Life Insurance Quotes



When Is the Right Time to Buy Life Insurance?

If you are asking yourself when you should buy life insurance, then you should first consider the reasons why people buy life insurance. Most people obtain life insurance coverage to protect their family. If you are married with or without children, then life insurance should definitely be apart of your financial picture. Life insurance can provide for a family or spouse in the event of a death. This can mean monies to pay off a mortgage or other debts as well as having a way to pay for a child's college education. It can even be as simple as having the funds to pay for the cost of a funeral, which average $6,000 to $12,000 in this day and age.

As far as when you should buy life insurance, the answer to that is simple- as soon as you can. Life insurance is a very time sensitive financial decision. Here are 3 reasons why putting off the decision to buy life insurance will cost you more.

1. The cost goes up as you get older. For every year that you put off the decision to obtain life insurance coverage, the premium gets higher and higher.  For example, if you are a 45 year old man in good health, you would pay around $410 per year for a $250,000 20 year term policy. If you put it off for three years and wait until you are 48 years old, then that same policy is going to cost you around $530 per .

2. If your health status changes, the cost for life insurance can double or triple. At 45 years old you may be in picture perfect health and think you can just wait to buy life insurance, but then you have a heart attack or you are diagnosed with some type of cancer or chronic illness. It happens everyday and it leaves many people in a position where they cannot obtain life insurance or they can't qualify for any affordable policies. 

3. Life insurance premiums change. Just like rates for mortgages change, the rates for life insurance change too. If you wait a year or two, you might miss out on the best rates as they start to trend upward.

The point is that if you think you need life insurance, you probably do. If you have that nagging feeling in the back of your head that you should get some life insurance, then you probably should.

Get a free no obligation quote today and compare multiple quotes from the nation's highest rated carriers. You can get an idea of how much life insurance will cost you at your age and you can compare several different policies and decide which one is best for you.