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3 reasons I'm glad I bought a $1 million life insurance policy in my 20s


Added 02-16-20 09:14:01am EST - “Changes to your health, family's health, or your lifestyle can drive up the cost of life insurance, but your rates won't change once you lock them in.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “3 reasons I'm glad I bought a $1 million life insurance policy in my 20s”. Below is an excerpt from the article.

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.

There are many things that get better with age, but life insurance isn't one of them. The cost of life insurance tends to rise with your age, so the best rate you can ever get for life insurance is likely the rate you'll get today. 

If you plan to get life insurance in the future, you are far better off signing up now than procrastinating and signing up later.

I was approved for life insurance in December 2014 and pay $78.76 per month for a $1 million policy. If I were to sign up for life insurance today, however, I would likely pay a lot more. 

Here are three changes that have taken place in my life since 2014 that would lead to higher life insurance rates today.

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