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What is the Right Age for Women to Get Term Life Insurance?

Three in ten women worry about how their loved ones will cover expenses and remain financially stable if they pass away, according to a 2021 LIMRA study. Term life insurance can provide significant financial protection to beneficiaries, helping replace income and pay off debts.

But many women may be unsure when it’s the right time to buy term life insurance. Should they do so while young and single, starting a family, or wait until they’re retired? This article will discuss when women should consider getting term life insurance quotes online and some benefits of getting a term life policy early.

Why should women get term life insurance early on?

Women should ideally get term life insurance as soon as they can. Buying it early offers several benefits, such as the following:

1. Lower premiums

Term life insurance premiums increase as you get older, not just because you’ll have a shorter life expectancy but also because you’re more likely to run into health issues. So, the earlier you get your policy, the lower the cost can be. This is especially important if you’re getting a longer-term policy, because longer policies tend to charge higher premiums.

Additionally, life insurance is cheaper for women than men due to women’s longer average life span. For instance, with a $500,000, 20-year policy, term life insurance rates for men are about 19% more expensive than for women. This is another reason you can expect affordable premiums when looking for life insurance as a young woman.

2. Highest approval chances

According to the 2021 LIMRA study, 18% of women said they don’t own life insurance because they may not qualify for coverage. You generally have higher approval chances for term life insurance when you’re younger. The reasons are the same for getting lower premiums: you have a longer life expectancy and are less likely to develop health conditions. So, this is a good reason to get life insurance as soon as possible.

3. Protect your family from your debts

If you have outstanding debts when you die, you pass those on to your beneficiaries. This can reduce the amount  they inherit from you. If you’re young, your debts could potentially even outweigh your assets, sticking your family with additional payments they may not be able to afford.

So, if you’re starting or raising a family and have debts, it’s never too early to get a term life insurance policy. This can protect them against financial trouble if you pass away by replacing your income and covering those debts.

4. Lock in protection for future dependents

Getting life insurance before you get pregnant allows you to get cheaper rates because you’ll be younger, but also because pregnancy increases your medical risk from the insurer’s perspective. So, if you plan on starting a family, getting a term life insurance policy as soon as possible gets you a lower rate to cover yourself for your future children.

Technically, your premiums will increase to cover more people if you increase your death benefit, but getting life insurance earlier still lets you take advantage of lower premiums and better approval chances by virtue of being younger.

The bottom line

Term life insurance can be an important part of financial and life planning for women, so investing in a policy early can pay off down the road. Buying term life insurance early in life allows you to maximize your approval chances and lock in lower premiums, which is important if you plan to start a family. Plus, it’ll help you ensure your family is protected against your debts if you pass away unexpectedly. When choosing a term life policy, shop with multiple insurers online to find the best rates on the coverage you need.