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When Is The Best Time To Get Life Insurance?

To die too soon or live too long are the primary reasons people buy life insurance. Life insurance is perhaps one of the essential things you’ll need to include in your financial portfolio to ensure the security of your assets and to release your next of kin from any financial hardships your death or disability may leave behind in case your die soon.  

The next question then is, when is the best time to get life insurance?

Financial advisors, investment gurus, and personal finance advocates will always tell you that the best time to get insured is yesterday – the younger you are, the cheaper insurance rates are. 

This is just one way to emphasize that life insurance should be secured by an individual the moment he or she is financially capable of getting one. Contrary to what people believe, the type of life insurance you get doesn’t have to be expensive or a permanent plan. This is where term life insurance comes in.  

Term life insurance is an insurance policy that provides the individual insured coverage set on a certain period of time or a particular “term” of years. This kind of insurance is less expensive than permanent life insurance, hence, more affordable for someone who wants a basic plan with the most straightforward type of coverage. Like permanent life insurance plans, term life insurance rates by age can be easily obtained from insurance providers; thus, you can freely shop around for a policy that fits your needs and budget. 

If, however, you are still on the fence when it comes to obtaining life insurance, think of the following milestones in your life wherein you need to ensure you are covered in case of your untimely death or disability.

  • You’re About To Start a Family

 Starting a family means you will be basing all decisions and activities according to what is best for your unit. If you haven’t found a good reason to get insured, this is one of the significant milestones you should consider. Getting married or having kids means any financial burden you still have will be automatically passed on to your next of kin if you meet your untimely death.   

Spare your family from any potential financial difficulties.  Starting a family means becoming a responsible member of a unit, which means the forethought of managing potential risks. Getting insured means debt stops once you are gone. Planning ahead means empowering your beneficiaries to live as comfortably as possible in the event of your demise.

  • You’re About To Be A Homeowner 

As mentioned above, having insurance protects your next of kin from shouldering any type of debt and that includes your mortgage.  

Buying your own home is an exciting time for anyone. Having your own property creates a sense of security up until something happens and the paycheck that pays for the mortgage disappears. Your local government may develop programs to help homeowners fund their mortgage payments during disastrous events, but that may not entirely cover the financial struggle you may leave behind. This is another good reason to get insured – the ensure your family remains debt-free should anything happen to you. 

  • You’re Near Retirement

Protect your nest egg early on. One might dismiss thinking too far ahead in the future, but it can’t be helped when unfortunate events bring about disabilities or death that may drain your retirement nest egg even before you can benefit from it. Should you die ahead of your partner or if one of your parents or siblings falls ill or disabled, caring for them will indeed affect your savings and living expenses. Insuring yourself early on will ensure anyone you leave behind can maintain a decent and comfortable lifestyle.

  • You’re Single 

But what about the single people who opt not to start a family? It may not feel logical to think about insuring yourself, but you need to consider the financial responsibilities you still have. Any college loans, car loans, or credit card debt shouldn’t be passed on to your aging parents or siblings in the event of your passing. 

The End Goal

Getting insured is best done yesterday – as experts usually say. The younger you are, the cheaper costs to get one no matter what type of insurance you choose to buy. The cost of waiting for a significant milestone or for that perfect time to get one can actually cost you more since most illnesses come out as a person grows older. Remember that getting insured is not just for you but for the people who depend on you. 


Categories: Life