Despite it being an important thing, only 52% of Americans have a life insurance policy. This means that almost half of us won’t be able to leave our loved ones in good financial care should we pass away unexpectedly.
If you don’t currently have life insurance, then you might be worried now.
So when do you need life insurance? And how can you get a good policy? Keep reading to find out!
When Do You Need Life Insurance?
It’s tough to say when someone needs to get life insurance since it’ll vary based on your unique circumstances. But if you have a bit of extra income every month, then it’s a good idea to get a life insurance policy, regardless of how old you are and how your health’s like. It’s even more important to get life insurance ASAP if you’ve got people dependent on you, such as a spouse and/or children.
Get It as Early as Possible
We understand that there are many bills you need to pay. But if you can, get life insurance as early as possible.
There’s no right answer when it comes to what age to get life insurance, but typically, policies will be cheaper when you’re younger since you won’t have as many health conditions. This helps you lock in lower premiums.
Term vs Whole Life Insurance
The best time to get life insurance will also depend on whether you choose term or whole life insurance.
Term life insurance where your family will get guaranteed payment if you pass away during a specified term. This can be more affordable in the short term, and you can renew the policy if it expires. You can even change it to a whole life policy if you wish.
If you go with term life insurance, it’s better if you buy it at a younger age.
Whole life insurance covers your death without you needing to choose a specific period. For example, the Paradigm Life straight life policy is a type of whole life insurance. This is more expensive, so it may not be feasible for those who are younger. However, it’s still a good idea to get a policy ASAP.
What Does Life Insurance Cover?
Whatever policy you choose, life insurance will disperse money to your beneficiaries in the event of your death. It doesn’t just cover natural by natural causes either; your policy will also cover death by illness, most accidents, and suicide.
Your family can then use this money to pay off debts, such as those inherited by your death. They can also use it to get by while they grieve.
Get Life Insurance Today if You Can
So when do you need life insurance? There’s no specific age, but the earlier you can do it, the better. Not only will you be immediately covered in case of untimely death, but the premiums will be lower as well.
Stop asking yourself, “do you need life insurance?” The fact is, it’s always a wise choice to sign up for a policy, especially if you’ve got dependents. By being prepared for the worst, you’ll ensure that your loved ones are taken care of, even after you’re gone.
For more readings on life events, check out the rest of our blog.