What is the best age to get life insurance?

There’s no such thing as a ‘perfect age’ to get your life insurance sorted and there is no one size fits all. This is because life insurance is always based upon your current circumstances and affordability, amongst a tonne of other factors too.

The questions surrounding this topic are endless, have a scroll and see if we can answer any of your queries about this subject!

The younger the better?

We won’t beat around the bush, getting life insurance at a younger age will generally mean your monthly premiums will be cheaper. The reason for this being, life insurance is all about risk, and the older you are, your risk of illness tends to be higher.

However, this doesn’t necessarily mean that you need to get a life insurance policy the second you turn 18 years old.

Everyone’s different

Without sounding cheesy, everyone is different. So, of course, everyone’s life insurance policies will be different too! Additionally, everyone’s circumstances and financial situations are different too.

Whilst you could end up paying less by arranging your life insurance whilst you’re younger, this doesn’t mean that you can’t still get cover later down the line. Although most providers do have a maximum age to be able to get a life insurance policy, there are other avenues to explore when it comes to getting cover later in life.

Over 50’s cover

Nowadays, there are more options available when it comes to getting a life insurance policy later down the line. One of these options is over 50’s cover.*

This is a type of cover created for those from the age of 50 typically up to the age of 80 and means that if you changed your mind about getting life insurance at this age, then you still have the option to get a policy. AKA - it’s never too late.

How is the premium for your life insurance policy calculated?

Generally, with a life insurance policy, you will pay a premium each month in order to keep your policy active. This monthly premium is calculated using several different pieces of information, such as your:

• Health and lifestyle disclosures
• Age
• Chosen term length
• Smoker status
• Family history
• Chosen sum assured

This information will be assessed by your chosen insurer who will calculate what your monthly premium would be.

Let’s talk price

Although life insurance is generally cheaper the younger you are, it isn’t always the case as the price you pay for your cover is based on so many other factors.

For example, you could be in your mid 40’s with a perfect health history which could result in you having cheaper premiums than a 20-year-old with a more complex medical history. There really is no ‘one size fits all’ which is why seeking specialist advice is crucial to obtaining the best possible cover for you.

What Busy Bee can do

At Busy Bee, we will do our best to help anyone and everyone, no matter your age or circumstances. Our ethos is simple: life insurance made simple and accessible.

We work to find the best policy for you and your circumstances, at the best price too! Click below to start your life insurance journey today.

*Over 50’s - Depending on how long you live you could pay more in premiums than the value of the cash lump sum