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When is the Right Time to Buy Term Insurance?

We make granular decisions and weather life’s twists and turns every day. But which decisions and life events make it important to protect your loved ones or business with life insurance or other coverage?

Debt: A car loan, mortgage, student debt or business debt are all reasons to obtain life insurance. Buying creditor protection like mortgage insurance often means that while the debt and benefit amount reduce over time, your premiums stay the same. Some solutions are also medically underwritten at the time of claim.

If you do opt for creditor protection, ensure that you read the fine print. Obtaining a separate policy to cover these obligations should you become an angel can be less expensive and allow you to control the terms of the contract more strictly.

New family members: If a spouse or child come into the picture, it could be time to ensure that if you passed away, adequate resources would be available to ensure that your children or spouse would have the means to continue living as they have been.

Dealing with a loved one’s death and scrambling to sell a house or make significant lifestyle adjustments in the face of a reduced income can be avoided with proper coverage.

Plans for the future: Clients often think about life insurance when their children are young, but forget about the future investments that they may want to make when their kids hit postsecondary.

Ensuring that you have coverage in place to allow for those future investments in a child's future means that they are secure in your hopes and ambitions for them.

Care for parents: The reality of our increased life expectancy is that some of our parents may become dependent on us financially. If your parents would have difficulty paying for retirement home or assisted living, you may want to consider that potential liability with your life insurance planning.

Remember that your current health status, health history, lifestyle, and family health history all impact your ability to obtain coverage that you may need to protect your loved ones through the seasons of life.

Call us today if you would like to review your current coverage or investigate obtaining more insurance.


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