Every Breadwinner's goal is to provide for their family. Well, like it or not if you think it is stressful trying to provide, how stressful would it be for your spouse or kids to provide for the family if you all of a sudden are taken out of the picture?
Insurance is on sale 364 days per year. On that 365th day, the price goes up. Which day might that be? Your birthday of course!! The sooner you buy, the cheaper it will cost. The younger you buy, the less you will end up having to pay in the long run. That may sound weird, but it is true. Here are 2 examples:
1) A young man got married at 24 years old. He took out a policy on himself which cost him about 15$ per month. At the time he was 5'10" and weighed 165lbs. He bought a 20 year policy which means that for 20 years he pays 15$ per month with the option of turning the term policy into a permanent one. 3 years later he found out that he had diabetes. Guess how much life insurance companies want to charge him now for a similar policy? Let's just say the cost was a lot more for a lot less. This man had 17 years of paying a low rate before he had to worry about getting anything new. Obviously he saved money since he was healthy at the time he got the life policy.
2) A similar situation, a young man that was a little older, but close to the same size as ex. #1. 10 years later I was quoting his home and autos and mentioned life insurance. He mentioned his policy was about up and needed to get a new one. He was a little heavier, but otherwise was in good health. Unfortunately since there is a weight contraint the cost was greater, due to his weight being off by quite a bit. His weight was 250lbs. For 10 years he was paying a good rate, but as you can see life can throw a curve which in turn can and will hurt your pocket book unless you plan accordingly.
The budget of course does have something to say as to how much life insurance can be purchased, but only you can answer that question. The process is very simple, but the goal here is to help anyone and everyone understand that if you really want to save on life insurance, you need to start earlier than later.
There are several different strategies based on what you want your life insurance to do. Later there will be some examples as to what I have done as well as several other families to invest and protect for their families.
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