Question:

Is it less expensive to buy life insurance while I’m young?

Answer:

Your insurance premiums will increase as your life expectancy decreases–the older you get, the more life insurance is going to cost you. Whether you buy permanent or term life insurance, it will usually cost you less while you’re young.

If you’re at high risk for a medical condition that might make it too expensive or impossible for you to get insurance later (e.g., a family history of cancer), consider buying life insurance while you’re still young and healthy.

If you buy term insurance, ask about a renewability provision. Although your premiums may increase at renewal time because your life expectancy is shorter, you’ll be able to renew your policy without having to prove your insurability again. Please note that several factors affect the cost of life insurance, such as your current health, whether or not you are a smoker, and any pre-existing conditions.