When is the Best Time to Buy Life Insurance?

December 27, 2017

One of the most common questions that people ask about life insurance is, when should you buy it? Depending on your age and lifestyle, you may not feel inclined to purchase life insurance. We have some good news. It’s never too late to purchase life insurance. However, that does not mean that you never need to purchase life insurance. Everyone should have a life insurance policy, and there are a wide variety of reasons and benefits for having one.

If you have dependents

One of the most important advantages of life insurance is the benefit payment that it provides, and that payment can make a world of difference in supporting a family when you are gone. Whether you’re a new parent, the main breadwinner of your family, you’re divorced and making child support payments, or you want to provide an inheritance to your loved ones in the future, a life insurance policy can help support your loved ones by keeping them protected from financial hardship.

If you’re young

Earlier this month, we explored life insurance for the millennial generation and addressed many of the common objections against life insurance from members of that group. Many members of the millennial generation expressed concerns about fitting life insurance into their budget and were doubtful that they would need it any time in the near future. There are a few different life insurance plans to choose from and each may be structured a bit differently. The cost of a policy depends on a number of different factors, but generally, the younger and healthier you are, the easier it may be to secure the life insurance policy that you want, whether it is a term policy or a permanent policy.

In addition, according to FMD Capital Management managing partner David Fabian, some people are beginning to use life insurance as an “alternate investment strategy” through cash-value products. The value grows and that cash value can be used as a loan to pay expenses at a later date.

If you’re a bit older

If you are a little older, don’t let yourself be dissuaded from purchasing a life insurance policy because of the talk of higher rates. As mentioned above, the benefits from life insurance can be used to provide an inheritance to your loved ones, to pay your final expenses, such as the cost of your funeral and burial as well as to ease the financial burden on your family members after your death. With age comes the increased likelihood of death, so it is imperative that you have adequate coverage that will help ensure that your affairs will be in order after your death. It is understandable that thinking about death is difficult, but life insurance can provide the peace of mind for everyone.

If you have debts

The world will still keep turning after your death. Therefore, if you have mortgage payments, student loan debt, credit card debt, or other debts, your heirs could wind up inheriting that debt. A life insurance policy can help ensure that debt will be paid off when you pass on. You can also purchase a term life policy to match the years of mortgage or student loan payments in order to better balance your budget.

No matter what your age or circumstance, life insurance is part of making sure your family is taken care of after you are gone.


About National Catholic Society of Foresters

At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a Fraternal Society, which means the sales from these financial services products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. Our portfolio is extensive, ranging from various life insurance policies to IRA’s to support your financial needs no matter what stage of life you’re in. For more information, contact our friendly experts today at (800) 344-6273.