Getting life insurance can be a big step and you may not be sure whether you should take it or not. Depending on what your life looks like at the moment, it may be more or less appropriate to get life insurance. This choice can be influenced by many factors. Here are some situations when it’s a good idea to buy life insurance.
When you’re in your 20s or 30s
There is a very simple reason why buying life insurance in your late twenties or early thirties is a good idea: it’s cheaper. Life insurance premiums get higher the older you get so if you wish to lock in a good price, getting your life insurance early can be a great strategy, even if you don’t have anyone depending on you.
Of course, if you don’t have the possibility to pay for life insurance just yet, it can wait. But if you have the chance, take advantage of the lower price. There can be a huge difference in premium if you buy your insurance when you’re 30 rather than when you’re 35.
When you get married
Getting married is a milestone that can get you to take the step of buying life insurance. This is especially true if your partner depends on your income or would be heavily affected by your premature death.
Even without having children, many people decide to buy life insurance when getting married, to have the reassurance that their death wouldn’t weigh financially on their spouse.
When you have children
If you didn’t get insurance at a younger age or when you got married, then this is the time to really take the step. Having life insurance will allow your children to have enough money for living expenses, college, and any other unexpected expenses.
Furthermore, if you have any debt left, the death benefit could help cover for it instead of it weighing on your children and eventually on your spouse. Having children is definitely the moment to start the search for a life insurance policy.
When you have debt that could fall upon your loved ones
Even if you aren’t married and with children, having debt could affect your loved ones significantly in case of your untimely death. Be it your parents or your siblings, they would be left to pay off any remaining debt after your departure.
Of course, finding a strategy to pay off your debt should be a priority. But having life insurance would allow you and your loved ones some peace of mind.
At whatever stage you are in your life right now, having life insurance can be a great safety net for your family and loved ones so it’s worth giving it some thought.