The Right Time to Buy Life Insurance

You've graduated from college and you are now officially an adult, the cycle begins and before you know it you have people who depend on you. If taking care of them is your main concern then you should think about purchasing life insurance. If you don't have the kind of responsibility as mentioned then you might wonder whether it would make sense to get life insurance.

To start off on a morbid note, unfortunately life is short and unexpected things happen all the time. Until we find a way to travel through time no one can predict when they will pass away. This is a sad truth but a truth nonetheless. Being prepared is never a bad thing. The main question is when it would be the right time to get insurance. If you are between the ages of 20 to 30 you might be thinking that insurance wouldn't make sense especially if you aren't married, you don't have any children or you don't own a home. In this case you are right to think that way. There are, however, beneficial aspects to purchasing life insurance at a young age even if you don't have a lot of responsibilities.

If you get insurance at a young age you are more likely to get low premiums. This is because, generally speaking, younger people are less likely to have bad health and especially life threatening diseases. If you do purchase life insurance you aren't doing it for yourself you are doing it for your family. You don't want your family to be stuck with study loan you took, or the credit card bills you made or the new car you bought once you have started working.

The only time where life insurance doesn't make sense is when you are younger than 21 and you are completely dependent on your parents. Once you reach 25 you are probably already employed and you have built up on your debt. This is probably the most common age for purchasing life insurance. At 25 your parents cannot, by law, claim you as a dependent. You are then on your own. Regardless of whether you still live with your parents/family you aren't covered. If you have enough funds and stability in your life before 25 you will then pay a lot less than what you would at 25.

Being prepared is never a bad thing. People tend to be in denial about unplanned circumstances; the common train of thought is that "it would never happen to me". This is not true, life is full of surprises be it good or bad. Life insurance will help you help your family when they are going through a tough time accepting your death they don't want to be burdened by paying you finances.