When to buy life insurance?
When it comes to buying life insurance, there is no “right” age. The right time depends on every individual’s family and financial circumstances.
As a general rule, though, you should get yourself insured if others depend on you financially or if you have debt that will likely carry on to your survivors after you are no longer around. After all, you don’t want to leave your loved ones struggling to make their ends meet or pay off your debt.
The sooner, the better.
It is a good idea to buy life insurance as soon as you can. You never know what health problems you might develop as you get older — more health problems would only make your premiums higher and you may even be denied the application for coverage altogether.
As a young adult, you might have a laundry list of expenses to deal with — such as your student loan debt, car payments, and mortgage, among others. But remember that it is always more beneficial to secure life insurance sooner rather than later.
Life insurance is usually not on a young adult’s list of financial priorities, but it should be. It will give you peace of mind, knowing that your loved ones have security. So, make the right choice and start planning for your life insurance now!