1. When is the Best Time to Buy Life Insurance?

As I wrote in this blog post, Life insurance through work is not enough, personal finance experts, like Dave Ramsey & Suze Orman, recommend you buy an individual term life insurance policy. But does everyone need a term life insurance policy? If you need term life insurance, when is the best time to buy it? If you are like me, you get plenty of e-mail offers for term life insurance, from online insurance agencies, like Matrix Direct or Selectquote.com. Maybe you have pursued getting term life insurance quotes, or used online life insurance calculators & term life price comparison tools, like the ones at Term4Sale.com, to find the companies with the best prices for term life insurance, but decided to put off buying it.

Unlike home & auto insurance, there is nothing making you buy life insurance, like your mortgage company or law enforcement.

It is easy to procrastinate buying life insurance, but delaying buying it can be a huge mistake. This blog post will cover what you need to consider, to help you know if you need term life insurance, and when to buy it. Don’t be one of the many people who don’t get serious about buying life insurance until they develop a health condition, or get too old, and find out it is no longer available or affordable to them.

Do you need term life insurance?

Unless you plan on living alone your whole life, and never having anyone dependent on your income — like a significant other, spouse, or kids — you will need term life insurance sometime during your life. If you are a hermit like the Unibomber, or Howard Hughes in his later years, you need never concern yourself with term life insurance.

If you are a confirmed bachelor or bachelorette living alone, with no desire to raise children, life insurance is not necessary — unless it is important for you to leave money to someone, a cause you care about, or a charity.

You might want to consider a small burial policy to pay for your final expenses, like a funeral, so you don’t create a financial burden for anyone taking care of your final affairs. But with a little planning, you can “self-insure” to cover your final expenses.

However, very few people live alone their entire lives. Even if you know you will never marry or have kids, if you are like most people, you will be involved with someone, like a boyfriend or girlfriend, whom will be severely affected by your death, and the loss of your income.

If you have been living with someone for several years, with both of you contributing to the rent, and you develop a terminal illness which will kill you in 6 months, your partner not only has to worry about helping you through your last days, and coping with your death, but they have to worry about affording the rent.

Without your income,  your partner may have to break a lease, scramble to find an affordable place to live, and endure a reduced standard of living. Wouldn’t you want to leave some money behind to help the person you love adjust to life without you? The need is even greater if you have combined financial obligations, like a mortgage, car loans, or joint credit cards. What if you have kids?

So, just about everyone will need term life insurance at some point in their life. When should you start thinking about buying term life insurance?

When you need to buy term life insurance

Many people don’t think about life insurance until its too late.

Statistically, with all other things being equal, the younger you are, the less likely you are to die each year. But people can — and do — develop a serious, life-threatening illness at any age.

A deer tick can give you Lyme disease. A mosquito bite can give you Encephalitis. Eat the wrong food, even if you prepare your own food, and you may get E.Coli, leading to kidney failure. A common virus can weaken your heart muscle, and give a healthy heart health problems.

You can be young, in shape, living a healthy lifestyle & diet, and your health can turn on a dime, with no fault by you. Most likely, this won’t happen to you. But it does happen to some people. And some of these people are shocked to find out they can’t get life insurance.

I’ve heard complaints from people in their 80s, and the terminally ill, about not being able to get or afford life insurance.

It’s beyond the scope of this blog post to explain why life insurance companies decline to insure, or charge high rates for a small amount of death benefits, to people with a much greater likelihood of dying soon.  Suffice it to say, it is not a matter of preserving insurance company profits, but a matter of insurance companies being able to stay in business and pay claims.

Many people care about their families, but refuse to acknowledge they might die before old age, and never buy life insurance. Many of these people will live to old age. Some people won’t be so lucky.

Prudent people don’t gamble with their family’s welfare, even when the odds are in their favor. But procrastination affects us all.

Some people think about getting life insurance when they buy a home, but decide to wait until they are engaged to marry. Then they wait until they are married. Then they wait until they are pregnant. Then they wait until their child is born. They wait and wait and wait. They know they need term life insurance, but they think they are healthy, so its okay to wait a little longer.

The longer you wait to buy term life insurance, the more likely you risk being uninsurable. Also, your life insurance rates are affected by your grandparents and parents health. If they die, or develop certain health conditions at a young age, it can have a big impact on the cost of your life insurance. You may be healthy at age 22, but if you turn 23, and your 44 year old dad has a heart attack, it will cost you when you apply for life insurance.

If you plan on being married or having kids in the next ten years, get life insurance NOW.

Term life insurance is inexpensive, and the amount of the death benefit can be adjusted to fit anyone’s budget. Don’t wait a day longer, get some type of term life insurance in place now.

If someone, like a child or spouse, is dependent on your income now, don’t think you can’t afford term life insurance. A good agent will help you get whatever life insurance protection you can afford.

If you have a steady income and know you will need term life insurance in the future, act now to buy term life insurance. This way, if 5 or 10 years from now, you have a child, you don’t have to worry about an illness or injury keeping you from qualifying for life insurance.

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