When is the best time to buy term life insurance? Take a moment to
consider when is the best time to buy any type of life insurance. Also
think about whether you should buy any life insurance at all.
Do you need life insurance? Of course you do...everyone does. Life insurance pays off outstanding debts after death for pennies on the dollar. Why should you pay the full amount of your debt when you can pay it for 3 cents on the dollar.
When is the best time to buy term life insurance for family protection? Do you have a family? Do you think you need to guarantee that your income continues going to them after your death? Of course you do.
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May be the best time to buy term insurance is now. Why? As you get older
the same policy you would buy today will cost you more. The actuaries
who work with the life insurance companies know how many people at a
given age are going to die within a year. They know how many will be
alive next year this time.
The problem is that we don't want to think about the possibility of death. If we give the matter some thought we realize that the best time to buy term life insurance is today. Why do I keep referring to term life insurance ? Term policies cost less than permanent policies. Anybody with an income can buy some term insurance as long as s/he can qualify for it.
Some of the permanent policies like whole life , universal life or variable universal life are too costly for many people but they can afford a term policy. May be you only want the policy to pay last expenses. $10,000 to $20,000 will do that for most people. The costs of these policies are so negligible that anyone can buy a term policy to take care of last expenses.
The best type of term life insurance for you depends on the
period of time you for which you need to keep the policy. Policies of
choice are the level term policies for 10 years, 15 years, 20 years, 25
years or 30 years. The shorter the time you will need the policy the
lower the cost.
When is the best time to buy term life insurance policy? You should buy your policy at the earliest convenience as each year you wait it costs more. The fact is many people will not qualify for the policy next year this time because of ill health.
I have spent more than 40 years in the life insurance business
and I can tell you many sad but delightful, in a way, stories about
people who did not wait to buy their life insurance. These stories are
sad because someone died but they are delightful in other ways.
The outstanding debts were paid off and the families left behind were provided for. The children could continue going to the same school and the surviving spouse could take them there in the same car. The money needed to take care of final expenses was more than sufficient.
The other side of the coin is rather ugly. I could tell you stories about many people who died without sufficient life insurance, but I won't. The best time to buy term life insurance is now. There is no time like the present to do the smart thing.
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