1. 15645 POINTS
    Edward HarrisPRO
    Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
    When should you buy life insurance? Preferably, before you die, since after death occurs, well...it is too late!

    The best time is when you are younger and can afford to purchase coverage. There are many forms of coverage through dozens of top-rated carriers.

    An experienced broker that specializes in life insurance and/or financial planning can easily shop for you and present  you with the best choices.
    Answered on May 26, 2013
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    There are some life events that prompt people to buy life insurance: getting married, the birth of a child, buying a home, college bills coming in, securing a business loan, the death of a close friend or relative. Whenever there is a need is a good time to buy life insurance.
    Answered on May 26, 2013
  3. 60 POINTS
    Dean Potter
    President, Potter & Associates, Edmond, Oklahoma
    You should buy life insurance when you have financial obligation that must be paid upon your death that you do not want others to be burden with.  For example, do you want your family to pay your funeral expenses, your credit card debt, your mortgage and bank loans.  Probably not so many buy life insurance to provide the funds needed to clear your obligations.

    Question, are others depending upon your income to sustain their living expenses?  If so, then you can use life insurance proceeds upon your death to provide for their continuing need for financial support.
    Answered on May 26, 2013
  4. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    You should attempt to secure coverage the moment your beneficiaries or business partners would suffer economic loss at your demise. You should attempt to purchase life insurance while you young and healthy. You should consider life insurance at every life event you experience to keep the coverage current with financial liabilities.
     
    Answered on May 26, 2013
  5. 671 POINTS
    Scott Bannon
    Independent agent, Scott Bannon, Florida
    You should buy insurance before you need it. Once you need it you may not be able to qualify for it. For example, once you are in an automobile accident it is to late to purchase automobile insurance. For another example, if your house burns down it is to late to purchase homeowners insurance. The same goes for life insurance. If you wait until your health is bad you may not qualify for life insurance.

    You do not need to wait until you are married or have financial obligations. The best time to buy insurance is when you are young and insurable. That way, once you are married and have children (if these apply to you) and have other financial obligations then your finances will be protected. Then you can purchase life insurance for your spouse, your family, your business partners, your mortgage etc. as different milestones occur in your life.

    You should pay yourself first and purchasing life insurance is one of the best ways you can pay yourself first. Remember, life insurance is money. And, under the current tax laws if the insurance is set up properly the beneficiary should be able to receive the proceeds tax-free.
    Answered on May 3, 2015
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