Have you been wondering when is the right time to buy a life insurance? This is a concern to some of my friends because they are having doubts if it is the right time for them.
In this post, I will try to explain to you (and to my friends) the best age of a person to buy a life insurance.
And hopefully that at the end of this post, you will be enlightened. And hopefully you will arrive to a decision.
When do you need a life insurance
Age zero (0) to twenty (20)
At this age, kids are still finishng up their studies and are usually depend to their parents. They do not have the ability to earn income yet.
But life is unpredictable and their parents should decide if they want to buy life insurance for their kids.
It is not a must at this point but being safe is better than not.
The recommended insurance for the kids are health insurance in case they got hurt or sick.
Age twenty one (21) to thirty (30)
At this age, this age group are already starting on their own careers.
Usually, they do not have dependents yet. But they are now living on their own. Paying their own rents and bills and other necessities.
At this age, some of them are starting to have their own families or have started some loans and mortgage.
This age group is recommended to buy a life insurance especially for those who already in debt.
Age thirty one (31) to sixty (60)
This age group has the highest responsibilities on their shoulders. Their parents are growing old and their kids are going to school and growing up too.
In addition, they usually have existing housing loans and car loans. This is also the age group that are most likely to have credit card debts.
It is highly recommended to this age group that they should be getting a life insurance whether a term or permanent life insurance.
Age sixty one (61) onward
At this age, it is understandable that many of your responsibilities in life have been completed or have decreased significantly.
At this age, a retirement fund should already be in place. No more dependents and no more loans to pay.
Buying a life insurance for this age group is not recommended anymore but they can still have one if they like to do so.
But bear in mind that cost of life insurance at this age is expensive due to old age and are most likely to be at the sunset of life.
In summary
The younger you are, the cheaper the cost of life insurance is when you buy. And it gets more expensive as you grow older.
This is because medical conditions are more likely to develop as you grow older.
The ages I mentioned are the normal, usual and ideal setup.
In some cases, some people already have dependents as early as their teens. So they are forced to start working already.
In other cases, there are some people that can already retire during their forty’s because they already have accumulated wealth.
And the wealth they have is already enough for them to last for their remaining lifetime.
Generally, you should have a life insurance in all your years. Because no one knows if something bad will happen to anyone.
Though the best time and the most appropriate time is when you have more responsibilities in life.
Disclaimer:
I am not an insurance agent nor connected to any life insurance companies. And I am not going to have any referral fee if you buy from these companies.
This post is in series with:
Why Do You Need A Life Insurance
Here is another resource for you to read: Benefits of getting insured
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