A term life insurance plan is most affordable while you are young, but people choose to buy term life insurance at all stages and phases of their life to meet specific financial objectives.
For example, some people buy a life insurance policy if they have accumulated debts, a home mortgage, car loan, credit card debt, or are concerned about leaving family members with the cost of hospital and funeral expenses.
Try to buy your term life insurance at the youngest age possible if you want to get the lowest price.
The cost of life insurance increases with age, particularly if you develop health problems.
Once you buy your life insurance policy, your premiums are typically guaranteed to remain the same for the entire life of the term, which is similar to locking in your mortgage rate.
Note: You can lock in your premium rates if you buy guaranteed renewable term life, but not if you buy annual renewable term life insurance.