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When should I look into getting life insurance?

You may want to consider getting life insurance as soon as you can. Start now to find life insurance that could best fit your family’s needs and your budget.
June 19, 2024
3 min read
A father and daughter sitting on a bench

You should look into getting life insurance as soon as it is financially possible. Life insurance is an important purchase to help financially protect your family. If life insurance premiums fit in your monthly budget, it may be best to get coverage right away.

Life insurance pays a lump sum death benefit to your loved ones after you pass away, helping them cover funeral expenses, mortgage payments, car payments, education expenses, or other bills.

Of course, when to get life insurance and what type to select is a very personal choice. The answer will vary depending on your family’s needs and budget.

Consider your current financial obligations including mortgage, rent, childcare, debt, and retirement planning. You also have to think about any dependents you may have and what their needs might be. Young children may need both childcare and funds for future education. If your partner or any other adult is financially dependent on you, they should be considered as well.

Luckily, there are several options for life insurance, so it is possible to get the coverage you are looking for now and in the future.


Types of life insurance

There are two primary types of life insurance: term life insurance and whole life insurance.

Term life insurance

Term life insurance provides a death benefit for your loved ones if you pass away during the specified term. Terms can be 10, 15, 20, or 30 years and will be stated in your policy. The amount of the benefit is also detailed in your policy.

Term life insurance payouts can be used to help cover any expenses your family may have and could be the best choice in certain situations. For instance, if you are the primary earner in a family with three children under the age of 6 and you are in your 30s, it might make sense to get a 30-year term life insurance policy. The policy can often be more affordable when you are younger and in good health, and the longer policy length will ensure that your family is covered until the children are grown. On the other hand, if you are in your late 60s with adult children and no dependents, term life insurance may be too expensive or unnecessary.

Whole life insurance

Whole life insurance provides a death benefit to your stated beneficiary when you pass away. This is permanent coverage that you keep for your entire life. As long as your premiums are paid, your loved ones will be eligible for the benefit. Whole life insurance can be more expensive, but it is designed to last your entire life. These types of policies may be a good option for anyone who is looking to help cover final expenses or smaller outstanding debts.

Even if you choose term life insurance initially, it may be wise to convert your policy to whole life insurance when that is an option. Most insurance companies make it simple to convert from term life insurance to whole life insurance. Converting your policy from term life insurance to whole life insurance may be a smart move because then your loved ones receive a pay out when you die.

Another benefit of whole life policies is that they often offer cost certainty, meaning your premium can be locked in. Switching to a whole life insurance policy earlier may mean getting a better rate. Rates are generally lower for younger people.

Getting life insurance is one way to help financially protect your family. To provide the most coverage for your family, you may want to consider getting life insurance for your entire adult life. It may also makes sense to change your term life insurance to whole life insurance as soon as it is financially possible for you and your family.

Learning about when to get term or whole life insurance might be your first steps in finding out what coverage could mean for you and your loved ones. Now you may be ready to learn more about specific insurance options, benefits, and costs. Your research is a step toward helping your family maintain their lifestyle.

TruStageTM offers both term and whole life insurance options. Learn how to get started with term life insurance.

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