Life insurance is an important form of insurance to have. Life insurance, as well as other estate planning considerations, is often a sensitive subject for many people because people do not like to think about or plan for their death. However, since death is a certainty for all people, it could be considered irresponsible to avoid planning for such an event. As such, you need to obtain life insurance at the appropriate time and need to plan for other estate issues. Thus the question becomes, when should you obtain life insurance?
If you talk to an insurance agent or an insurance broker, they will most likely tell you that any time, regardless of your situation, is a good time to obtain life insurance. I do not know that I completely agree with such an assessment. Insurance agents will tell you this because the sooner that you purchase life insurance the sooner that the insurance company can start to obtain the premium payments. This is not to say that your insurance agent is not looking out for your best interests. I am merely suggesting that your insurance agent’s point of view may be a bit biased.
Truthfully, there is no universal “correct” time to purchase life insurance. You may feel that you need life insurance even if you are single and have no children. You may feel that you need insurance in order to provide for your siblings, parents, or other family members should you meet an untimely demise. Therefore, if you can afford life insurance and your logic for obtaining the same is sound, then that is the “correct” time to obtain life insurance.
If you are married, I would say that this is the time that you should seriously consider obtaining life insurance. It is important to note that life insurance is not required, but it is an important consideration that you should carefully analyze before deciding not to obtain the same. Life insurance can protect your spouse and your children (should you have any) in the event that your death occurs sooner than natural. As such, you can have peace of mind about the welfare of your spouse and/or children.
Depending on the policy that you obtain, life insurance premiums can be very expensive. Additionally, there are many different forms of life insurance that you can obtain. As such, you should discuss the possible options with your insurance agent before deciding on a particular policy.
Life insurance can be an important form of insurance, but because the right time to buy is based upon your current situation and upon your sound judgment, inquire about life insurance when the time is right for you.