There are numerous answers to this question. The easiest is if a person has a loved one in their life that would lose financially due to an unexpected death, they need life insurance. If someone counts on your income or would be left owing a bill from a mortgage, car loan, credit cards or funeral expenses, unless the money needed is available in the bank or liquid investment, you need life insurance. The best time to buy life insurance is as young and healthy as possible. be sure and lock in the rate for at least 20 to 30 years if buying term or permanently if buying whole, universal or another type of permanent insurance. We are all getting older and sicker each year, purchasing life while as early in life saves you a lot of money over your life time.
The best time to have Life Insurance is at the time of death. Unfortunately we do not know when that will be or how it will happen as we look into the future. If you had a crystal ball and knew exactly when and how you are going to die, then you would get the cheapest insurance for the highest death benefit you can afford. So, the question is what will happen to my family if I die tomorrow? At age 65 or later.
If you have children, then your priority is probably with providing coverage until they become the adults you want them to be. Term Life Insurance is a good solution for this type of coverage.
If you are older, perhaps it is more of a Final Expense approach or perhaps an Estate Planning coverage with Permanent Life Insurance providing the best solution.
Here is the catch: the older we get, the more health history we have, the higher the premiums will be no matter what kind of Life Insurance you get. It is all about planning for now and for the rest of your life.
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If you have children, then your priority is probably with providing coverage until they become the adults you want them to be. Term Life Insurance is a good solution for this type of coverage.
If you are older, perhaps it is more of a Final Expense approach or perhaps an Estate Planning coverage with Permanent Life Insurance providing the best solution.
Here is the catch: the older we get, the more health history we have, the higher the premiums will be no matter what kind of Life Insurance you get. It is all about planning for now and for the rest of your life.