We’re well into 2019 and New Year’s resolutions are probably being broken.

If getting life insurance was one of them, you might want to consider sticking to it – the longer you put it off, the more it could cost you down the road.

“Even if the need isn’t immediate, buying life insurance now is a smart decision: the younger and healthier you are, the less expensive life insurance will be,” Michael Aziz of Canada Protection Plan told Yahoo Finance Canada.

Unless you’re a young person living a high-risk lifestyle filled with extreme sports, the premiums you pay will go up as you get older and health problems start to develop.

“This, however, doesn’t mean someone who isn’t perfectly healthy can’t or shouldn’t buy life insurance,” says Aziz.

Aziz says many first-time buyers overestimate the cost of life insurance. There’s also the complexity and array of options for purchase. Many providers offer online tools to get a quote and even apply for life insurance, and sitting down with an insurance advisor can you help you navigate through the lingo and help you decide what you need.

“This would include current and future financial obligations, such as mortgage payments, car loans, credit card, and other debt, education, income replacement,” says Aziz.

“Even if you can’t immediately afford to protect against all of this, having some protection is better than having none at all.”

There are two options to consider: term life and permanent life insurance. Term life covers a limited term for a set monthly premium. Terms generally range between 10 and 30 years.

“Term plans are often purchased by people who may be younger, are looking for the least expensive life insurance option, or want to protect a debt that has a similar term, such as a mortgage,” says Aziz

Premiums for term life insurance are cheaper compared to whole life or permanent life insurance.

“Permanent life insurance, which is generally more expensive than term, is designed to provide protection for a lifetime as long as the premiums are paid, and often provides a safe and tax-advantaged investment component that could help in retirement,” says Aziz.

Life insurance isn’t just for people with spouses and children who’ll be left in the lurch if you die.

“For those who have minimal family or other commitments, life insurance can be a way of leaving a legacy to grandchildren or community, through a charity or cause.”

Download the Yahoo Finance app, available for Apple and Android.