MA Life Insurance Rates and the Best Time to Buy

The prospect of a premature death is not something most of us want to contemplate, but sometimes the old adage “be prepared” is the best advice.  Most people think of life insurance as something that you buy when you get older, but that may not be the best time to buy life insurance. Here are a few things to consider on MA life insurance rates and the best time to buy.

MA Life Insurance Rates and Factors

Many factors contribute to life insurance premiums and are defined by your so called “risk class.” Everything from your age, overall health, family medical history, lifestyle and income to participation in dangerous recreational activities/sports and hazardous occupations are taken into consideration. Insurance companies will assess your inherent risks and determine what class you fall into according to these factors. They usually require that you undergo a medical exam as well. The fewer the risk factors, the lower your premium will be. An insurance agent can help you determine which companies have better pricing for certain medical conditions or risk classes.

Buy Life Insurance While You’re Young!

Many people think that it’s an unnecessary expense to purchase life insurance when you are young and healthy.  However, this is the best time to buy. The risk factors we mentioned above are typically lower when you are younger. MA life insurance will be cheaper for you, and it’s another way to plan ahead. You don’t want wait until you are sick to think about your family’s future.

MA Term Life Insurance vs. Whole Life Insurance

Whole Life Insurance is a lifelong policy with an added feature that allows you to accumulate cash tax-free. However, the cost is typically more than what you may be able to afford  at a young  age. MA term life insurance premiums are set at a fixed rate for a specific period of time (i.e. 30 years). They are the least expensive type of MA life insurance and therefore one of the most popular options. As you get further along in your career and earn a higher salary, you may consider upgrading to a whole life policy.

More on MA Life Insurance Rates and the Best Time to Buy

Even at a young age, think about the debt that you have accumulated and the people in your life that may rely on your financial support. Life insurance will ensure that they are not burdened by your debt, final arrangements, and loss of income. If you are still curious to learn more about MA life insurance rates and the best time to buy, get a free online MA Life Insurance quote or contact us for further assistance. It’s never too early to plan ahead and be prepared in case of any unforeseen events.