Lets start with this, there is not a specific age to first buy life insurance. The truth of the matter is that everyone's situation is different, however, there are a few important milestones in your life when you need to start considering some sort of coverage or to adjust existing policies in order to protect your loved ones.
Here are some common reasons to first look at or adjust your life insurance:
Getting married is an enormous step. It changes your life, brings new joys and responsibilities. It compels you to consider another human being at every turn. Your spouse not only depends on you for love and companionship, but also your combined finances are an important factor for your standard of living.
Life insurance can help ensure that your spouse won't struggle financially if something were to happen to you.
HAVING A BABY
After the birth of your first child, nothing is quite the same.
There's no script for protecting your little one from life's ups and downs, but with life insurance, you can help secure their financial future if you or your spouse are not around to see them through their education and progression into the wider community.
BUYING YOUR FIRST HOUSE.
Securing a mortgage is an exciting time and comes with an ongoing commitment to cover the repayments for up to 30 years. Protecting that investment is very important too.
Whether you've bought your new home with a domestic partner or a spouse, life insurance can help ensure that whoever is living under the same roof will be able to continue stay there or have your portion of the mortgage covered if you were to die.
WHEN OTHERS DEPEND ON YOU.
Many of us, at some point in life, will have responsibilities that reach outside of our immediate family. Being called upon as Godparents for your sibling’s children or there’s an outstanding loan that you have or are a guarantor for. Regardless of the precise circumstance, a life insurance policy can be customized to fit your needs, making it possible to help protect all of the people you love.
Life insurance often feels like something that your parents needed; that it's a good idea for a distant time. Answering the question of when is a good time to buy life insurance can be easy though, if you know the signs to look for.