According to insurance companies, the earlier we can get life insurance, the better. Not only can we have an earlier retirement in the future, but we can also secure our families in case of our death. So the earlier we secure one, the cheaper it will be.
The cost of an insurance policy can be paid monthly or yearly depending on the assessment of many factors such as:
- Length of cover- How long you decide the policy should last
- Amount of cover- The amount of coverage, whether it includes illnesses or mortgages
The type of Life Insurance Policy depending on your current status and circumstances. The two types are:
- Term insurance – insurance with a set period of years that the policy is valid
- Whole of life insurance – this is much more expensive as it covers the client’s whole life until death
- Age, health, and risk of death depending on your occupation
Starting early means you have a lower risk factor for the company. This means the cost might be cheaper compared to a policy secured when you already have a family and has a lower life expectancy due to health reasons.
We can never predict when our time here on earth is due, so always being ready is better than being sorry.