When is it Time for Life Insurance?

When is it Time for Life Insurance?

Having life insurance coverage is crucial to protecting loved ones financially in the event you pass away. A key part of buying life insurance is deciding what age you need to get coverage. Is it better to do it while you’re young and healthy, or wait until you have dependents? It all depends on your personal situation.

In your 20s

Life insurance rates are typically cheaper in your 20s, as you are young and healthy. You are less likely to be turned down for preexisting health conditions that could later develop as you age. Even though you might not feel you need coverage now, you will have more options and lower rates that could make an immeasurable difference for your loved ones. 

In your 30s and 40s 

Many people in their 30s and 40s are reaching life milestones such as getting married, having children and purchasing a home. This can be an optimal time to buy life insurance. As you have more people depending on you, it is best to have protection in case something unfortunate should happen so that your family will not be financially devastated. Additionally, If you have co-signed financial debts from loans, this also ensures that the co-signer will not be stuck paying off the debt. 

In your 50s and 60s

You might have small children later in life, or you might be laid off with no savings to fall back on. Life takes unexpected turns and not everyone is operating on the same timeline. Getting life insurance in your 50s and 60s is an effective way to ensure your debts are paid off. It can also provide you with the peace of mind to know your family will be taken care of and will not have to struggle to pay for basic needs.

In your 70s and after

Life insurance at this age can cover funeral expenses and ensure your loved ones will not have to pay for any debts you leave behind. It can cover medical bills, mortgages, loans, credit card bills and other expenses for dependents you leave behind. You can also leave behind an inheritance to any loved ones or provide a cash gift to a charity that is meaningful to you.

The right time to purchase life insurance entirely depends on your personal situation and needs. Are you in your 20s with a small child? Or are you in your 40s with a home mortgage? If someone depends on you financially, getting life insurance protection can ensure they are taken care of. All of these factors contribute to making this decision.

Thinking about purchasing life insurance? Let us connect you with an advisor today and give yourself peace of mind knowing your family will be taken care of in the event of an unfortunate circumstance. Contact us online at www.carefinancial.com or call us at 251-633-7122.