Often times, people don’t count buying life insurance as a top priority. According to Investopedia, millennials are the least likely to purchase a life insurance policy.
This may very well be true for Filipino millennials. When you’re young, you might feel that there’s no urgent need to get yourself a life insurance policy. What happens is you end up buying one much later, but by then, your premiums may be higher due to factors like health concerns and extended needs in the family, to name a few.
The Ideal Age to Get Life Insurance: 20s or 50s?
Ideally speaking, the best time to get life insurance is immediately after birth. However, if your parents weren’t able to purchase one for you at the time, you still have a choice to either buy life insurance early or wait it out.
The million dollar question is: Should you do it in your 20s or 50s?
And the answer: It depends.
Your choice will depend on these factors: