When Should You Buy Life Insurance [Top 10 Reasons Why You Should!]

Every situation is different

At Life Insurance Blog, our number one goal is to find the best life insurance companies for you. Whether you are in perfect health or have a preexisting condition, we’ll search from over 60 top rated companies in order to find the best policies available.

In the cliché to end all clichés, everyone is different. It’s important to look closely at your own situation rather than relying on averages the masses have set.

For example, if you are a single bachelor late into your life with no immediate family you may not think twice about life insurance because you have no one to benefit from it.

But if you are the breadwinner for a family then you have a vested interest to provide for them even if you should pass on. There are always life insurance advantages and disadvantages depending on your age, income, and stage of life.

Learn from Oscar Wilde

The Irish playwright may be known for his witticism and ability to take pretentious self-portraits, but his life insurance advice is largely forgotten – until now anyway. Wilde’s famous quote, youth is wasted on the young, is easily applied to life insurance.

Most people are much healthier when they’re younger. As you grow older you are more likely to have dangerous diseases, ailments, or to have succumbed to an injury that can lead to future complications and long term disability. Most life insurance policies require a medical report and your coverage and rates can be adjusted based on what comes forth through the report.

If you get a term life insurance policy when you’re younger (and healthier) and decide to convert to a whole life insurance policy later, your coverage will still be based on that first medical report and any ailments that may have befallen you are not factored in.

While it may not make a lot of financial or practical sense to purchase a life insurance policy as a healthy, able-bodied “youngster,” doing so can make sure that you can still be protected later on in life. But of course, this all depends on your life goals and ambitions. Take the time to take a critical look at your current position in life and where you expect to be years down the road. Perhaps you buy more than 1 life insurance policy and use a life insurance laddering strategy.

It doesn’t matter if your best friend, neighbors, or colleagues think about taking out a life insurance policy. In the end it is up to you and what your goals and needs are.

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