Life insurance isn’t the prettiest topic, but you can’t avoid it if you are planning for the future. A life insurance policy protects your dependents in your absence. Besides, life insurance is crucial if you have debts, own a business, or planning to finance your final expenses.
While there is no doubt that life insurance is a sound financial decision, the million-dollar question is: When is the right time to buy life insurance. Or is there even a right time to buy life insurance? Since the answer isn’t a straightforward one, The Good Insurance Group LLC in Bloomsburg, PA, has taken time to respond to the article below.
When should I buy a life insurance plan?
If you want to know if you need life insurance today, ask yourself: do I have dependents? Would they suffer financially in my absence? If the answer is yes, then you definitely need life insurance ASAP. This way, your loved ones won’t have to go through financial turmoil when you die.
But because we encounter different events throughout our lives, it’s paramount to look at situations around us to determine if we need life insurance today or later. The following are a few situations to determine when you need life insurance.
- You are married or about to: Now that you will be welcoming another person in your life, it’s wise to think about their survival if you were to die. How would they pay that joint mortgage? Would they afford to pay your funeral expenses? If the answer is no, buy life insurance today.
- You are about to welcome a child: A newborn brings changes in the financial dynamics. And for you to secure their future, life insurance is a safe bet to take care of their college fees, child care expenses, and so on.
The general rule of thumb is to invest in life insurance today — and if you are young and healthy, the better because the premiums are affordable. Ultimately, start with the coverage you can afford today, and increase gradually as life changes along the line.
Would you like to get more information about life insurance? Why don’t you contact The Good Insurance Group LLC? Or else, visit our Bloomsburg, PA to speak to one of our agents.