When To Buy Life Insurance

Written by Jason Fisher

When To Buy Life Insurance

Life insurance isn’t something you are required to buy, and it’s something most people think is for later in life anyway. In fact, it’s one of the most important things that you’ll ever buy for you and your family. Without life insurance, your loved ones could be left with a massive amount of debt and unpaid expenses that could leave them under a mountain of debt. Those bills can make an already difficult situation a thousand times worse.

So how does someone know when to buy life insurance?

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There’s no one point in time.

Chances are, big life events are going to be some of the main triggers to buy life insurance. You might even make multiple purchases as your needs change.

But in addition to those, there are some other key times to buy life insurance as well. No matter if you need $100,000 or a million dollar insurance policy, we can answer your questions and point you in the right direction.

When To Buy Life Insurance

Most people don’t go looking for life insurance just because they wake up suddenly realizing they don’t have it. There is usually something which triggers the thought process, or perhaps they’re even approached by an agent, family member or friend who recommends it.

But there are some clear times where someone might want to consider buying life insurance:

  • Buying A Home
  • Having A Child
  • Income To Protect
  • Big Debts
  • Final Expenses

Buying a home is a big obligation to take on, and if something were to happen to you, you probably need to make sure the bank is repaid so your loved ones can continue living there.

In this scenario, buying a term life insurance policy is a great option for several different reasons. You can purchase one of these plans for the same length of time as your mortgage loan. Because your mortgage is one of the biggest expenses, you’ll want to ensure that your life insurance coverage will last the length of the loan.

If you’ve just had a child, or maybe even more than one, life insurance can help to ensure their future is guarded, should you or your spouse not be able to keep an eye on them.

Income protection is one of the most necessary uses of life insurance, and it’s used to replace the economic value your family or dependents would miss out on if you died prematurely.

Big debts, such as an SBA loan, which would need to be protected in order to pay back a loan are also very common, and some are even required by the lender to have in order to issue the loan.

Last, final expenses are usually covered later in life with life insurance. The idea is you’ll pay a small premium over a longer period of time, and your money is leveraged at your time of death to pay for things like a funeral, last medical bills, and any other obligations.

Strategy For When To Buy Life Insurance

So maybe you’re unsure of when to buy life insurance, whether these events have happened to you or not. Well, there are other reasons you may want to consider life insurance.

Buy Life Insurance To Save Money

If you buy life insurance when you’re young, you’ll save money in the long run. If you don’t think you need much life insurance now, but you’re confident you will later, we recommend you buy now to save in the long run.

For example, you might be a single 25 year old, but if you plan on buying a home and having a small family, buy it now before your premiums start rising. The longer you can lock in the premiums, the more money you’ll save over the time period.

While you may have no immediate need for life insurance, it’s best to look into the future to see if it could save you money on your coverage. Don’t let time slip up on you and cost you hundreds of extra dollars.

Buy Permanent Life Insurance Early

While the concept is relatively similar to buying life insurance to save money, the idea is to pay for permanent insurance, but pay the least possible amount.

The only way to pay less for a permanent product is to buy earlier. Don’t wait until you’re 65 to start thinking about it, because you’re premiums per year will sky rocket quickly. Think about it younger, even if you already have a term life insurance policy.

Permanent life insurance is a great option for anyone that doesn’t want to worry about reapply for life insurance coverage in the future. While the premiums are going to be more expensive than a term life policy, the younger that you apply, the less than you’ll have to pay for the coverage.

Buy Life Insurance For Legacy

If you’re looking to leave your heirs something significant, life insurance can be an excellent tool to get the job done.

While simply handing over leftover assets is great, you can use the power of life insurance to leverage your dollars now, in order to have the opportunity to give even more to your heirs when the time strikes. Life insurance can also offset estate taxes due if your situation requires them.

The Only Perfect Time To Buy Life Insurance

There is only really one way to guarantee you’re buying life insurance at the very best time. That time is when you’re young and healthy.

You aren’t guaranteed tomorrow, and you’re not guaranteed your health either. By waiting, the true opportunity cost is losing your youth and your health. Once these two are depleted, there’s no returning. You will be stuck with whatever you can get, or whatever you can afford at that time.

Perhaps you’re concerned about qualifying for life insurance with certain health conditions such as someone needing life insurance during pregnancy or life insurance with lupus; we can help.

Don’t make the mistake of waiting.

The least you can do is get a free quote to find out how much it is. You might be surprised how cheap it will be. Even if it’s not for you today, you’ll know what to expect so you can prepare ahead of time.

Life insurance is the most important investment that you’ll ever make for your family. It’s the best way to ensure that your loved ones will have the resources that they need, regardless of what happens to you.

If you have any questions about life insurance or about the different options that are available to you, please contact one of our agents today, and we will be happy to answer those questions for you. It’s our mission to ensure that you’re getting the insurance protection that you need.

Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the protection that your loved ones need. Life insurance is the best safety net that you can buy for your loved ones. It’s one of the only ways that you can ensure that they will have the resources that they need, regardless of what happens to you in the future.


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