Q: Do I need Life Insurance?

A: Yes

 

When should I buy life insurance?

Right now.

 

I’m only 23, are you serious?

Yes

 

Why?

Life insurance will never be cheaper or easier for you to buy.  Rates for life insurance increase as we age.  We also tend to be less healthy as we age, which also increases rates for life insurance.  One exception – if you quit smoking and are nicotine-free for a year (even free of a patch), your life insurance rates will go down.

 

What type of life insurance should I get?

I typically recommend Term Life Insurance – it’s the cheapest way to get a lot of coverage.  Only in a few cases do I recommend a Universal or Whole Life policy.

 

The above conversation is fictional, and don’t take it as insurance advice for your particular situation.  I hope it inspires you to meet with an insurance professional and talk about your life insurance needs.

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