What’s the right time to go for Life Insurance?

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Well, we said it before. The earlier the better. When you are young and healthy your life insurance premium rates are far lower than when you buy it later.

Apart from age and health factors, there are other considerations that drive your decision to think about the right time to have life insurance.

Here is a list of these considerations:

Firstly, think about life insurance when you started earning. In the first job you have, you may hardly save. But it may be the best time to start an insurance plan ( either with or without a saving component ). Why? Insurance has a positive side effect, making you compulsorily save in a regular way. You set aside a slice of your income for future needs through insurance in a forced manner. It’s very tempting when you are young and unencumbered, to blow away all the money you earn. Not many young people would think about insurance. That’s why some companies insist on an automatic pay roll deduction plan for Life insurance,  the moment an employee joins them.

Secondly, if you don’t think about Life insurance when you are young and single, don’t miss it when you are married. Whether your life partner is an earning member of the family or not- it’s time you get insured. Because, you are a family person now and it’s your responsibility to protect the family security come what may.

Third major event in your life- child birth, should be a clear warning bell for you if you are not yet insured. Children grow faster, they have needs-schooling, higher education, marriage- the list is long. Happy family living can come to a tragic stop if a mishap occurs and the family loses its main breadwinner.

Fourth occasion you can’t afford to miss out is when you take large loans. You may take them to buy a home or for business or for profession. Whatever may be the reason, if you take a long term loan- you must insure yourself first,  at least to the extent of the loan liability. Times can get bad and imagine- the family not only loses its dear one, but also would get saddled with the unbearable burden of a loan which needs to be serviced without the cash flow support from your income. This can truly shatter a family and reduce them to penury. Don’t expose them to such an unacceptable risk needlessly.


Think of Life Insurance at your earliest life time event
.Job, Wedding, Child Birth and Home Loans are all the wake up calls for you to insure your financial risks through life insurance.

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