Best Life Insurance for Age 35
At the age of thirty five, you are likely more established in your career and have a family dependent on you and your paycheck. Now is the time to have a safety net to protect your loved ones in case anything was to unexpectedly happen to you.
Please finish reading this article, so you can see how important life insurance really is and just how inexpensive it really is, especially at the age of 35!
Term vs. Whole life insurance-Which is best?
Deciding on which type of policy you need is very important. Many people’s first thought is to buy whole life insurance because it will cover you for your “whole life” and it has a cash value.
However, whole life insurance is often about double the price of term insurance and comes with high fees, large agent commissions and high policy cancellation rates.
Most Americans are better suited for term life insurance, which is a lot cheaper and is a much better value for your money. Term life insurance lasts for a designated period of time and allows the insured to covert to permanent insure at any time during the policy period (before the age of 70). The term period for most companies range from 10, 15, 20, and 30 years and the rates do not change during this time. Also, there is no penalty for cancelling the policy early.
Insider Tip: Term life insurance offers the greatest amount of coverage at the lowest price, and (about half the price of whole life insurance) term insurance is usually the best choice for most families, especially younger families in their 20’s, 30’s and 40’s.
How much coverage do you need?
As a general rule of thumb many financial advisors recommend 7 to 10 times your annual income in life insurance coverage. This is just a general rule as everyone’s situation is different. To be even more precise, it is advisable that you or your agent conduct needs analysis.
How much will $250,000 cost per-month? Assuming preferred plus health class, non-smoker
Age 10-Year Term 15-Year Term 20- Year Term 30-Year Term
35 Year Old Man $10 $11 $14 $22
35 Year Old Woman $10 $11 $13 $19
These companies above often produce the lowest rates for healthy younger adults.
Where do you find the best quotes?
As you can see above life insurance is ridiculously cheap for a 35 year old. There is no excuse why any thirty-five year old with a family should not own life insurance at these rates. In order to find prices such as these, it is important to shop around and receive many different quotes. Prices can vary by more than 70 percent for the same exact coverage. This is why it is imperative to compare rates before buying any life insurance to ensure you are receiving the most coverage for your hard earned dollar.
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Photo: 401 (K) 2013