With car insurance or homeowners insurance, owners typically sign up for a policy after purchasing the vehicle or house. However, when it comes to life insurance, deciding when to purchase it can be a difficult decision. Here’s a guide to the factors that you should take into consideration, as well as a primer on when you should purchase this type of insurance.

Do You Have Dependents?

The biggest factor to consider before purchasing a policy is whether you have dependents—family members, such as a spouse or child, who are dependent on your income. If you pass away, life insurance will ensure their living expenses are covered since they’ll no longer have an income source. This can include everything from monthly mortgage and automotive payments to recurring expenses like groceries. Policy coverage can even account for future college expenses for your children. Households with two incomes will often purchase policies for both parties since a death could still take a huge financial toll on the other spouse.

When Should You Purchase a Policy?

If you have dependents, you should purchase a policy as soon as possible, especially since the older you get, the more expensive the monthly premiums will be. Additionally, some medical conditions that develop later in life, such as high blood pressure, diabetes, or cancer, could increase your premiums or even cause you to get denied. Even seemingly minor issues, such as sleep apnea or obesity, could increase your rates. By buying a policy right away, before you have a higher risk of these medical concerns, you’ll save money and have peace of mind knowing that your family is taken care of if anything happens to you. 

When you’re ready to sign up for a life insurance policy, contact Town and Country Insurance Agency in Augusta County, VA. Based in Waynesboro, they have 20 years of experience helping clients find policies that fit their needs and budgets. To learn more about their life insurance policies or to make an appointment with an agent, visit them online or call (540) 221-2465.