You can consider buying life insurance at any age. If you have loved ones who are financially dependent on you and could inherit your debt, then you may want to consider buying a policy sooner than later. The younger you are when you buy a policy, the cheaper your premiums will be , and you and your family safe.

The older you are, the more expensive your premiums for life insurance will be. Insurance rates rise roughly 10% each year you wait. You are also more likely to develop serious health issues as you age, which may cause your premium to go up.

According to the London International Insurance and Reinsurance Market Association (LIRMA), 42% of Americans reported that their family would struggle financially within six months if a wage earner passed unexpectedly — 25% said they would face financial hardships within a month. Although many people start seriously considering life insurance as they near retirement, there are different reasons for life insurance coverage during every decade of your life.

You will likely take on many new financial responsibilities in your 20s — such as student debt, loans for a car, or sharing bills and expenses with a partner for the first time.

As a young adult, you can benefit from locking in a low steady premium for years to come. Many people are in good health when they are younger, which also aids in affordable premiums. Be sure to compare average costs with different life insurance companies to ensure you get the best price.

When buying life insurance, consider how long you will need coverage, how much of your income you must account for and all your financial responsibilities.

Most financial experts recommend purchasing coverage worth eight to 15 times your annual salary.

If you wait to buy life insurance, your premiums will become more expensive every year. You could risk financial pressure on your loved ones if you pass away with no plans to support them. The severity will range based on how many people financially depend on you and how much savings you already have.

According to the 2021 Insurance Barometer Study, 47% of Americans put off purchasing the life insurance coverage they need, and roughly four out of 10 policyholders wish they purchased their policies sooner.

Purchasing a policy at a young age can help you obtain the best premium price. Be sure to compare quotes with different insurance companies before purchasing a policy.