“When do I need to start thinking about life insurance?” Today, the majority of young Americans believe life insurance is something that they do not have to worry about until later in life. While the question above may be more commonly asked, a more pertinent question to determine when to start investing in life insurance would be whether or not you are supporting individuals whose livelihoods depend on your income. If the answer is yes, then it is definitely time to consider buying life insurance.
If you have already started a family, whether you have children or are just married, you have very good reasons to invest in life insurance.Term life insurance allows you to protect the financial futures of your loved ones in the event of the unthinkable. The beginning stages of a marriage or a family with children can be the most critical time to need coverage. Bringing a new member into the family means another individual that needs providing for. For most people, this means working harder to adjust to the higher cost of living. Not having life insurance during this time could mean the burden would be even greater on your spouse if you were no longer around to provide support.
“What if I am a single, healthy, young adult?” While your chances of an untimely passing may be lower than an older individual who has developed health issues with age, buying a life insurance policy while youre young and healthy can be advantageous financially. Being in good health greatly improves your ability to qualify for a life insurance policy that is extremely affordable and can save you a great deal of money in the long run. Down the road, if you decide to marry and start a family, you can re-evaluate your coverage and adjust it to support your beneficiaries.
Like any major purchase, you should compare your options when purchasing life insurance. Different policies will have different pros and cons, and will be influenced by different risk factors. By using an independent term life insurance agency, like SelectQuote, you can compare different life insurance companies and policies to find the best policy to fit your budget and lifestyle.