MANAGEMENT

Detailed explanation-1: -Why Does Age Matter? Age is a primary determinant in life insurance rates, since the greater your age the greater your risk of death. In other words, for the same term life policy, a 48-year old will almost always pay more than a 32-year old, even if they are in equally excellent health.

Detailed explanation-2: -Unless each of you is able to maintain that income level on your own, it’s important to have life insurance to prevent a drastic change of lifestyle when one of you dies. This is true even when you’re both still employed if both partners hold jobs.

Detailed explanation-3: -Many financial advisors will recommend that you take out life insurance before you reach your mid-30s. After this, monthly premiums can begin to rise and your age means you may be at higher risk of health problems. Once you take out a policy, your premiums are fixed and so the cost will not change.

Detailed explanation-4: -Young adults aged 18 to 34 are the most likely to buy life insurance, followed by 35-to 44-year-olds. This may be because young adults are starting families and want to ensure their loved ones are taken care of financially if they die prematurely.