When you′re in your 20s, you feel invincible. As we age and start building a family, we may still feel invincible, but having loved ones who depend on us now makes us start to ask ourselves questions about the what ifs in life and what would happen to our loved ones if we weren′t around to provide. Will they be able to pay the bills? Will Sally and Timmy be able to go to college?
We hate to talk about dying prematurely, but let′s face it, we are all going to die at some point and it is always harder for those left behind than it is for you to deal with. Something as simple as a having life insurance can make things much easier for them to recover if the unexpected does happen.
The whole point of life insurance is to help your loved ones that depend on you financially continue their lifestyle if you couldn′t be there to provide. So, now that you′ve determined that you need life insurance, when is the right age to buy it?
If you′re in your 60s and have no financial dependents or assets and an estate that will not need to be taxed upon your death, then your need for life insurance is much lower than it was 30 years ago. You most likely have savings to cover final expenses like funeral and burial costs.
But, regardless of your age, if you have people who do depend on you financially, like a spouse, children or elderly parents, then you need life insurance. There′s no perfect age to buy life insurance; the perfect age is the age in which your loved ones start depending on you.
1. When you get married your spouse depends on you and you on them, so that is the time to get life insurance.
2. When you have children you′re at the perfect age for life insurance because now your children depend on you.
3. If you′re a caretaker for an older relative, such as a parent, then now may be the right age. More and more adult children are caring for their parents and life insurance is a great way to ensure that they continue to get the care they need, even if you′re not around to help pay for things.
Another consideration is pre-planning and buying life insurance even before you have financial dependents and even if you′re still single. This is very beneficial from a price standpoint. The younger you are the cheaper life insurance is because your likelihood of dying is much lower. A policy for someone in their 20s is upwards of 10 to 20 times less expensive than for someone buying in their 50s, simply because of the risk of dying is lower and overall health is better at a young age.
It is not a bad idea to purchase life insurance if you′re single, but if you′re planning to have a family someday, then a 20 or 30 year term policy is perfect. Not to mention, the policy would be very inexpensive ? many policy options would likely be under $20 per month.
The policy can stay in place for up to 30 years and at any time you can update or change the recipient of the money from the policy when you get married or have children. Life insurance when you′re young and single can be a great family planning tool for those who like to think ahead.
Now, if you′ve determined that you′re at the perfect age for life insurance you probably just said to yourself that buying life insurance sounds like the most un-interesting thing a person could do. Well, good news, there is finally a place where you can research, compare and purchase life insurance from the comfort of your own home and in a way you can understand no matter what your ′perfect age? is. Quotacy will help you learn about life insurance, determine your needs, and find the best term life insurance policy all from your PC, tablet or smart phone.