When is the Best Time to Buy Life Insurance?

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This is a topic that many people fail to address, but I was steeped in at a very young age and then for most of my life. It sounds funny to state that but it’s true.

See my mom works at a funeral home and she has since I was about five years old. Stories about people dying young and leaving a family behind wasn’t uncommon to hear in our home. When I was finished school I took a job at a life insurance company and worked my way up the ranks, to the policy change department. To say my life at the time was saturated with the importance of life insurance is inadequate. During that same period of time, my husband’s toddler nephew died in an accident.

But with all of that, it still took us having our own child before we purchased a life insurance policy. The fact of the matter is though, if you’re going to buy life insurance, the older you get the more it will cost you.

Life insurance benefits are a substantial way to provide income for your loved ones if you pass away. Even if you already carry insurance, you may want to look into a small policy for your child(ren), life insurance for children will help to cover the costs and expenses of a funeral and medical expenses which may have been incurred.  Costs such as these are not something one wants to deal with after a tragedy.

If you’re a young adult and in good health that is the best time to buy life insurance, but it is often overlooked as a necessity because of a group policy through a job and/or because young adults often feel invincible.

If you find a loved one or yourself in that boat of getting on in age and having no life insurance, there are options. Term life insurance is a low-cost option at that age, it’s a policy that will expire in a set time period. Another option for life insurance for seniors is what is called final expense life insurance. You pay the premiums to keep the policy paid up, and it can actually be paid years in advance so that you don’t have to worry about covering the premium

No medical exam needs to be taken to be approved for one, which is ideal if the one who wants to be covered has health issues. They aren’t huge dollar amounts of coverage, but they are an option when you only need coverage for funeral expenses. A place for seniors to start looking at options is at AARP.

–Brought to you by your friends at www.burialinsurance.org.

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