What’s the Best Age to Purchase Life Insurance?

By Lloyd Sabatelli
InsuranceNewsNet

When you become a homeowner, you purchase home insurance. When you buy your first car, you’ll purchase auto insurance. The same goes for renters insurance, business insurance and so forth. Well, what about life insurance?  

Many clients often question which age is the best age to look into this policy. To be honest, there is no specific age. There are, however, a few factors that can hint towards what time is the right time. And as an insurance agent, it is important to let your client know about these times.

So, the next time a client asks – “When is it a good time to purchase life insurance?” – here’s what you should say:

#1: In your mid-20’s.

Twenty-six is the most common age for individuals to get married, according to statistics. This also shows that this is a common time that individuals are moved into their own place and have a career. Those who are out living the single life are still 100 percent at risk. Chances are the client still has parents and even siblings.

Consider this scenario: the individual and her sister have co-signed on a lease. If the client should unexpectedly pass away, the contract will be left entirely in the sister’s name, leaving her with a chunk of debt without any financial help. This is a great example to give your clients; it may have them purchasing life insurance before you know it.

Also, it is a good idea to let your client know that life insurance can be designed to cover final expenses. A family will already have enough to deal with if a loved one should pass away unexpectedly, never mind the expensive funeral costs. Having coverage will make this situation much easier on family.

#2: Once you are married.

Those who are married should never wait until age 30 or older to purchase life insurance. Once one says “I do” the coverage should follow immediately after. Without it, couples would be putting each other at risk for financial devastation if something unexpected should happen.

For example, if a husband does not have coverage and passes away, his wife would be left with the mortgage, finances and children. If there is no coverage in place, there won’t be a second income to help pay the bills. All too often, a spouse is left with an entire mortgage and ultimately loses the house. What client do you know that would ever want this to happen to their loved one?

#3: While you are in your best health.

Those who look into coverage while in their prime will have much lower premiums than those who decide to wait. A life insurance premium is determined by a number of factors— from health, age, weight, height, risks, etc. Many times, the younger someone is, the better their health is. It is much better for a client to insure their life now, while it is cheap. Always remind your client that if they wait too long, they may not receive the best rate or even coverage at all. It is much better to be safe than sorry.

As you know, purchasing life insurance really depends on the person and the factors in their lives. And this is exactly the information you should be passing along to your client. The bottom line: whether your client is single, married, divorced or separated, life insurance is a crucial policy to have. Not only will it protect a client’s possessions, final expenses and debt – but it will also, most importantly, protect their loved ones.

Lloyd B. Sabatelli is the agency principal at Marchetti & Sabatelli Associates, Inc. Lloyd has extensive New York life insurance and risk management experience, including the creation of a niche marketing program for the agency and its regional consumers.

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