Do you know what the best age is to buy life insurance? Some people may not start thinking about life insurance until later in life, but the earlier you buy a plan, the lower your premium may be, especially if you’re healthy. In fact, younger generations often buy more life insurance coverage than some of the older generations. The following graphic from the researchers at Insurist looked at which age brackets are buying the most life insurance coverage and the amount that they are buying.
In fact, of those buying life insurance coverage of more than $1 million, 84% are between the ages of 18-44. That age group also makes up 80% of those purchasing life insurance policies between $750,001 and $1 million. Those that are 65 and older are typically buying policies that are less than $250,000 (20%). Based on the Insurist study, younger generations are much more likely to purchase higher coverage for their life insurance policies.
