Life insurance can range in cost depending on a few factors, but for your family, it's worth the sense of security.
Age, health and lifestyle all affect your perceived "risk" and will ultimately determine eligibility and the cost to maintain coverage. The higher the risk you are, the higher your monthly premium will be.
Example 1:
A 32 year old smoker applying for 200k coverage will have a higher monthly premium than a 32 year old non-smoker (applying for the same amount of coverage). Smoking is considered "higher risk" and therefore will result in an increased monthly premium.
Example 2:
A healthy 23 year old applying for 400k of coverage (for 20 years) will pay roughly €17 a month compared to a healthy 33 year old (who would pay roughly €42 a month for the same coverage). Even though both individuals are healthy, the 23 year old will benefit from a lower monthly premium because of their age.
Term life insurance, like all types of life insurance, is more affordable the younger you are. Given the status of your health is likely to change as you get older, purchasing coverage sooner rather than later is always a wise investment.
If you have more questions about life insurance you can speak with one of our experts!