The older you are when you buy life insurance, the more expensive it will be. So, if you can, buy life insurance as soon as the need exists – as soon as you have dependents, for example – so that your premiums will be lower. Many term policies give you the option to renew your coverage at the end of the term without undergoing another medical exam. If you buy a “level premium” policy, you can lock in your rates for a specific time period, say 5, 10 or 20 years.
I wish I’d known this twenty years ago!
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