We know it’s a tough question to answer, but some of the things that might prompt you to start thinking about life insurance are if you’re a parent, you have a spouse, or you’re an independent worker with a family. Many people don’t realize how big of an impact life insurance can have on their lives and the lives of their loved ones until they have experienced the loss of a loved one. But if you have that insurance, you can have peace of mind knowing that your family is taken care of.
Why Younger is Better
Many people don’t think about life insurance until they have children. But the earlier you start, the better.
The younger you are, the lower your premiums will be. And if something happens to you, your family will have the financial security they need.
Think about life insurance if you:
• Have young children
• Are the primary breadwinner in your family
• Are married
• Own a home
• Have debt
• Have other people depending on you financially
Cost of Waiting
When you are young and healthy, life insurance may seem like an unnecessary expense. However, the cost of waiting can be significant.
If you are young and healthy, life insurance may seem like an unnecessary expense. However, the cost of waiting can be significant. The older you get, the more likely it is that you will develop a health condition that could make you ineligible for coverage or cause you to pay more for a policy.
It is important to start thinking about life insurance as early as possible, so you can get coverage while you are still healthy. By starting early, you can lock in a lower premium and ensure that you have coverage in case of an unexpected death.
The Bottom Line
There is no perfect answer to the question of when to start thinking about life insurance, as the decision depends on a variety of personal factors. However, it is generally recommended to start considering coverage around the time that major life changes, such as getting married or having children, occur.