You may be able to wait to get Life insurance. But, should you?

When should you get Life Insurance? And, when you shouldn’t.

No matter how old you are, you probably get the general idea behind life insurance. It’s a gloomy subject to think about, and you know that Life Insurance pays out upon your passing so that your loved ones do not have to come out of pocket to pay your debts, bills and other expenses – like a funeral. And, hopefully there is enough left after that so that you can leave those you love with an inheritance.

For many, Life Insurance is a No Brainer.

Life Insurance is a no-brainer if you own your home, are married or have children – and even more so if you check all of the boxes. But, what if none of the above applies to you? Well, let’s take a look.

Sometimes buying Life Insurance is an opportunity that just makes sense.

If you are still building a life for yourself and have not yet taken on the responsibilities of homeownership, marriage or parenthood then you can probably put off getting Life Insurance for a little while. But, just because you can does not necessarily mean you should. Why? Well, for one, the younger you are when you establish a life insurance policy will likely mean that you pay noticeably lower premiums than if you wait. Waiting even a few years could make a sizeable difference in cost over the lifetime of your Life Insurance policy.

On top of the savings, you may not own your home now, but that will likely change far sooner than later. The same can be said for getting married and having children. Wanting those things in the future is definitely reason to consider getting Life Insurance now – especially when you circle back to the money you will save on premiums by acting now.

Purchasing Life Insurance now can really pay off later.

Lastly, Life Insurance can be a very sound investment with less risk than a lot of other investing options. This applies mostly to Whole Life Insurance policies. However, it is absolutely something worth considering. Whole Life Insurance – sometimes called Permanent Life Insurance, has some very unique and financially rewarding benefits. For one, Whole Life Insurance establishes real cash value over time. But, Whole Life policies can also provide you with some desirable tax advantages, as well. Plus, many policies will allow for you to borrow against your Life Insurance policy, or even withdraw from it early, if you need the funds while you are still alive and kicking.

When you can wait to buy Life Insurance

So, when should you not consider Life Insurance? Honestly, there’s almost no situation for which Life Insurance cannot be a fit. But, in fairness, let’s look at a few reasons why you might wait until a little later down the road.

  • You do not own your home – and you may be unsure if you will ever make a real estate purchase.
  • AND, you are not currently married – and you do not want to get married or are unsure.
  • AND, you do not have children – and you do not want children or are undecided.
  • AND, you do not own a business.

If all 4 of those bullet points apply to you, then maybe you can wait. But, again, you may not want to wait since you can probably save big money by investing in life insurance now.

The Bottom Line on When to Buy Life Insurance

To sum it all up: Life insurance is about responsibility and the future, not age and the current. And, the more responsibility you have, and the more goals you have for the future, the more likely you should consider Life Insurance for yourself now.

Ready to discuss your needs and options with you Altasurance agent?

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You should really consider getting Life Insurance if:

You own a Home

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You are Married

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You have Kids

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You own a Business

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You want to Invest

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You are 30 or younger

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You own a Home

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You are Married

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You have Kids

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You own a Business

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You want to Invest

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You like saving money

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205-970-2189
Chat with Us
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Support

FAQ
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Location

Altasurance, LLC
201 Office Park Drive
Suite 100
Birmingham, AL 35223

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