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When Should You Buy Life Insurance

  • admin
  • July 27, 2015 2:50 PM
  • 0 Comments

Best-times-to-buy-life-insurance

Ah, the perpetual question of the best time to buy life insurance. If no one relies on you to support them financially, you’re probably fine without it. When we’re young we rarely give a second thought to buying life insurance, but as we all know when we get older things begin to change.

As we make our way through life we shoulder more responsibilities. We get married and have kids. Some of us have aging parents we take care of. If something were to unexpectedly to happen to us, who would shoulder all the financial responsibility?

There’s no doubt that life insurance is important, especially when you’ve got loved ones who depend on you. When though, is the best time to buy it? It all depends on where you are in your life, really. Let’s take a look at the different stages in life and when the best time to buy life insurance would be.

When You’re Young & Single

If you’re young and single sans children, you’re probably pretty good to go without life insurance. If however, you take care of a relative who depends on you for financial support it’s wise to look into a policy. If there’s no one else to take care of them and something should happen, you’ve got the assurance that they’ll be okay.

When You Have Kids

Whether you have your kids when you’re young or wait until the later years of your life, if you’ve got them it’s vital you’ve got life insurance. For families that survive on one income, there shouldn’t even be a question of whether or not to buy life insurance. Single parents and one-income families should all have some kind of life insurance policy.

The same goes for married couples with kids, although perhaps with not as much urgency. While it’s always a good idea to have life insurance when there are children involved, if one parent should pass and the other has a steady income things might be okay. If the surviving spouse does not make enough money to take care of the family, term life insurance is a good call.

When You Say “I Do”

You’ve found the one you want to spend the rest of your life with. You more than likely want to leave something for your spouse if something were to happen to you, right? Purchasing life insurance when you’re married, even if you don’t have kids, will leave your sweetheart comfortable if you pass. This is especially a good idea for married couples who live on a single income.

As You Age

As you get on in years the question of life insurance is sure to make its way into your mind. There’s nothing like aging to make us face our own mortality. If you don’t have kids (or don’t want to leave money to the kids) and your spouse has passed before you, there’s obviously not the dire need to purchase life insurance. If however, you’ve got a large estate that will require an estate-tax when you die life insurance is a good idea. It can be used here to pay the IRS necessary fees.

The best time to buy life insurance absolutely depends on where you’re at in your life. Look at your personal situation, and make the choice based on where you’re at in life. Better to be prepared when the time is right rather than waiting until it’s too late.

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