Fresh out of college or university, entering the job force and enjoying life. Ah, the beauty of life in our twenties. Barely any responsibilities, an influx of cash flow and living from moment to moment, soaking up travel and new experiences. When someone mentions life insurance, it’s likely that you’ll shake your head. “Why would I ever need that?” you ask yourself.
Fast-forward to your thirties, when life becomes slightly more structured. You might check off some of the following boxes: purchasing your first ever home (finally!), spending thousands of dollars on that ‘once-in-a-lifetime’ wedding or having that first little one. This may be when life insurance finally becomes a thought. After all, you actually have people that depend on you and you don’t want them to be completely lost should something terrible happen.
The right time to purchase life insurance varies from person to person, so let’s rewind a little bit. Here are some major milestones where you should consider taking this leap to protect yourself and the ones around you.
From that beautiful engagement to finalizing the guest list, choosing the menu and making that unforgettable playlist, there is so much to think about when wedding planning. Life insurance isn’t always the first thing that comes to mind (nor the prettiest!) but planning ahead can reduce a lot of stress down the road. Once you get married, you often share debt and combine finances. Joint checking accounts are a thing! Protecting yourself with life insurance will ensure your partner does not inherit your debt (and vice versa) if an unexpected death should arise.
Buying a Home
Purchasing your first property is super exciting - and it can be easy to get caught up in the pomp and circumstance. But sharing thousands upon thousands of dollars of debt captured in a mortgage will likely be one of the biggest buys of your life. It’s scary to think if something unexpected happens that this could lie completely on your partner - and that’s where life insurance comes in once again.
Your First Child
You are responsible for another little being for the first time in your life. Exciting and scary, huh? Now, on top of marriage and property, you’re thinking about how to set your child up for success in case something terrible happens. Life insurance will ensure that you will leave your children with enough money to live - and that’s a lot of stress off of your back right off the bat!
So, where do I start?
If you’ve experienced some or all of the following milestones and still do not have life insurance under your belt, now might be a good time to start vetting companies to find the right fit for your family's unique needs. When undergoing the process, here are a few notes to keep in mind:
a) You will be asked about your medical history, so transparency is key. Life insurance is generally medically underwritten.
b) If you are younger and healthier, you may be eligible for lower rates. Some conditions can increase premiums or lead an insurer to decline a policy. Read: don’t wait until you’re sick to apply!
c) You may have misconceptions about obtaining life insurance while self-employed, but stop right there. There are companies that will provide you with the coverage that you need, even if it’s mainly to cover funeral expenses and your previous debt.
To sum it all up, thinking proactively about life insurance can save you thousands of dollars long-term while protecting those that you love. It’s never too early to start planning for the future. Get a quote today to see how affordable insurance can be, when you purchase it early.