When Is The Most Efficient Time To Get Life Insurance?
Have you thought about this question before? It may seem like a heavy thought to bear. It is very important to have the knowledge and security of knowing the answer. To put it simply, if your death would put a financial burden on someone else, the answer is now. In order to be prepared for this scenario, you need to consider your current needs and those your finances impact. It is always ideal to make adjustments as your life progresses. Here are some questions to take into consideration when making this decision:
- Are you married?
Once you have legally bound yourself to another person, the best thing to do is be cautious and think ahead. If something happened to you, would your spouse be financially stable without you? Would your funeral costs and their own financial needs be met? If the answer is no, looking into life insurance is the most productive way to protect those finances without worry.
- Do you have children?
Once you reach the stage in your life when you have people depending solely on you to have their needs met, it is time to think of them and their future. The average cost of raising a child until they are the age of 18 is approximately $233,610(The Cost of Raising a Child 2020). This could easily hinder your child’s ability to be sustained financially.
- Do you own a home or have outstanding debt?
Yes, your mortgage, student loans, and credit card bills, etc. are your responsibility, but if you are no longer around to tend to those, that could be an onus on your spouse or even children. Life insurance can make sure those arrangements are taken care of.
All of these situations are comparable to your life and the future of your loved ones. Getting life insurance at a young age can shelter these scenarios and clear your conscience of the ‘what-ifs.