Term life insurance is dirt cheap when you're young, but it becomes dramatically more expensive the longer you wait.
It's tempting to wait to buy life insurance until you have children or a mortgage. Typically, people wait until age 30 to 35 to buy life insurance. People aged 25 or younger usually are busy just trying to pay the bills.
But, there is a steep penalty for waiting. A 30-year term policy with a $100,000 face amount is about $13-$15 per month for a healthy 30-year-old male. For a 40-year-old male the premium is about $20 per month. If you wait until your 50s, when you might have some medical issues, you might pay $70-$80 per month or more for a shorter term policy.
