Is it less expensive to buy life insurance while I'm young?

Your insurance premiums will increase as your life expectancy decreases--the older you get, the more life insurance is going to cost you. Whether you buy permanent or term life insurance, it will usually cost you less while you're young.

If you're at high risk for a medical condition that might make it too expensive or impossible for you to get insurance later (e.g., a family history of cancer), consider buying life insurance while you're still young and healthy.

If you buy term insurance, ask about a renewability provision. Although your premiums may increase at renewal time because your life expectancy is shorter, you'll be able to renew your policy without having to prove your insurability again. Please note that several factors affect the cost of life insurance, such as your current health, whether or not you are a smoker, and any pre-existing conditions.

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy
involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses
associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may
be surrender charges and income tax implications. Any guarantees are contingent on the claims-paying ability and financial strength of the issuing insurance company.