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News Room

When Is The Best Time To Get Life Insurance?

Jason Snyman
2020-04-17
When is the best time to get life insurance? Should we get it done and dusted while we're young and healthy? Or should we wait for life's bigger events to remind us of our mortality? The real answer isn't quite what you'd expect...

When is the best time to get life insurance? Now, that’s an open-ended question. It allows for a lot of space to explore, there’s room in there for many true answers. It all depends on many personal factors, on the individual’s own circumstances. Should we wait until we’re married? Wait until we start a business? Or should we get it all in order while we’re still young and healthy? 

It’s been said that there’s no right age to get life insurance, but there is a right time. It’s also been said that many people only begin to consider these things once they’ve lost somebody dear to them. Seen all the turmoil wrought in their departure. Hindsight is a gift. It’s been said that the right time to get life insurance is a lot sooner than you might think it is. And it’s also been said that the right time to get life insurance is when somebody else depends on your income, and could not survive without you. 

An awful lot has been said about it, and it’s all true enough, but all these noble replies could easily be condensed down to a single one. An answer that we can all relate to, all understand, all know to be true. When is the best time to get life insurance?

Well, before it’s too late.

Getting Life Insurance When You’re Young

There are many great benefits to getting your life insurance in order while you’re still young and healthy. Those between the ages of 20 and 35 will not only get to enjoy far lower insurance premiums – because premiums are likely to go up as you age – but also the peace of mind, of knowing that they’ll be covered in the unfortunate event of permanent disability, or serious illness, and being rendered unfit to earn an income. 

Many young working adults will prioritize medical cover over life insurance, and there’s nothing wrong with that at all. In fact, it’s a pretty smart move. Financial stability usually plays a key part in this decision. Life insurance is a long-term commitment; it requires the dedication and means to follow through, and most people will only be able to achieve this once they’ve settled into a career.

The older we get, however, the more expensive and the more difficult it becomes to acquire the life insurance or the medical cover that we need. There’s a far greater chance of developing troubling health conditions along the way, and applying for policies may prove tough with any serious pre-existing conditions. 

Of course, this doesn’t mean that it’s a lost cause, and people of all ages should still consider getting these policies, and for many good reasons. In many cases, those with underlying health issues may face higher premiums, or may have to undergo a thorough medical examination, but it’s by no means an impossible task.   

Those who live a healthy lifestyle – no smoking, modest alcohol consumption, getting enough exercise, keeping a healthy diet – will always enjoy lower premium rates, regardless of age.

When Life Insurance Becomes Priority

Speak to the average single, childless twenty-something about insurance policies, however, and their eyes are likely to glaze over. These things rank pretty low on our list of priorities when we’re young and wild and free, but the time to consider them will inevitably arrive. 

This moment is usually in any of life’s big events; marriage, the birth of your first child, buying a home, the start of your first business, etc.

Of course, finding the right life insurance policy can be pretty daunting and tedious and confusing at the best of times. Most people don’t know what they’re looking for, why they’re looking for it, or even where to find it. The truth is that this is very much determined by the individual, and what you’d like your policies to do for you. Life insurance could keep your family and business going in the event of your death, it could pay for your funeral, it could take care of debt or estate taxes or unpaid bills, it could provide cover for the aforementioned health concerns, it could allow you to leave an inheritance, or ensure that your children can complete their studies, and it could cover bond or car payments so that your spouse doesn’t have to do it alone. 

Life insurance is the safety net designed to protect the people you love from financial destitution, and it takes many, many forms. 

When somebody else depends on your income for survival, it becomes a priority. 

CompareGuru has you covered.

During the pandemic, lockdown and beyond, CompareGuru recognises the uncertainty and anxiety you may be experiencing, and to do our part, we are offering the assistance and guidance of our expert Gurus at absolutely zero cost, to answer any and all questions you may have regarding the protection of yourself and your family.

NEED A CHAT? REACH OUT TO A GURU HERE

Our Gurus are assisting anybody with queries relating (but not limited) to the following: 

  • Life Insurance and Funeral Cover;
  • The insurance T's and C’s;
  • How best to structure your insurance at this critical time;
  • And any other queries, where possible.  
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