When is the Right Time to Buy a Life Insurance Plan?

You never want to think about it, but ideally, you should. Or your untimely demise may cause grave financial implications (apart from the grievance) to your dependants, compelling them to lead a miserable after-you life. Death is uncertain, and the best you can do for the good of your loved ones (financial dependants) after you are gone is - purchasing the most suitable life insurance plan, that comfortably covers the needs and requirements of your dependants. But do you realize when the right time to buy a life insurance is, or you too, are among the confused populace? Well, ask any life insurance agent and you'll hear -"Now!"
Generally speaking, there is no preset age to take out a life insurance policy; however it depends on personal needs and future requirements of your dependants.
Evaluate the Need First
Your life insurance needs keep changing as you go through the different stages of life. If you are single and young, and have no dependants, you can easy conclude that you have little or need for life insurance. As you get married, plan your children, become the main breadwinner of the family, or plan buying home or car by taking substantial loans - "Now" is the need to get yourself insured. Your sudden demise in this phase of existence can create a lot of financial problems to your spouse, children or may be old parents, as they may have to deal with the mortgage debts too other than meeting the daily expenses. If you have retired, and have fewer financial obligations, like no dependants, flourished assets, it is still not a bad idea to have a life insurance that will help with your funeral expenses and also allows you to leave something for your dear ones.
When You are Young and Single
The time when you are young, single and don't have any dependants, it doesn't really make sense to run out and get insurance. From a financial perspective, some experts' advice to save money by directly putting in an investment account over opting whole life insurance plan that has an added investment component. It is because you will be paying premiums for an insurance policy you don't really need at that point of time. The only reason you might think of considering a insurance plan at this time of life is - comparatively low premium cost. Being young and healthy, insurance companies consider it a good deal to insure you, with a lower health risk, over middle-aged or old people with higher health risk probability. Other reasons what might compel you to give a thought about buying a life insurance being young and single includes,
When You are Married and Starting a Family
Now is the time to get a life insurance policy if you haven't bought it yet. After being single and a carefree life, getting married and even more so, having a new baby is a responsible step and adds to your financial obligations. The addition of new dependants makes it even more crucial to buy the right life insurance policy with proper coverage protection. It makes the time even more crucial considering the fact that insurance companies prefer healthy to give away best coverage. Term Life Insurance and Whole Life Insurance are the major categories and should be selected according to your future needs and requirements. Other reasons for taking into account a good life insurance plan at this stage includes,
When You are Retired
At this stage of life you are left with least or no financial obligations as your kids are settled and self earning, you have paid off your home mortgage, so you need only minimum coverage. But if you have some estate taxes to pay or have a disabled child who will need your help all life, you must consider purchasing a insurance policy according to some specific needs. Some other things to consider life insurance after retirement can include,

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