Investing in Life Insurance: When and Why

Many people think that they don’t need to invest in life insurance when they’re young and for some this is true. However, there are instances when you should invest at a younger age, even if you are healthy and vibrant. Is it a certain period of your life you should wait for or should you wait until a serious medical condition arises for you to buy life insurance? Here, we’ll see when you should consider investing in a life insurance policy.

Do I Need Life Insurance?

This is the first question you should answer. In some instances, the answer is no. Think about it. If you are single, don’t have kids, a spouse, or any relatives in your lineage and something were to happen to you, why would you invest in life insurance? It wouldn’t make sense. Now, let’s consider everyone else.

If you’re not one of the few people who don’t have anyone in life who depends on you (spouse, kids, relatives, etc.) when should you purchase life insurance?

Buy As Young As Possible

It’s cheaper for an insurer to insure you at the age of 25 than it is at the age of 45. If you are healthy, don’t have any medical risks/conditions, workout, and have a great family health history, insurers want you as a client. As you age, health issues start piling up. You’re more likely to require medical care and it costs insurers more money to protect you in the event, something does happen. So, if you can invest earlier in life, and you have people who rely upon you financially and for support, purchase at a younger age.

Protect Your Family

It doesn’t have to be a particular age but, if you’re considering starting a family, purchase sooner rather than later. You cannot predict what might happen and it’s best to have life insurance in place in the event a catastrophe occurs. You’ll provide funds for:

• Your spouse
• Your children or step-children and future generations
• Mortgage payments
• Medical and funeral expenses

Although most people don’t like thinking about or discussing it, life insurance is a must if you have or are starting a family.

You Can Stack Policies

Some people put off buying insurance anticipating they’ll just need more in their future. However, you can calculate your life insurance needs today and stack or add on additional coverage (if necessary) at a later point in your life. Don’t put off purchasing coverage, and at least have some financial security for your family now.

You’re The Youngest You’ll Ever Be

Think about it. You’re not getting younger. Every day that passes, your life insurance premiums will increase. Today you’re healthier than you’ll be in one year, you’re younger, and you’re cheaper to insure (for life insurance companies). In turn, your premiums are going to be cheaper than they’ll be in a year, five years, or ten years down the line.

There’s no time like the present to live and enjoy your life. And part of that is knowing you have done everything you can to protect your family, their financial freedom, and know they’re taken care of in the event something happens to you, especially if you’re responsible as the earner/financial support in the household. If you have questions about life insurance, like when to buy or how much you might need, we’re here to help you in providing for your family.