A good time to purchase life insurance is while you are young and healthy. That is when you can lock in the lowest rates. But if you are past your youth or do not have good health, it is still a good time to get life insurance. There are policies out there for everyone, and age and poor health don't make you need it any less.
Social Media Director, Ash Brokerage Corporation, Fort Wayne, IN
I encourage you to listen to Peggy's advice above. There really are policies out there for so many situations. Every person has a unique position. Be sure to find an advisor who can customize specific to your planning needs. An example, would be even if you need $1.5M in coverage, but can only afford $625k - - then just get that amount for now. You can always ladder coverage later. I have seen situations where someone thought they had to have the whole thing so they opted to do nothing and that doesn't work either. Great question!
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
The best answer, I think, is when you are young and healthy. The younger you are, the less expensive the coverage and the more coverage you can get for you premium dollar. In addition to providing the obvious financial security, owning life insurance also protects your "insurability". Consider this example. A 30 year old man buys $500,000 worth of life insurance and, continues to maintain his payment plan in good order. When he is 45, he is diagnosed with Crohn's disease, a chronic auto immune disease usually affecting his digestive system. Because of the nature of that disease, he will never be cured of it and may face years of possible related health issues. Many companies will as a result, determine him to be un insurable from that point on meaning the only coverage he has is the coverage he bought when he was younger. They can't take it away from him, but he won't be able to buy more if he needs it.
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Sheryl Brown / @AshBrokerage