When Should You Buy Life Insurance?

August 27, 2016

“Age is nothing but a number”. If you’ve ever heard this phrase before, it is partially true. Yes, age is nothing but a number, but as that number gets higher the chances of death increases. There are many different ways that a person can pass away and everything in this world can be a cause of death. For example, going outside can be dangerous, such as crossing the street and traffic can potentially result in an accident. This doesn’t mean that no one should go outside and cross the street. Having life insurance is a precaution for all the possible dangers in the world. So when should you buy life insurance? Now? In 5 years? When you have a stable job? The answer is the earliest convenience.

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Things to consider

  • Do you know what will happen in the next 5 years?
  • Can you afford to pay around $20/month for 10 years to get covered $250,000?
  • Do you have children?
  • Are you expecting to have children?
  • Are you still young?

If you answered most of these questions above with something close to a yes, then you probably should research about life insurance. The best time to buy life insurance is when you are young because it is cheaper. Buying insurance when you are young is cheaper because people usually start thinking about life insurance when they are older. Life insurance companies give good rates because having a young customer generates more revenue for them in the following years. But as a young customer, you also benefit from lower prices. Along with the lower prices, if you are in good health, your premiums will be lower. So it is definitely better to get life insurance at a younger age because when your health is worst, it may put you at risk of not being able to obtain life insurance at all.

If you are not young, the right time to buy life insurance is as soon as possible. No one can predict what will happen or when. People that do buy life insurance thinks of it as a metaphorical safety net. If something were to happen, your immediate family would receive a sum of money. The money received can help with ongoing debt, funerals, and other money issues. Although money does not solve deaths, it will definitely make you feel better, leaving behind something that can help out.

When deciding whether or not to purchase life insurance, you should consider the things that are happening in your life. Not everyone’s life is going to be the same and some people might need life insurance more than you. Overall, it is a good idea to have life insurance than to not have it.

Contributor: Andrew
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