When Is It Too Late to Buy Life Insurance?

For millennials who are getting a late start, here’s why waiting will cost you.

When it comes to life insurance, timing matters, a lot. The older you get, the more expensive your coverage becomes. Insurers calculate your quote based on a mix of health factors, age, and overall risk. Insurers calculate your quote based on your age, health, and risk level. The formula is straightforward: the older you are, the greater the risk you hold, and that translates directly into more expensive premiums. The exact same coverage you could get today will cost you significantly more if you wait until next year.

Here’s the truth: it’s never “too late” to buy life insurance. But the best time to buy is always now. No matter your current age, one truth remains: the younger you are, the cheaper your life insurance will be. Whether you’re 23, 33, or 43, every year you wait adds cost to your policy.

Why Are You Still Waiting?

In your 30s and 40s, life is full. Mortgage payments, childcare expenses, career moves, even helping aging parents, it’s easy to put life insurance at the bottom of the list. But here’s the catch: while you’re busy juggling everything else, your premiums are quietly rising.

Waiting just five years could mean paying thousands more for the exact same protection.

The Bottom Line: Life insurance isn’t just about protection, it’s also about strategy. Acting sooner rather than later could save you thousands over the lifetime of your policy, while also ensuring your loved ones are financially secure no matter what life brings.

So ask yourself: will you look back in five years wishing you had locked in a better rate today?