When is the best time to get life insurance?

When we talk about the ever-changing needs of an individual or family, life insurance is something that would never be gone from the list. Many more Filipinos have become aware that having a life insurance policy is important, but many of them are unsure of where to start.

One of the first questions that pop into their minds would be “When is the best time to get life insurance?”

We are here to answer that question.

Ideally, life insurance should be gotten for a person by their parents when they are born. However, since we do not have a time machine to go back in time to tell our parents to get life insurance for us right after they come out of the hospital with us wrapped in a baby blanket, the responsibility would fall to us to get life insurance for ourselves when we are able.

Is there a right time to get life insurance then? The answer is no. It would depend on if a person would be financially stable, and that would be the best time for them to invest in life insurance. Take note that the earlier you decide to invest in life insurance, the cheaper your premiums will be.

The reason for this is because the insurance companies would be more comfortable giving insurance policies to healthy individuals who have not been diagnosed with any chronic illnesses. It will be much more expensive for you to get a life insurance policy when you will already have an illness. There are even instances when insurance companies would even refuse to give you insurance because of your diagnosis.

Is there a right or wrong time then, to invest in life insurance?

The answer is, if you do not have any form of life insurance at the moment, the time to invest would be now. If you have a stable income, and a growing family, it would be a wise idea to invest in life insurance as soon as you can. 

Benefits of life insurance

Savings. You will be able to have savings that will be set aside for your family. Depending on the type of insurance that you have, you can borrow against this amount in case of any emergencies.

Death benefit. The most basic thing about a life insurance policy would be that you will have peace of mind that no matter what fate befalls you, your family will be able to receive a sum of money when you die. On top of this, your life insurance plan will take care of any expenses for your funeral and memorial service, so your grieving family won’t have to.

Investment. Your life insurance can also turn into your investment. The life insurance company will invest your money in the stock market so that the money you paid for in premiums will grow exponentially, so that years from now, you can be able to receive a bigger amount than what you originally invested.

There is no better time than now.

You have a stable income. Now that you can pay, you can afford to get life insurance. Remember that the younger you are, and as long as you are free from any illness, you can get it at a more affordable amount.

Your family is growing. Take note that if you have a family, they will be the ones to benefit from the life insurance in case anything happens to you. Do not wait until it is too late. Get insured now.

Your lifestyle. You have to get a life insurance policy to make sure that your family can continue to live the same lifestyle even if you suddenly pass away.