Once a person enters adulthood, it’s never too early to think about life insurance. Unfortunately, many people put off planning until they start building a family. People can lock in a lower insurance rate, however, if they sign up for a policy before they have a child or before they turn 35 years old. Younger people are generally healthier, which is one reason they’re able to secure lower rates. Young adults can lower their premiums in many other ways.
In addition to signing up before developing health issues, people can make a few lifestyle changes to lower their monthly insurance premiums. A few are obvious: Stop drinking and smoking. These unhealthy habits are both known to decrease a person’s life expectancy and increase the coverage risk for an insurance company. Losing weight can also equate to lower premiums. Look at your driving habits, too: Maintaining a good driving record can make securing an affordable life insurance policy much easier.
Outside of lifestyle changes, be aware of a few other best practices for life insurance. Consider a term policy to lower your monthly costs, and if you’re single with no children or have children who are minors, you should name a parent as the beneficiary. These steps are a good start that everyone should follow, but you’ll want to know more about life insurance and the factors that will affect how much you pay for it. Test your knowledge about the benefits of getting life insurance with this quiz from Health IQ while you’re still young to learn more.