Life Insurance Quotes

Buying life insurance younger keeps premiums lower

08/30/11

While most employees of larger companies have the option to enroll in some form of a life insurance plan, many entrepreneurs and small business employees are largely on their own when it comes to coverage, and many financial advisers say that buying insurance at an early age is key to maintaining affordable premiums, according to the Montreal Gazette.

Younger and self-employed persons, however, often have difficulty navigating plans and see life insurance as a remote and unnecessary expense.

"In most cases, the younger clientele - the mid-30s and under category - do tend to find the insurance industry and the product lineups to be rather confusing," Sun Life Financial adviser Ryan Alexander told the source.

Life insurance can be very customizable, adding to the complexity of plans. Those looking to take out a policy can often tailor a plan to their specific needs or budget, but understanding those needs or even establishing an appropriate budget can be a long and difficult process for young families to face.

According to the Insurance Information Institute, while individual policies remain somewhat unpopular among Americans, the number of policy-holders is on the rise. In 2004, the III notes, only 48 percent of Americans had an individual policy, and by 2010, that number had increased to 56 percent. 

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