When it comes to taking advantage of low rates on term life insurance, experts say younger consumers may be in the best position to do so.
Forbes reports that only 44 percent of U.S. households have individual life insurance despite its vital role in replacing income after one's death. Consumers may fear adding another expense to their budget, but experts told the news source buying as young as possible is the surest way to find an affordable life insurance policy. That doesn't mean it's too late for consumers in their middle or later years to buy life insurance, as one broker told the source, because even a 35-year-old person is likely to find a cheaper policy than someone who is 36.
The report encourages young families analyze how much income would need to be replaced if someone passes away, and shop around to find the most affordable and suitable life insurance policy for them. Term life insurance is typically one that most families find accessible and sufficient, experts told the source.
Life insurance can also play an important role in retirement planning, and older consumers are advised to talk with a financial planner about how they can invest their life insurance prudently.