Cost of Life Insurance Policy?

[Mason]

If I take out a policy in a few years time rather than now will it cost more?

[Seeker]

Probably.

When you are younger and if you are "healthy", then yes, almost always taking out an life insurancy policy is less costly than if you are older.

But it there's generally other factors to consider too:

1) A life insurance policy generally benefits your SO and not you personally (are you married?)
2) Family health history can make LI more costly regardless of your age (if there's a history of disease in your blood relatives, ie parents.
3) Personal habits (smoking, rock climbing, etc) can also cost you more.

[jpg7n16]

All other things held equal - yes.

[disneysteve]

All other things held equal - yes.

Agreed. Of course, never are all things held equal in real life. Over the past 10 years, term rates have steadily fallen. A 45-year-old male can get coverage for less today than a 40-year-old male would have paid 5 years ago.

That said, that is not a reason to hold off on buying coverage. You buy insurance when you need insurance. If rates do continue to slide, you can always replace your existing policy with a new cheaper policy. I've done that twice over the years and really need to do it again. Not only have rates dropped farther since I got my current policy but my insurance needs have diminished and I don't need as much coverage as I now have.

[red92s]

When it comes to buying life insurance, the younger you are, the better because your age and health condition are major deciding factors on how much your insurance will cost you. Since no one can predict when a person is going to die, the insurance company will study your age and health status, your profession and other relevant information, and will then qualify you for a particular category of term life insurance rates. The category you are in will determine how cheap or expensive your premiums will be. Usually a preferred plus term insurance rate will be offered if you are in the best of health, don’t have a life threatening profession, and don’t have a history of alcohol or drug abuse, and don’t use tobacco. Also remember that if you currently have no dependants, this may change in the future. When you have a family and kids, or old parents who may come to live with you, life insurance is a must. Since you will be older then, and may not qualify for the best rates, this is a great time to think ahead and save money on possible higher premiums in the future.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

Can we get a ban here? 17 posts, all in threads with "term life insurance" in the title, by someone who works in the industry and pimps her own services actively? This is borderline spamming.

[disneysteve]

Can we get a ban here? 17 posts, all in threads with "term life insurance" in the title, by someone who works in the industry and pimps her own services actively? This is borderline spamming.

Personally, I've found DeniseM's posts to always be quite reasonable. She does post to all the insurance threads, but that's what she knows. I haven't thought her posts qualified as spam at all (especially since I'm one of the folks who deletes the spam around here). I have no problem with her posting a link to AccuQuote either, even though she works for them. They are a very well known company often referred to in Money, Kiplinger's and other financial publications when discussing life insurance. Now if she were posting nothing but reasons why we all need whole life coverage, that might be different.