When should I get Life Insurance

The ideal time to purchase  a life insurance policy is as early as you can. Generally when you are younger, say in your 20s and  30s, the premiums  are lower. The more you wait the more premiums you end up paying. As you grow old premiums of life insurance plans steeply increase due to the rise in risks borne by the insurer.

Another option is to purchase life plans as soon as you have dependents relying on your income. Dependents here refers to your retired  parents, your financially dependent partner or your children.

Life Insurance is more like a way of dealing with the corpus fund that you might have now and using it as an insurance cover in case of an unfortunate future. You can evaluate with a simple example like for now your family is running on your income but if tomorrow you are absent from their lives then life insurance comes into play. With death benefits your survivors can pay the bills after you are gone. Life insurance will give your family a financial helping hand, to clear your unpaid debts and meet other day-to-day expenses, after you’re gone.

You can always check your savings and determine if it will suffice your family when you are gone. Chances are these policies may never be used but knowing you have a back up plan will help you get good sleep. With life insurance, you can protect your family even during your absence.