YOU ASK:

When is the right time to buy life insurance?

WE ANSWER:

If you don't have coverage at the moment, now is the right time to buy life insurance! There's no time to waste!

But aside from this, the best time to buy insurance is while you are young and don't have any medical conditions to speak of. If you buy a whole life insurance, the premiums will be low and will not likely change over time.

When you buy life insurance when you are older or after you have been diagnosed with a disease, you are likely to be given rated premiums rates or premiums higher than standard rates. Or worse, you may be denied coverage because of your existing illness. That is why while it is early and you are in relatively good health, you should already get insurance.

However, the consideration would be how much insurance you can afford when you are young and just starting out your career.

Aside from the above, you should also buy insurance for the following instances:

You are married and are planning to start a family. Insurance is meant to protect against financial loss in the event of your death. If you are the breadwinner or if other people are dependent on you for even part of the monthly expenses, you should prepare for this by getting insurance. If you are a homemaker, life insurance will still help, because in the event of your death, the family may have to get someone to do the services you are providing for the family, such as cooking and taking care of the children.
You have elderly parents. You should also get life insurance when you have elderly parents who depend on you for financial support.
You want to prepare for your child's college education.
You are paying for a mortgage or for other major and big purchases. Mortgages, car payments and the like still have to be paid in the event of your demise. If you leave your family without the ability to pay for these, they may face foreclosure of your home or car.
You have a substantial estate. If your estate is considerable, life insurance will help prepare money to pay for estate and other related taxes when your heirs come to inherit.

So you see, life insurance is useful for almost all stages of life. Life insurance companies have designed a number of products to fit your changing needs.

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