Life Insurance

Knowing When to Buy Life Insurance - A Beginner's Guide

Jun 20, 2023
couple researching on laptop in kitchen
Life is unpredictable, and nobody knows what the future holds. While we may not be able to plan for every eventuality, we can certainly prepare to ensure that we are ready for any situation that may come our way, especially when it comes to our family's wellbeing. This is where life insurance comes in. But, when is the right time to buy life insurance? In this beginner's guide, we discuss the answer to this question and more.


When it comes to life insurance, age plays a crucial role. As you grow older, the cost of premiums increases, and the chances of developing illnesses and medical conditions also increase. Experts suggest that the ideal time to buy life insurance is in your 20s or early 30s, when you are healthy and have fewer responsibilities. However, if you have dependents or loved ones who rely on you financially, then it's never too late to get life insurance.

*Tip: Curious about what a policy might cost you? Get a free quote to see what your needs and rate could look like.

Changes in Family Situations:

If you have recently gotten married, had a child, or bought a new home, these are all valid reasons to consider buying life insurance. Life insurance can provide a safety net for your loved ones in case of an untimely death. For example, if you have a young family, a life insurance policy with sufficient death benefit  can help to ensure that your children can continue to receive an education and your spouse can pay off debts and bills without having to worry about finances.

Career Milestones:

As you grow in your career, your salary increases, and so do your responsibilities. If you have a professional license or run your own business, a life insurance policy can help to protect your assets so that your business continues to operate in your absence. Similarly, if you're the breadwinner in your family and your income is critical to your family's finances, life insurance can help you to provide peace of mind for your family in any eventuality.

*Tip: Employer-sponsored life insurance is rarely enough coverage to protect your loved ones. By adding a supplemental policy, you can have peace of mind that isn’t directly associated with your employment status.

How much life insurance do I need?
To make it easier, we created an online life insurance calculator you can use to help assess your individual needs.

Health Status:

It's essential to be honest about your medical history when applying for life insurance. If information is omitted or incorrect, your policy could be rescinded or the death claim not paid. Life insurance premiums and coverage are determined based on your health status. If you have a pre-existing condition, you may have to pay higher premiums or may be declined coverage.

Peace of Mind:

Nobody knows what the future holds. Life insurance can provide you with peace of mind, knowing that your life insurance has helped your loved ones with financial protection, even if you're not around. It's never too early or too late to get life insurance, and it's an investment that will benefit you and your family in the long run.

Life insurance is a very important part of planning that can help provide peace of mind and protection for your loved ones. It's crucial to determine the right time to buy life insurance based on your individual circumstances. By considering factors such as age, changes in family situations, career milestones, and health status, you can make an informed decision about when to buy life insurance. Remember, it's never too early or too late to get life insurance, but the sooner you act, the better. Invest in your family's financial security today.

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