At What Age Should You Buy Life Insurance?

Life cover doesn’t have a specific age at which you should buy it, however most would agree that there is a definite time in your life when you need it. Life cover needs to be purchased most when you have dependents or a mortgage – both of these can happen at any time during your life. Life insurance can be purchased to protect your loved ones should the worst happen, while mortgage lenders tend to make it a condition to guarantee that their repayment will be made in full. New statistics which correspond to life changing events such as getting married or buying a first property highlight the mid-thirties to forties as the best time to buy life insurance.
One of the factor’s linked to buy life insurance is when you buy your first home or property and the age you are when this happens. Due to rising house prices and reduced savings this is tending to mean that the age to buy insurance starts at 35, as this is the average age of a first time buyer. A life insurance policy when you have a mortgage whether singly or jointly is very important. The policy guarantees that the lender will receive the full sum owed should anything happen to you, most companies expect a policy to be in place for this reason. A life insurance policy is also important if you have a joint mortgage as it will protect the other party from inheriting your debt.
Another factor is that more and more women are waiting until they are in their forties before getting married and having children. What better time to start protecting your life than when you have already perfected it. In the past decade ‘women choosing to marry later into their thirties and forties have doubled’ (Francis, M. 2012 Mail). They have the financial security, home and car that they have always wanted and now it is time to make that next step. Within this step comes marriage and in turn having a dependent. Getting life insurance as a newlywed means that if something unforeseen should happen to you, your partner will still be financially secure. If you leave credit card or mortgage debt behind your partner will become responsible for paying it and may end up being harassed by debt collectors. Another factor you should take into consideration when thinking of getting life insurance is if you have any other dependents such as children.
Research is now indicating that women are choosing to have children later in life, with ‘one in twenty births in London being to mothers over 40′(Meikle, J. 2012 Guardian), it also showed that women having children in their forties has ‘risen by 15%’ in just five years. It’s important to make sure that as you get older your children will be protected should anything happen to you, an easy way to do this is to secure a financial pay out so they are able to continue living in a safe and protected environment. Although a life insurance policy is unable to replace a parent or stop the emotional upset of losing one the financial security it can offer gives a level of protection.
The age of home buying, marriage and having children are linked to the point at which you should buy life insurance. Although purchasing your policy in your twenties is the most financially beneficial as the policy will have the cheapest premium, the likely hood of someone having the financial Prettiest Garage Doors obligations and dependents to need one are fairly low. It does however mean that should you become diagnosed with any medical problems you will still be covered by the policy, where as if you were trying to buy one later in life with a medical condition it could be difficult and costly.
Buying later in life tends to make more sense, as the elements which would be affected become greater. You have more dependents and greater financial obligations. Buying your life insurance in your thirties and forties is when it becomes most necessary.
Cited articles can be found online:
Meikle, J. 2012 The Guardian. ‘Surge Metal Yard Decorations In New Mothers Over 40′
Francis, M. 2012 The Daily Mail. ‘Wife begins at 40! The number of women marrying for the first time in their late thirties and forties has doubled in a decade.’

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