When Should I Get Life Insurance?

Life insurance can be an essential financial resource that offers reassurance and financial protection for your loved ones when you pass away. Deciding when to get life insurance can be complex, influenced by various life stages and personal circumstances.

When to Consider Life Insurance

The following are some key moments when you should consider getting life insurance:

• Starting a family—One of the most common reasons people purchase life insurance is to protect their family financially. If you have dependents, like a spouse or children, life insurance can offer financial support in the event of your passing. This is especially important if you are the primary breadwinner.
• Buying a home—Taking on a mortgage is a significant financial commitment. Life insurance can help cover the outstanding mortgage balance, helping to ensure your family can stay in their home without the burden of mortgage payments if you pass away.
• Getting married—Getting married often means combining finances and planning for a future together. Life insurance can offer financial stability for your spouse when you pass away, helping to cover living expenses, debts and future plans.
• Changing careers—If you experience a significant increase in income or take on a high-risk job, it might be a good time to reassess your life insurance needs. Higher income often means higher expenses, and a high-risk job can increase the likelihood of an untimely death.
• Planning your retirement—Life insurance can play a role in estate planning as you approach retirement. It can help cover estate taxes, provide an inheritance for your heirs or support a surviving spouse.
• Experiencing new or worsening health conditions—If you experience a decline in health, obtaining life insurance can become more complex and expensive. Getting life insurance while you are still healthy is often advisable to lock in lower premiums.

Learn More

The best time to get life insurance is when you have dependents or financial obligations your death would impact. Contact Mikel's Insurance Services to discuss your life insurance options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.