When is the Best Time to Get Life Insurance

You might have an idea what life insurance is. But in the back of your mind, you’re asking: Is there a “right” time or a “best” time to purchase life insurance?

The short and quick answer is —when there is no need at all.

People purchase life insurance for different reasons but there is one reason most agree on—peace of mind. 

Life insurance is designed in different ways but mainly aims to provide financial cushion to those who will be left behind if something happens to you. Getting life insurance while you are healthy and young will give you peace of mind and saves you money in the long run. 

The ideal time to get a Life Insurance is when: you’re still young.

Technically, the best time to get life insurance is right after birth. You can be insured as early as the time you are born. In reality, the older you get, the more expensive life insurance policies are. Compared to older people, younger people are entitled to a more affordable premium coverage. Since a life insurance plan is also income-dependent, most people purchase their plans when they are around 20-30 years old. This is the optimal earning age to be capable of paying for the premiums. 

One important element  in calculating life insurance costs is your age – the younger you are when you apply, the lower the monthly rates you will have for the whole policy duration, the better.

Getting life insurance requires no age. But if ten years ago you were healthy and had the means, then ten years ago was the best time for you to buy a life insurance policy. There is certainly no harm in starting early. Aside from the lower premium rate you will get, the accumulation will be significantly higher as well.

Buying life insurance while you’re young and able can save you thousands of dollars, especially when you are certain that you will need it in the future.

Aside from that fact that it is cheaper to buy life insurance when you’re younger, you’re in your best shape or in better health when they are younger, too. 

Another major factor in the cost of coverage is your health condition. People are assessed differently according to their health conditions: if they smoke, have high blood pressure, or are obese in the time of life insurance application. 

There is, for sure, a greater risk of developing a chronic health issue, such as cancer, heart disease and diabetes as you age, so it is better to get coverage before that happens. You will be uninsurable or will not get coverage at all if you are diagnosed with a terminal illness or have a serious medical condition. Getting life insurance before any of these conditions arise will avoid this kind of problem in the future. 

As you go through life, significant life changes occur. May it be getting married, start having kids, getting a divorce, promotion at work, or buy a new home. Anticipating any life changes ahead in considering buying or adjusting life insurance policy is one of the best ways to get the coverage you always hope for. It is also recommended to consider buying life insurance before a baby is born if you are expecting. 

Fortunately, in some cases, insurance policies pay off some of your unpaid mortgages as part of the policy coverage. If you start saving, plan your finances right and consider investing to buy the policy you can afford. Life insurance premiums make sure that your loved ones get some financial help should you lose your job, or should you suffer from health problems.

Over the last few years, life insurance has evolved to provide options for building wealth or tax-free diversified investments. Life insurance also helps in business planning and for your retirement. 

Even though it is easy to put off buying life insurance, we cannot stress enough that you should not delay. If it already lingers in your mind, it is time to take it seriously and consider getting it done today. 

Not only will you enjoy the peace of mind that comes with having coverage in place, but also contentment that you can leave your loved ones in much better financial condition, especially if they rely on you financially. 

Purchasing life insurance must be an equally rational and emotional decision. You cannot buy solely based on your analysis nor on your emotions. It has to be a thorough evaluation from both to get the best policy for you and your family. As you adjust and manage your entire financial life through time, it is wise to consider your life insurance needs and policy coverage. 

In summary, it is best to get life insurance while you are healthy, young, and before new obligation comes.

The timing of when to purchase life insurance can make a significant difference in rates and the sooner you buy life insurance, the better. It  becomes more and more expensive with each passing year.

Although age is important, it’s still not too late for you to consider getting life insurance for yourself. It definitely needs to be done sooner than you think, before it’s too late. 

It may sound as counter-intuitive as it is, but the best time to get life insurance is when there is no need at all which is —now.