When is the right time to buy a life insurance policy?

 

 

If you don’t have coverage at the moment, now is the right time to buy life insurance for several reasons. The best time to get life insurance coverage is while you are young and do not have medical conditions to speak of. If you buy whole life insurance, the premium is not likely change over time. If you buy term life insurance it will be much more affordable however it will end at term expiration date and you will have to either convert it to permanent or get another policy and go through medical underwriting all over again.

 

When you buy life insurance when you are older or after you have been diagnosed with a medical condition, you are likely to have premiums higher than standard rates. Or worse, you could be denied coverage. These reasons are why it’s easier and cheaper to buy a life insurance policy while you are in relatively good health.

 

Top reasons for buying life insurance:

  • Income for the ones who depend on you
  • Mortgage & Debt
  • College education for your children
  • Elderly parents who depend on you for financial support
  • You have a substantial net worth
  • Retirement supplement
  • Terminal illness

 

Life insurance is useful for almost all stages of life and life insurance companies have designed a number of products to fit changing needs.

 

 

 

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