46 Million Life Insurance Policies Were Sold in 2021. Here Are 3 Reasons You Should Buy Life Insurance Now

It's a move worth making sooner rather than later.

How often do you think about life insurance? Probably not very often. But the reality is that life insurance is one of the most important purchases you might make in your lifetime. And if you don't have life insurance, you may want to join the ranks of the 46 million people who bought some in 2021.

Last year, life insurance policy sales rose 6.1% from 2020, according to the American Council of Life Insurers. Not only did around 46 million policies get sold, but insurers paid out a record $100 billion in benefits last year. That's an increase of nearly 11% from 2020.

If you've been on the fence about life insurance, or if you've been putting it off due to fears about its cost, then it's important you prioritize life insurance right now. Here's why it's in your best interest to act sooner rather than later. 

1. You want your loved ones protected

An accident or illness could strike at any time. That holds true even if you're young, healthy, and always make a point to look both ways before crossing the street. The sooner you put a life insurance policy into place, the sooner your family is protected in the face of tragedy.

2. You want more peace of mind

Maybe you do actively worry about passing away and leaving your loved ones in the lurch, financially speaking. If you recently had a baby, for example, that might be something that's keeping you awake at night (that, plus the sounds of a screaming infant who refuses to stay asleep). 

Rather than continue to stress over it, buy life insurance. Even if you can't afford a huge amount of it, you're better off getting some coverage now and then upping it down the line. 

That said, if you stick to a term life insurance policy and steer clear of whole life insurance, you may find you're able to get the coverage you need without busting your budget. Whole life insurance will cover you forever and accumulate a cash value, but those are benefits you may not actually need. So it pays to shop around for term life insurance and see what premium rates you're eligible for. 

3. You want to apply sooner rather than later to keep your premium costs down

Generally speaking, the younger you are when you apply for life insurance, the lower your premiums are likely to cost. Now you might think, "Heck, what's the real difference between getting a policy at age 30 versus 31?" But the reality is that you never know. 

For each year that goes by, there's the potential for your health to get worse or for a new medical condition to pop up. So if you're healthy now, apply now. It could end up being a huge money-saver.

The idea of getting life insurance may seem daunting. But clearly, many people went that route last year. And the sooner you follow their lead, the better you might feel.