Have you ever heard the old adage, ‘Don’t put off for tomorrow what you can do today’? People have a tendency to want to put things off by having the mindset that ‘there’s always tomorrow’ or ‘I’ll live to fight another day’ or ‘tomorrow, tomorrow…I’ll do it tomorrow’. It’s called procrastination. The worst thing that can happen is we continue to put off for tomorrow and tomorrow never comes.

When you drive that new car out of the dealership, you have to have provided proof of insurance on that vehicle before the sale can be executed. Why? Because anything could happen once you drive off the lot and the lienholder wants to be assured their stake in that vehicle is protected or covered by liability insurance. We attain that insurance because we have to cover that tangible item from the unpredictable. Yet, we walk through life without insuring our own lives against the unpredictability we face all the time. Our lives are just as, if not more, precious than that vehicle. And, what happens to us is just as unpredictable as what might happen to that vehicle.

So, when should you buy life insurance? That is the questions at hand. And the answer is not so simple. Because there are times in life when you should look at life insurance purchases.

1. You should buy insurance when you come to realization that life insurance is a necessity. For many people, the necessity for life insurance is not realized until something happens to open their eyes, whether someone unexpectedly dies or they lose someone close to them. Life insurance should be purchased as early in life as possible so that cash value can be built if considering a whole life purchase, or the premium is lower. As you age and develop health issues, you can expect to pay more in premiums.
2. When you become engaged or married. The joining of two lives together is not just physical and emotional, but you also join finances and financial responsibility. So, it’s best to cover both spouses with life insurance that can be used to replace income should one become temporarily or permanently unable to work. Also, life insurance can be used to cover the mortgage should one spouse perish and provide living expenses.
3. When having a child. Raising children can be very expensive, and some project it takes about $250,000 to take care of a child to age 18 years. Insuring the parents, can help insure that the cost of raising the child is covered should something happen to a parent. Or, insuring the life of that child can provide options that provide a living benefit for the child that can be accessed while they are still living. This can be used for major purchases or education.
4. When buying a home. Your home is oftentimes your biggest asset. It’s the place where you have and share life’s memories. If something were to happen to you, you would no doubt want your children to maintain and keep their home. A mortgage protection life insurance policy would pay off the mortgage so your family won’t have to uprooted should you perish.
5. When you lose your job. Many employers offer their employees life insurance but what many don’t know is that that life insurance is only good while you’re with the company. In most cases, once you leave or separate employment that policy lapses. So, it’s best to have your own independent life insurance policy that stays in effect as long as premiums are paid. Or, in the case of term life stays in effect as long as premiums are paid the term is in effect. If oftentimes not until you lose your job that you realize your insurance is not portable.
6. When entering retirement years. You’ve worked a long time to retire and enjoy a life of leisure, travel and just doing whatever you want to do together with your spouse. But the reality is that one spouse will outlive the other. You want to make sure you’ve planned well enough to provide for the surviving spouse after you’re gone. Life insurance provides that protection to replace income, pay final expenses/medical bills, etc.

Whatever stage of life you find yourself in, it’s a good time to buy life insurance. You can’t buy life insurance too early or too late. But as a rule of thumb, it’s better to buy early in life when rates are lower and before your health takes a turn for the worse. One thing is for certain, buying life insurance is well worth it.

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Glenda Warren is the Owner/Agent of The Legacy Group, Inc., a life and health insurance powerhouse located in Memphis, TN. Visit her website online at www.thelegacygrpinc.com