When Is the Best Time to Buy Life Insurance?

Some insurance needs are tied to major life events. When you buy a house, you need homeowners insurance. When you start to drive, you need auto insurance.

Life insurance isn’t always linked to a single milestone, which is why many people may overlook it. Here’s what to know about when to buy life insurance. 

With all the different options, figuring out what’s best for your family can be complicated. Reach out to Farm Bureau to learn how life insurance and other coverage can help protect the people most important to you.

When Is the Best Age to Buy Life Insurance?

Generally, it’s a good idea to buy life insurance when you’re young. That’s because you’re likely at your healthiest, and your premiums should be lower. Life insurance can be quite affordable when you’re young. 

Even if you don’t have any dependents, having some life insurance can save your parents or other relatives from paying funeral expenses and end-of-life costs. And if you buy a permanent life insurance policy, it can build cash value over the long term.

But life insurance timing doesn’t always work out that way. Maybe your younger years are behind you, but as your life is changing, you’re realizing the importance of life insurance.

Life Insurance for Families

If you have people who depend on you financially, life insurance becomes a higher priority. It’s important to consider who relies on your income, and what they would need to maintain their standard of living without it. 

You may need to buy life insurance or increase your coverage if you:

• Get married.
• Buy a house with a partner who would need your income to cover the mortgage.
• Have a partner or children who depend on your income to cover expenses like food, clothing and utilities.
• Plan to use your income to provide a college education for your children. 
• Handle household and childcare responsibilities, since it could cost a lot for your partner to pay for them if you passed away.

It’s a good idea to review your life insurance coverage during any major life change to make sure you have the protection in place that you need. Even if you don’t experience any major changes, you should review your policy every few years to make sure you aren’t overlooking anything. For example, you may want to reevaluate your needs when your children are financially independent.

Take the First Step Toward Protecting What Matters Most

Whether you are adding term life insurance or whole life insurance,  you don’t have to figure it out on your own. Take the first step by contacting a Farm Bureau agent who can recommend the options that are best for you and your situation.