If you have dependents who rely on your income then having a life insurance policy in place can help protect them financially if you were no longer around.
A common question regarding life insurance though is: when is the right time to get it?
There is no right or wrong time to take out a life insurance policy. A lot of the time it depends on personal circumstances. However, if you are considering it, you should do it sooner rather than later to avoid having a higher premium as prices tend to increase with age.
There are certain events in life which are often classed as ‘big steps’, such as getting married, buying a house and having children. These are perfect opportunities to take out some form of cover. For example, if you have just taken on the responsibility of a mortgage, knowing the repayments will be covered and your spouse/family weren’t left struggling to pay the bills if the worst were to happen to you could take a weight off your shoulders.
There could be changes in your circumstances where it can be beneficial to take out a policy, such as a change in income (a pay rise or losing your job).
As well as deciding to take out a life insurance policy, there is also a big decision to be made regarding what type of policy you want. The infographic below from Bobatoo.co.uk has information on ‘whole of life cover’, ‘term life insurance’ and ‘mortgage life insurance’ to help you decide on which policy type to take out.
When to get life insurance – by the team at Bobatoo