When Should I Get Life Insurance? Answer, before it’s too late.

When is the best time to buy life insurance? The short answer is when you need it… and before it’s too late!

The last thing you want to do is put off buying life insurance until you get diagnosed with an illness that could make you uninsurable. You would be surprised to know, every day we receive a call from someone who just got a cancer diagnosis and now they want to buy life insurance.

There is an old saying that states, “You can’t insure the house when the garage is already on fire!”

The same holds true with buying life insurance.

The younger you are when you buy life insruance the lower the cost will be.

But let’s dive deeper.

Why People Buy Life Insurance

There are actually many reasons why people should consider the purchase of life insurance.

Most people buy life insurance to:

  • Income continuation for survivors
  • Payoff of debt(s) – including a home mortgage
  • Funeral costs and other final expenses – including any final, uninsured, medical expenses
  • College savings for a child, grandchild, or other loved one
  • Supplement for future retirement income
  • Charitable giving

It is important to keep in mind that you must be able to qualify for life insurance. So, by purchasing life insurance when you are young and healthy can essentially “insure your insurability.” Otherwise, you could find that it’s too late.

There is an old saying that states, “You can’t insure the house when the garage is already on fire!”

The same holds true with buying life insurance.

Who should buy life insurance?

That may sound like a difficult question to answer. One reason for this is because most people don’t like the idea of thinking about how things will be when they are gone. So they put off the conversation of purchasing life insurance.

But the truth is that life insurance can be a crucial component of most any solid financial plan.

So who should get life insurance? Anyone that has someone else who will endure financial hardship upon your passing, then you should have life insurance.

Life insurance necessary people who may be in these situations:

  • Parents with children (especially young kids)
  • Individuals with a mortgage
  • Business owners with debt
  • Key Employees of businesses
  • Breadwinners
  • Stay at home parents
  • Elderly parents who need to cover final expenses
  • Children who want guaranteed insurability
  • Students who have a cosigner on their student loans

What age should you get life insurance?

So, what is the best age to buy life insurance coverage for you? The reality is there is no single best age to get life insurance protection.

You should buy life insurance as soon as possible because you are not getting any younger and the price only increases with age. The other factor to consider is your health also declines with age, which could inevitably leave you uninsurable or in a situation where you have to pay more do to a table rating or flat extra rate.

With that said let’s check our some rate charts by age and gender.  So you can see how your age will affect the cost of life insurance.

Learn More: See average life insurance costs.

20 Year Term, Preferred Best Rates, Non-Tobacco, Male Rates Shown.

Age$250,000$500,000$1,000,000
Male – 37$16$25$45
Male – 42$22$38$69
Male – 47$34$62$117
Female – 52$48$88$165
Female – 57$79$145$278

*Effective 01/11/2019.

20 Year Term, Preferred Best Rates, Non-Tobacco, Female Rates Shown.

Age$250,000$500,000$1,000,000
Female – 37$13$21$34
Female – 42$18$30$52
Female – 47$25$44$80
Female – 52$37$66$122
Female – 57$58$103