When should you buy life insurance? – CBS News

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By Rachel Layne
/ CBS News
Life insurance can help ensure that people who depend on you have a financial safety net in the event of your death.
In exchange for regular payments made over time to an insurance company or through an employer, people you designate as beneficiaries get an agreed-upon sum when you die through your life insurance policy.
There are two main kinds of life insurance, offered in a variety of forms: term life insurance and permanent life insurance. The most common kind of permanent insurance is called whole life insurance. Term life insurance offers coverage for a set period of years. Permanent, or cash value, covers your entire lifetime (premiums can cost more).
Either form of life insurance will provide financial protection for you and your loved ones. So, if you don’t have life insurance, or want to supplement what you currently have, it’s worth exploring your options. Get started with a price estimate today.
The type of insurance you purchase will depend on your personal financial situation. But when is a good time to buy life insurance? In general, experts say the earlier the better – but it also pays to examine your specific needs like dependents and individual financial situation. Consider your whole financial picture and future needs.
As usual with personal financial decisions, there are advantages and disadvantages to consider. This is especially true when determining the time frame for purchasing life insurance.
Yet it’s also never a bad idea to look into life insurance, even if you haven’t thought about it before (or couldn’t yet afford it). You may have dependents, bills and other expenses you still need covered. Or, you may want to leave an inheritance. There are multiple advantages to having a life insurance policy in place, regardless of the type you choose. Speak to an insurer today who can help guide you to the right choice. 
Certain milestones can also be a good time to consider life insurance:
Have additional questions about purchasing life insurance? Talk with a financial adviser to properly assess what’s right for you.
First published on September 12, 2022 / 5:27 PM
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