When should I get life insurance is a commonly asked question in the insurance world. Just like any other type of insurance, life insurance isn’t for everybody.
If you have dependents and there is nobody else to take care of them in your absence, life insurance is a way to protect their future. After all, life insurance isn’t an investment. It is a way to replace income for your beneficiaries.
Generally, the best time to get life insurance is as soon as you turn 30. Whether you have dependents at the time of getting life insurance or not, getting the 30-year-old term-life insurance rate is the best way to save money.
Income and Marriage
Another thing that lots of people have in their minds is their income. You shouldn’t wait for your income to hit a certain level to purchase life insurance. You can get life insurance, especially term-life insurance at any point in your career regardless of your income.
However, you may want to wait to get life insurance. If you don’t have any dependents that would need income while you’re gone, life insurance isn’t necessary.
The best time to get life insurance is—therefore—depends on your own situation. Someone who’s age 25 with two dependents should surely get life insurance. If you’re 40 with nobody to take care of, then life insurance isn’t so necessary.
It is best to ask yourself whether or not you need life insurance. Do you currently have dependents that will struggle financially without you? If the answer is yes, get life insurance now. If not, you can wait for a couple more years.
With that said, the best time to get life insurance is when you’re married and have dependents. This is for most people though. Some people get life insurance just to cover their funeral expenses. This is a very common reason why many Americans purchase life insurance.
There are plenty of term life insurance policies for 10 to 20 years. If you’re in your early 30s, life insurance you pay is going to be significantly low and the value you get in return is definitely going to be worth it.