The time is now.
We see life insurance agents advocating life insurance policies everywhere we look. With so much pressure to conform, it’s difficult to know exactly when life insurance is a smart investment option for you.
The answer, in reality, is that there is never a wrong time. Many people see life insurance as another premium to meet – it may be in fact the one of the most important premiums to pay because it is able to guarantee your well-being.
Life insurance has expanded its purpose from protecting your family security to now protecting your business, your investments and providing a general safeguard for the future. Whether you are a university graduate or are moving into retirement, is there ever a wrong stage in your life to be thinking about life insurance?
In your youth
Don’t let your current first-class health position deceive you.
Investing in life insurance while rates are low and you are young and in prime health could be the best time to do it. Although it may be confronting to think about, who knows what your future health needs will be.
As a student or a university graduate, would you want to leave your loved ones behind with your bulky student HELP loan, your credit card bills or car loan? Although it may seem unnecessary, investing in life insurance during your studies would relieve your family of these costs in the event of a tragedy.
Just married? Congratulations!
We know this is an exciting time for you…but not one you should take for granted in terms of quality of life because the importance of life insurance has just doubled for you. Can you afford to maintain your new mortgage by yourself if something were to happen to your spouse? Can you afford to leave your spouse with a huge financial burden should something happen to you?
Disability insurance is another step in the right direction. Don’t be frightened of taking out disability insurance, by protecting your income to obtain temporary support while you are unable to work due to injury or ill health is an asset that will allow you to concentrate on getting well while your bills are being paid. This is particularly important if you have or are intending on having a family. Home expenses can take an exponential upward turn with a new addition to your family.
As your family grows, make sure you keep an eye out for any extra coverage you may require – do you have children with university ambitions or unsettled debts on property investments? Plan now so that you will not have to worry about these costs in the future.
Lucky you. Now there’s more time to think about your own personal life goals. Have you ever wanted to provide financial support for a charity you are passionate about? Or perhaps you always wanted to leave a legacy for your children.
So when is the right time to invest in life insurance? The time is now.