When is the best time to buy life insurance?

One of the most common reasons people put off purchasing life insurance is because they think they have plenty of time. Unfortunately, life doesn't always happen according to our timeline.

Life insurance premiums are largely based on your age and health at the time you apply. In general, the younger and healthier you are, the more options you'll have and the lower your premiums are likely to be. As we get older, health conditions become more common, and those changes can affect both the availability and cost of coverage.

Many people wait until they get married, have children, buy a home, or receive a medical diagnosis before they seriously consider life insurance. The problem is those same life events often happen years after you could have locked in coverage at a younger age and potentially lower cost. The goal isn't to buy life insurance because something bad is about to happen. It's to have protection in place before life changes unexpectedly.

Some things to consider:
* If something happened to you tomorrow, would anyone be negatively financially impacted?
* Are you waiting for the "perfect" time (whatever that is) to buy life insurance?
* Are you expecting any major life changes such as marriage, children, or buying a home?
*If life insurance is likely to cost less today than it will five years from now, what would waiting accomplish?
*Could buying life insurance earlier create opportunities for your future that may not be available later?

There's an old saying in the life insurance industry: "The best time to buy life insurance was yesterday, the second best time is today." While none of us can go back in time, we can make decisions today that better protect the people we care about for years to come.