Young, Wild... and Covered? Ethos Offers Affordable Life Insurance at Every Age
Photo by Peter Conlan on Unsplash
You’re young, healthy and unmarried.
That means it’s time to purchase life insurance.
No, really. Though life insurance may bring to mind aging and retirement, that is a common misconception. Typically, the earlier in life you buy life insurance, the cheaper it is. Why is this? On average, for every year you delay buying a life insurance policy, premiums increase around 8% to 10%*. Not only do premiums usually go up every year as you get older, but waiting to purchase a policy later in life could also be risky. Potential health conditions down the road could make it much more difficult or nearly impossible to get coverage.
No wonder up to 40% of the insured wish they had purchased these policies at a younger age.** Thankfully, companies like Ethos help you secure a monthly low rate for life insurance so that you can save money.
Ethos is a life insurance provider that aims to make buying life insurance policies easier, faster and more affordable. With its online application that can be completed in mere minutes, you’ll be on your way to dependable coverage.
Using its own data, Ethos demonstrates the opportunity cost of waiting until later in life to purchase life insurance: On average, a 45-year-old nonsmoker could get a 10-year life insurance policy with a death benefit of $1 million at around $135 per month. Conversely, a 35-year-old nonsmoker could get the exact same policy for $65. This means someone could have saved around $840 per year simply by purchasing life insurance earlier
Who is right for Ethos
It is clear that life insurance is not just for the recently married, new families and retirees. There are some unsuspecting groups that may benefit from purchasing life insurance policies: business owners, students and homeowners. If you had family members as co-signers, those business operations, student loans and mortgages could be stuck with them if you were to pass suddenly.
Because your age and health status are some of the most important factors in determining the premium you will pay, purchasing life insurance when you are younger (and often healthier) could often result in less money spent per year. Using Ethos’s coverage calculator, you can get a personalized estimate after answering a few easy questions. This tool helps you calculate costs for income replacement, college tuition, debt, burial costs, additional needs and current resources, so you’ll only have to pay for the coverage you may need.
For the cost of a week’s worth of morning coffees at your local café, you could be well on your way towards ensuring that you and your family are prepared for the unexpected.
*"How Age Affects Life Insurance", Investopedia. https://www.investopedia.com/articles/personal-finance/022615/how-age-affects-life-insurance-rates.asp
**LIMRA 2020 Insurance Barometer Study
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