“When should I buy Life Insurance?”
I hear this question almost everyday! To be honest, many people will give you different answers. Some will say NOW is always a good time. Some will say NEVER! If you ask me….everyone’s situation is different, HOWEVER, the younger you are the less expensive Life Insurance will be. The decision is up to you!
“If a child, spouse, life partner, or parent depends on you and your income, you need life insurance.’’
I think that everyone NEEDS life insurance, what is up to you is when to buy Life Insurance. There are definite advantages to purchasing life insurance when you are young. Life Insurance companies determine the price you pay based on a few things: age, gender, physical condition, smoking, your medical history, your family’s medical history, and your occupation. Typically you have the upper hand on all of those in your younger years. If you are reading this and you are not in your “younger years,” don’t be alarmed! You may not need to buy as much life insurance as you needed when you were younger. When you are younger the need for a large death benefit is high because thats when you’re buying a house, having kids, and don’t have a large nest egg in bank. You need to have a large death benefit to cover the mortgage, and replace your income so your family can sustain the same lifestyle for 10, 15, 20 years depending on how much life insurance you have. If you are in your “older years,” then you may only need life insurance for a few reasons such as, social security/income replacement, final expenses, and gifting. I guess the answer to the question “when should I buy Life Insurance?” is….whenever you want, but sooner the better!
