Many people believe that only the elderly or parents of small children need to worry about life insurance. Unfortunately, this common misconception often causes people to delay purchasing coverage or go without it entirely, leaving their families exposed and potentially owing thousands of dollars in the long run. To save money and shield your loved ones from financial risk, it’s best to purchase life insurance as soon as possible.

When Should You Buy Life Insurance?

Immediately After Birth

Life insurance rates are determined by the age of the insured, so children are much cheaper to insure than adults. Parents or other family members may consider purchasing enough coverage to pay for burial expenses and other expenses associated with the loss of a child. When the child turns 18, the policy can be expanded to meet the needs of an adult, or you can withdraw the equity to pay for college.

After Graduating from College

Young adults graduating from college often carry significant debts from credit cards and student loans. If a student’s parents cosigned on any of these debts, they may be held responsible if the student suddenly passed away, which makes life insurance a valuable investment. Recent college graduates should consider purchasing at least enough life insurance to cover their funeral costs and any debts they might leave behind.

After Marriage

Marriage is an emotional bond, but it’s also a financial and legal union. If one of you passes away, will the other be able to pay the mortgage, credit cards, and other debts? Many newlyweds, even those without children, choose to purchase enough coverage for their spouse to pay off debts or purchase a house. Although it will be more expensive than buying a policy for a child, life insurance for young adults can be extremely affordable.
 

For over 90 years, families across the country have relied on Farmers Insurance Group to protect what matters most. From our office in Mountain Grove, MO, we offer a comprehensive selection of life insurance policies backed by one of the nation’s leading carriers, with options suited for any situation. Follow us on Twitter for more insurance tips and advice, visit us online to read customer reviews, or call (417) 926-7900 to request your free life insurance quote.