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When is the best time to get life insurance?

Beginner's guides
When is the best time to get life insurance? Image

The “right” time for you get to get life insurance depends on many factors including your age, health, and financial obligations. While there is no single answer that applies to everyone, we will explore some key life stages and explain the benefits of life insurance.


Life insurance for young adults

The earlier you purchase life insurance, the better, as the cost of premiums will only increase with age and deterioration in your health. You may not have children yet or even a mortgage, but perhaps there are dependants in your life such as a long-term partner or elderly parents who will require care in the coming years. If you and your partner are dependent on each other’s incomes to support the rent and other running costs of your shared home, life insurance could be used to support the surviving partner. Similarly with elderly parents, life insurance could ensure that after your untimely death, their care needs can still be met financially in your absence.


Life insurance for parents

If you’re considering having children or already have them, life insurance is particularly important, as it provides a financial safety net for your family in case the worst should happen. Life insurance provides a lump sum of money that can be used to pay off debts or support your family with additional income in the event of your death ensuring that your children will be provided for in the years after your death.


Life insurance for homeowners

Purchasing life insurance when buying a house can help to provide financial protection for your family in the event of your death. The proceeds from your life insurance policy can be used help your family maintain the mortgage payments (or even pay off the mortgage with a lump sum) and keep their home.
Life insurance can also be an important part of estate planning. For instance, if your children are to inherit your property, depending on how much the property is worth, they may be liable to a hefty tax bill. Life insurance can be used to cover the tax bill in some cases. You should seek professional legal advice when considering estate and tax planning.


Life insurance for seniors

Regular life insurance policies have a maximum eligibility age . This varies among insurance providers, but it’s typically between 50 and 80. The older you are when you take out a policy, the more expensive it can be. Over 50sSenior citizen life insurance , as the name suggests, is specifically designed for those in later life – in their 50s, 60s, 70s, and 80s.

Most retirement policies allow you to buy life insurance that will replace lost income if you die, ensuring your loved ones can maintain their quality of life.


Do I need life insurance if I rent my home?

While you do not need to purchase life insurance if you rent your home, it is still beneficial to consider a life insurance policy. For instance, life insurance can provide a lump sum of money that can be used to provide income for dependant partners, children or other beneficiaries in order that they can continue to pay the rent after your death.


Do I need life insurance if my employer provides Death In Service?

It depends on your personal circumstances. Death In Service cover will provide life insurance if you die whilst employed by the company. You may wish to have your own life insurance policy however which is not dependent on your employment. This may be beneficial whilst you are younger so that you can benefit from lower premiums rates , rather than waiting till you are no longer employed by the company or have moved jobs, but are now considerably older and will have to pay higher premiums rates for a life insurance policy of your own.

Nevertheless, Death In Service cover can provide you with added protection and save you money by not having to buy your own life insurance policy. You may still decide to have your own life insurance policy but choose a lower cover level in lieu of the fact that you also have Death In Service cover. A good way to decide would be to figure out how much cover you need and determine if your Death in Service cover is providing enough cover for you.



The best time to buy life insurance can be different for everyone, but the key is to start looking into policies as soon as possible. It’s always a good idea to compare quotes before taking out a policy. You and your family’s individual circumstances will determine how much cover you need and what you’ll have to pay in premiums. Other factors that may impact your life cover quote include your age and medical history.