When is the Best Time to Get Life Insurance?

More often than not, financial advisers that work for insurance companies would get brushed aside by clients. Especially here in the Philippines, many people live a carefree, happy-go-lucky life with a “come what may” attitude.

Most people would think that that insurance is not a need and that it would only be an added expense. Something else to worry about every month. This is why people miss out on the benefits of life insurance and invest when they are older.

While there is nothing wrong with this, as there is no wrong time to start investing, if people invest later in life, the total amount of their insurance policy will be much smaller than if they have decided to invest earlier. So if there is no “wrong” time, is there a right time to invest?

Let us explain by using an example. Imagine a young mother of 4, who was recently diagnosed with heart disease. She has no life insurance, but after she was diagnosed with heart illness, she opts to apply for an insurance policy.

She ends up having a denied application. Yes, that can happen. In a way, for her, it really was “too late” for her to have a life insurance policy because most of the insurance companies would not want to cover her because of her medical condition. No insurance policy would allow her to have coverage anymore.

How quickly the tables can turn. Life is like that sometimes. It can creep up on us and surprise us when we least expect it. Sadly, the surprises are not always good ones. Let us return to the lady in our fictional scenario.

Now that she is sick, she cannot apply for a life insurance policy anymore. She will have nothing to leave her kids, with the danger of her passing away at any moment, she now realizes the grave mistake she had made. If she had invested years ago, when she was healthy, this problem would not even exist.

Buying a life insurance policy is more than just a financial decision. Yes, you will be saving and investing for your future (and your family’s too), but at the same time, you will be making yourself ready for anything that life throws your way.

Let us go back to the original question. When is the best time to invest in life insurance? We would like to think so. There is no “wrong” time to start, but then the BEST time would be when you are young, healthy and earning an income. You will be able to afford to pay the monthly premium, you would be free from any illness, making you eligible to apply for an insurance policy, and you will be able to make the most out of your investment. 

Let’s say it again that there is no actual wrong time to start, but then life can strike at any moment. An emergency can happen without any forewarning. When you will be needing the insurance, you might not have it if you wait too long. 

The best time to get insurance is now. If you do not have life insurance yet, but are healthy, young and working, at least consider taking out a life insurance policy. You will benefit fro it in the long run. Start saving for your future.