Insurance When Should You Get Your Insurance Posted on August 6, 2018 7 min read 0 868 Contents1 What is insurance? 2 What are the advantages of getting an insurance product? 3 In what life stage is the best time to buy insurance? Financial experts are keeping on telling the importance of an insurance policy. This financial product can save us from unforeseen circumstances, such as accident, critical illness, disability, and dismemberment. But, when is the best time to get one? Before determining when you should get insurance, let’s define first what is insurance and what are the advantages of getting one. What is insurance? Insurance policy is a financial product that insured an individual from any financial losses due to illness, disability, or even death. Insurance policies can address several financial goals, such as educational fund, health, income protection, retirement plan, and asset protection. What are the advantages of getting an insurance product? Provides cash benefit in case of death Replaces spouse’s income Pay off debt Pay off estate taxes Provides cash value Serves as an investment avenue Building wealth Supplements your retirement goals Knowing these benefits of an insurance policy will encourage you to purchase one. Before buying insurance, ask yourself these questions: What is your current situation? What stage in your life you are in? Are you still in school? Do you have a stable job? Are you starting your own family? Why do you want to buy insurance? To protect your family? To build your wealth? Or to protect your assets? Answering these questions will allow you to decide which type of insurance product is aligned to your budget and financial goal. In what life stage is the best time to buy insurance? Young, single adults READ Things to Check before Buying Term Plan OnlineOne of the advantages of getting insurance while you are young and single is that it is more affordable than when you are older. Insurance premiums for young adults are cheaper since there is less risk. Additionally, you do not have own family to support. You can allot a bigger budget to your policy premiums. Non-child, young couple Married couples that do not have kids yet can maximize the time to fund the educational plan of their future child by getting an insurance policy. Several insurance products have an educational fund attached to as its benefits. This can also be a perfect time to think about their retirement goals. Beginning families An insurance policy can also be purchased when you are already starting a family. During this time, insurance premium can be a bit a lower compared to established families since you do not have dependents yet. Established families If you have already have dependents, it is more a convincing reason to get an insurance policy. When getting one, consider how many dependents you have. Are you getting for yourself? Does your spouse have it as well? Make sure to get an enough insurance coverage for the whole family. Purchasing an insurance policy can be tricky since there are a lot of things that you need to consider, such as priority, life stage, budget, and financial goal. Just refer to this handy guide to help you decide when to buy an insurance policy and how much coverage you will purchase.