You probably heard a thing or two about life insurance in your younger days, but you didn’t care to get many details. But in your adulthood, you are starting to think more about life insurance. Most likely, the question on your mind is – when is the best time to buy life insurance?
Life insurance experts at Preferred Insurance Center in Coldwater, OH, recommend you buy life insurance when you’re in the following phases of life.
Planning to Start a Family or Expecting a Child
The general rule of thumb is that you need life insurance when you have dependents who would be ruined financially if you died or lost your income. Therefore, you should buy life insurance when you’re planning to get children, already have children, or you’re expecting a newborn.
You’re Married or Have a Dependent Spouse
After or before getting married, it’s advisable to buy life insurance. In case one of you is deceased, life insurance ensures that the surviving spouse will remain financially stable. Also, if your husband or wife depends on your income, buying life insurance should be a top priority.
When Planning For Retirement
As you approach retirement age, you may still have dependents. For instance, you may be caring for your grandchildren or an ailing spouse. If you had not bought life insurance earlier in your 20’s or 30’s, or you relied on your employer’s coverage, you should consider getting one between age 40 and 60.
Also, if you retire in debt, getting life insurance is a good idea as it will protect your estate and dependents if you pass on without clearing the debts.
Let Insurance Professionals Help You
Life insurance experts at Preferred Insurance Center in Coldwater, OH, will have you covered when you decide to buy life insurance. Call Preferred Insurance Center today, and speak to a life insurance specialist.