Getting life insurance is a critical decision, and there is no definitive answer as to when is the best time to buy it. There are several factors you must consider before making this decision. Your age, health, and financial goals are the three imperative factors that will determine the right time for you to buy a life insurance policy.
As you must know, the younger you are when you buy your life insurance policy, the lower your premium will be. With a higher life expectancy today than in years past, many people purchase their policy when they are young and healthy. This makes your 20s and 30s an ideal time to buy life insurance coverage.
With that being said, finding quality family life insurance coverage can be a difficult and overwhelming decision. If you’re wondering when you should buy life insurance for yourself, read this blog for helpful insights.
The general consensus of experts and agents is that the best time to purchase life insurance is while you are young and healthy. It’s not only affordable and relatively easy to qualify for, but it can also provide a financial safety net in case something unexpected happens to you before retirement.
Additionally, your 20s are when your health history is still relatively fresh in your mind, and the medical conditions that could jeopardize your ability to qualify for coverage haven’t developed. This makes it far easier to get approved for a better policy during this time. Since you’re more likely to be single, you can easily allocate funds toward your policy to ensure its affordability without impacting other areas of your budget.
Life insurance in your 30s becomes very important. Statistically, you’re likely to get married and have kids by this point in your life. As such, you must ensure that you have adequate protection in place should anything happen to you or your spouse. You’ll also have a steady income and assets that will continue to grow with each passing year. For these reasons, it’s recommended that you renew your existing policy or find a new one that meets your needs at this stage.
With good financial habits in place and good health, you’ll easily qualify for policies that offer the best benefits and the highest level of coverage without breaking the bank. Even if you’ve had a smaller life insurance policy in your 20s, it may be worthwhile to consider upgrading it if you have the funds available and are healthy enough to qualify. Experts recommend getting 10–15 times your annual income in coverage to ensure that your family is financially protected in the event of a tragedy, especially if you also have little to no liquid assets.
If you’re uninsured by the time you hit your 40s, depending on your health, you’re still likely to qualify for a good health insurance policy. You may also want to consider adding supplemental life insurance policies that provide coverage for expenses such as burial costs and medical care for your survivors.
Finding a reliable life insurance company and getting coverage can be easy if your mortgage is paid off and you’ve been paying bills on time for years. However, it can become more difficult if you are still carrying debt and your credit is less than perfect.
As you can imagine, life insurance becomes important and more expensive in your 50s, 60s, and beyond. If you don’t have any assets or have a family dependent on you financially, getting life insurance coverage is essential.
The coverage will help your beneficiaries with the mortgage, debt, medical bills, and other financial expenses.
If you’re looking for a reliable life insurance company in Houston, Texas, you’ve come to the right place! At Franklin Life & Annuity, we have a team of top-tier life insurance agents that can offer guidance on when you should get life insurance and which plan will be more suitable for you!
Get in touch with us today to learn more!