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Why You Shouldn’t Wait to Buy Life Insurance

August 23, 2018
Our goal is to educate and advise on life insurance options, so you can feel confident in making the right choice, whether that’s through Quotacy or somewhere else. To ensure we provide accurate and trustworthy information, our writers follow strict editorial standards.
Most people are aware of life insurance, and they are probably even aware of the fact that they should probably have some, but many aren’t aware at just how inexpensive and simple it can be to buy life insurance.

Here at Quotacy we make it easy for you to research, compare, and buy life insurance right from the comfort of your own home.

» Compare: Term life insurance quotes

So, what are you waiting for? Need more convincing?

Here are five reasons why you shouldn’t wait to buy life insurance:

1. The older you are, the more expensive it is.

One of the main factors in determining the cost of life insurance is an applicant’s age. What is life insurance? It’s a financial tool to replace one’s income if that person dies, and the older you are the closer you are to dying. It’s just a fact. The life insurance companies make up for this risk by increasing premium costs as ages go up.


A healthy, non-smoking 30-year old male could get a 20-year term $500,000 life insurance policy for as little as $22 per month. Let’s say he decided to wait to buy. If he wanted to apply at age 40 instead, his price for the same policy (assuming his health stayed the same) would then be $34 per month instead. Now while $34 is still very reasonable for the peace of mind life insurance brings, it’s still quite the jump in cost.

Average Annual Cost of a $250,000 20-Year Term Life Insurance Policy for a Healthy Non-Smoker
Age Male Female
25 $169 $148
30 $173 $153
35 $183 $163
40 $244 $211
45 $361 $298
50 $542 $418
55 $853 $634
60 $1480 $1069
65 $2578 $1841

2. The longer you wait, the chances of a health issue arising increases.

The second main factor in determining the cost of life insurance is how healthy an applicant is. If you’re a healthy individual, your chances of dying soon are pretty low. Again, life insurance companies will raise the premiums if they are taking a risk in insuring an applicant. Health conditions an applicant may have could be deemed risky, depending on the situation.


With heart disease being the leading killer of Americans, you know life insurance companies are going to take heart disease very seriously when determining the cost of life insurance.

So, if you’re a 30-year-old male and do not have heart disease, consider purchasing life insurance now. Even if you develop heart disease, you will already have locked in your low rates and will have peace of mind knowing your loved ones will be financially secure.

3. It’s better to have it and not need it, than not have it and need it.

Auto insurance is something you are legally required to have, but hope you don’t need to use it. I would argue that life insurance is even more important to have, so why wouldn’t you get this too? You insure your vehicle, but not your own life?

Sure, if you get rear-ended and the car goes in the shop, having to ask a co-worker for a ride to work for a week would be inconvenient, but imagine your family abruptly losing you and needing to figure out a way to make up for the income that is now gone. That’s much more than an inconvenience.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

4. Insurance companies aren’t going to drop their prices, but rates may increase.

Life insurance rates have fallen since their highs in the mid-1990s, but that trend is reversing.

In other words, the best time to buy life insurance is now. Rates are still historically low, so term life insurance is still very affordable, but you aren’t going to catch the industry on a downward swing anytime soon. The life insurance industry is extremely competitive, so companies won’t increase their rates a massive amount in one fell-swoop, but they will creep up as years go by.

5. Buying term life insurance is easier and less expensive than you think.

The Internet has made everything easier… with the exception of maybe staying healthy and fit by exercising, but that’s an entirely different situation. Researching, comparing, and purchasing life insurance can be done on any computer or mobile device.

There’s no time like the present to purchase life insurance. You’ll be protecting your loved ones, and the sooner you buy, the more money you’ll most likely end up saving. Get a term life insurance quote today.


Note: Life insurance quotes used in this article accurate as of August 23, 2018. These are only estimates and your life insurance costs may be higher or lower.


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