6. Term life insurance is a great idea to get started.
Term life insurance is a simple and affordable option to obtain protection in the near future. You can use this sort of insurance to cover obligations that you can foresee, such as paying off a mortgage or paying for your children’s college, because it expires at the end of the term.
Most term life policies provide you with the choice to switch to permanent life insurance if you currently can only afford a term life policy but desire permanent cover. With term life insurance, you can lock in a cheap rate today and switch to permanent coverage if your income rises.
7. The younger you are, the less you pay.
Health and age are the two main variables life insurance companies take into account when calculating the cost of your coverage.
When you purchase life insurance, the cost is typically lower the younger you are. That’s because you’re generally healthier and less hazardous to insure while you’re younger.
Therefore, if you purchase a life insurance policy as soon as you begin receiving an income, you can reduce the cost of your insurance. As your salary rises, you can start with less coverage and add more riders.
