Do Only the Good Buy Young?

One significant benefit to buying Life insurance earlier in life is that your premiums will be lower. As you age, Life insurance gets more expensive. Many Term Life policies give you the option to renew your coverage at the end of the term without undergoing another medical exam.

Also, by buying early you are able to lock in low premiums by asking for a “level premium” policy. This means that for a specified period of time, your premium rate stays the same. After that term expires, your rates will increase.

There's one more consideration that can save you money. Take some time and inquire whether it is cheaper to be billed annually, or through payments made throughout the year (called fractional premiums). Some insurers charge you less if you pay annually, and more if you pay monthly. In general, the fewer payments you make over the course of the year, the less you'll pay in the long run.