Let’s take a look at who would actually need life insurance. A child, for example, unless the child is earning enough money to sustain him or herself, then he/she does not need life insurance, because no one depends on him or her for income.
The premium payments, however, are much cheaper when life insurance is taken out on a person at a very early age. Having that in mind, if you have money that you can afford to spend, it would be an ideal time to start a life insurance policy for your child.
If you are starting a family, it would be wise to take out life insurance on yourself. This is because payment rates will be cheaper, than when you get older and this will be advantageous as you build your children’s future early.
Life insurance is most needed by an established family. Remember that insurance is for people on whom others depend, for their financial security. If you are at the head of an established family, then you need life insurance now, before you get older and the payment rates become harder or impossible to meet.
If you are a working couple, without children, you may not need life insurance at the present time, as neither of you depends on the other for financial support. That said, you can never tell what the future may bring, so the sooner you get started with life insurance, the better.
It’s always good to have something set up to handle things like funeral costs, in the event of a disaster. Maybe you think that you or your spouse’s source of income is not stable and will require one of you to depend upon the other for support, in the future. Should disaster come your way, the remaining partner may get left out in the cold, if things are left to chance.
Young single adults will usually take out life insurance to either pay for their funeral costs, should anything unexpected happen to them; or if they want to support an elder, whom they may currently help financially. If you are a young single, earning a stable income and have people depending upon you for support, then take out life insurance on yourself.
You can always set your money aside for when life insurance will really be a necessity, but it’s important to remember that payment rates will get higher as you grow older, so the insurance might become pretty expensive by the time you decide that you need to get it.
It’s best to consult your independent insurance agent to get all of the up-to-date facts about life insurance and their costs, so that you are more easily able to make a responsible and intelligent decision.