When Should I Protect My Loved Ones?

Updated: May 1

Are you thinking about getting life insurance? Good for you. You may be wondering if now is a good time. If you're wondering when is a good time to get life insurance, we can answer that question for you.

Although life insurance is another term for income protection, life insurance is not limited to only those with income. The fact is, we're all going to need some type of burial expense because we're all mortals; we won't live forever.


Even a Child Needs a Burial Expense

You'll find that most life insurance policies offer riders. A rider is an optional add-on that allows the policy owner to customize the policy for a small additional cost. One type of rider is a child rider. Children can be added to policies at a very young age (even newborns) for most policies. Meaning that even a child could use a life insurance policy.


Avoid The High Cost of Waiting

When you consider the reasons why you need life insurance in the first place, you understand that it is a necessity. Life insurance is definitely something that it makes sense to have. But don't fool yourself into thinking that if you don't have a family or dependents, you won't ever need it. It's not a smart move to only get life insurance once you have a family. What if you don't get married and have a family until later in life — then what? Are you aware of the cost of waiting?

A life insurance policy for a healthy, 51-year-old man starts at $58. That very same policy for a man 20 years younger costs only $19! Why? Because the older we get, the more of a risk we are to the insurance company. We're closer to being extinct. Purchasing a policy at a younger age means you're less of a risk and therefore, is less expensive — and more affordable to you.


Also, the older you get, the more likely you are to develop certain health conditions that don't play in your favor when you're looking for someone to insure you. Once your health is affected, you become an even greater risk to the insurance company. Not only could this rate your monthly premium (cause it to be higher), it could even result in the insurance company refusing to provide you coverage at all. That could mean being older with a family and dependents, with no income protection for them in the event of your death.


Conclusion

There's no reason to believe you're either too young or too old for life insurance. Any age is the right age for protection. Even a single person with no family or dependents will need someone to step up for their burial expenses. Why put that burden on someone else? And the older you wait to purchase life insurance, the more risk you are to the insurance company, which will mean paying a lot for premium, or not covered at all.


I hope this has been helpful for you.


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