There is such a thing as purchasing life insurance too late. Did you know that there is an age limit when it comes to buying life insurance? The best time to have a policy is now but there a few things to ask yourself before putting your name on the dotted line.
Have you decided to wait?
You may have heard about life insurance, toyed with the idea of getting it and decided to wait until your ducks are in a row. While some things are worth waiting for, delaying the opportunity to have a safety net that protects you and your loved ones can be detrimental.
Not only will you be left financially exposed, but the premiums could be higher as you age. Life insurers look at your age, gender and health to determine what premiums you will pay. The reality is that the older we become the more likely we are to fall ill or sustain an injury that can change our life.
The best part of having life insurance earlier in life is that it will grow with you and give you peace of mind knowing that your loved ones will be protected financially no matter what happens to you.
What if I don’t have any dependants?
Whether you are single or someone who does not have any dependants to take care of, having life insurance is still crucial. Are you planning on having children in future? Do you want to purchase a home? What will happen when you are placed in a situation where you have to financially take care of a family member?
Are you financially prepared to handle the costs of suddenly being diagnosed with a terminal illness? These are just some of the scenarios in which having life insurance can offer a financial safety net.
What if I am a parent?
Thinking of a future where you will not be there for your child is something no parent wants to think about, especially when their child is still young. However, life is unpredictable. Sudden changes where one parent dies or you as the parent passes away can leave your loved ones financially exposed, which is why it is vital for anyone who has dependents to have life insurance.
If you are not sure how much life cover you will need you can use our handy life insurance calculator to find out. You can also apply for an obligation-free quote to see how much you could be paying in premiums to make you better prepared.