Hopefully, I’llthat I won’t need life insurance for my family at that point. My kids should be grown and on their own and I plan to have enough retirement savings to support two people for 30 or 40 years. That should easily be enough to cover my wife if something happens to me after the policy ends.
But for now, if I pass away for nearly any reason, my wife would get a $1 million payment that should cover the mortgage, groceries, and a lot more for at least a decade or two if used wisely., a $100,000 term life insurance policy for a healthy 30-year-old male is just $12 per month, on average. At age 40, it goes up to $20 per month. At age 50, it’s $36 per month. The longer you wait, the more you’ll pay.
You are not getting any younger, so even if you don’t have kids yet, it’s probably the best time to get life insurance. You can always cancel it later, but you can’t go back and find a new policy at a lower rate. Lock it in now and you’re set for decades to come.
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