What Age Is Best For Getting Life Insurance?

Mar 21, 2020 | Personal Insurance

Imagine this: you’re young, fit, and healthy. You’re busy building your career and your personal life. You don’t need life insurance. Well, that may be how you feel now, but things can change quickly. This blog looks into what age is best for getting life insurance. We will also learn about the reasons why it makes sense to consider getting life insurance at a younger age.

Learn how Life Insurance can help you protect your family from financial hardship.

Things To Consider When Getting Life Insurance

As you consider buying life insurance, it’s essential to consider how much of an impact your age for getting life insurance will have on premiums. Another thing to consider is whether your health will make it more or less likely that you’ll be approved for a policy. Here are some things to think about:

  • Age
  • Health (medical underwriting)
  • Time and growth of cash value

Age Matters

Buying life insurance early in life allows your policy to last longer. The age for getting life insurance matters in pricing because insurance companies must be careful with the money they spend on policies. Younger people tend to have more debt than older people; they also tend to have fewer assets for retirement.

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Health Matters

Your life insurance premium will be higher if you have a history of severe health problems. The insured’s health status heavily influences the pricing and availability of life insurance. In some cases, premium discounts are available to those who maintain a healthy lifestyle. Insurance companies know that persons in poor health have a shorter life expectancy than those in good health who can afford medical care.

Time and Growth of Cash Value

The more time you have, the more money your cash value will grow. Cash value is also taxable when it grows past certain thresholds. But this amount is much lower than you’d pay in premiums over time. Most policies are still worth buying even if they carry some tax burden.

Wonder about life insurance coverage specifics and how much you really need?
Here’s a great read! Life Insurance: Is It Worth Getting One?

Coverage Eligibility

Coverage eligibility is the time when you can first apply for life insurance. For example, suppose you are 25 years old and last smoked 10 years ago. In that case, insurers could consider your coverage eligibility at 35 years old.

Open Eligibility

An open eligibility policy allows anyone to apply regardless of their health status or risk factors (i.e., age). This option is usually more costly than a guaranteed issue because it doesn’t consider any pre-existing conditions that might make you uninsurable.

Guaranteed Issue

A guaranteed issue policy guarantees acceptance even if someone has a health condition or other risk factor; however, premiums may be higher than open enrollment due to the added cost associated with providing coverage for those individuals who other insurers have previously turned down due to their medical history or lifestyle choices such as smoking cigarettes regularly over time (i.e., lung cancer).

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Benefits of Getting Life Insurance While You’re Young

The first benefit of getting life insurance while young is that it’s less expensive. Since you’re likely to be healthier and your health risks are lower, insurance companies will charge a much lower premium on your policy.

Additionally, suppose you get the right type of policy (i.e., term or whole life). In that case, you can afford higher premiums because they are cheaper than when you were older.

You may also get more coverage for your money if it’s still affordable—another reason why younger generations tend to buy more coverage than older generations in the same income bracket.

Learn about commonly used terms and more info about Life Insurance in this blog: Life Insurance FAQs


Life insurance can be a wise investment, especially when you’re young. The age for getting life insurance is very important. The earlier you start, the lower your premiums will be. Plus, in the event that you leave anyone behind, they can avoid financial hardship after losing a breadwinner, this coverage can make all the difference for them.

Call or text Advantage Insurance Solutions in Denver, CO at (720) 221-8168 to make sure you and your family are covered for any eventuality as early as now.

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