Published by Joe Davine on
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At what age should I consider getting life insurance?

At any age. This question doesn’t have a fixed answer, as the truth is that we all get round to needing life insurance at different times in life. This means that it’s a better idea to consider your circumstances rather than getting fixated on when to get life insurance: for instance, if you’ve just had a child at 25 then life insurance may work better for you than a 35 year old who is yet to start a family. The following are some of the reasons for getting life insurance at different stages of your life.

Reasons for getting life insurance in your 20s or 30s

For a lot of us, our 20s and our 30s is when we experience some of the biggest changes in our lives, and it is generally at a point where your life changes considerably that it’s a good idea to think about getting life insurance. You may find yourself with more responsibilities such as:

All of this means that this period of life is when we start to think seriously about what might happen to our loved ones if we were no longer around. The responsibilities tend to build up from this point on, so the peace of mind that comes with life insurance becomes a bigger consideration.

It is also not to be overlooked that buying life insurance policy at this age makes good financial sense. You can typically buy life insurance for a low price in your 20s or 30s, as you are a lower risk to ensure. In many ways, getting insured in your 20s and 30s is a very sensible idea to provide security and peace of mind at a lower cost than later in life.

Reasons for getting life insurance in your 40s

As we reach our 40s, it is common to have a growing family and a more complex financial situation. You may earn a healthy salary by this age but it is also likely that you have a lot of outgoings to juggle as well. You may find at this age:

  • You want to make sure your mortgage will be paid off in the event of your death
  • Your children might need help with university costs
  • Your family rely on your income and you want to cover them financially

With a bit of luck you will still be in perfect health and feeling like a teenager throughout your 40s. However, you may also find that you worry more about what kind of financial situation you would leave behind for your loved ones if the worst to happen.

This is a decade for taking advantage of your financial stability to protect those mean most to you. By planning ahead wisely you can ensure that the cover you need for the rest of your life is put in place during these days.

Reasons for getting life insurance in Your 50s or Older

The reasons for deciding when to get life insurance are different as you get older. By the time you reach your 50s and above you will hope to be free of your mortgage and probably won’t have a young family to support any longer. Still, there are reasons for buying life insurance that could be right for you:

  • You want to help cover the cost of your funeral
  • You want to leave a little extra behind for your grandchildren
  • You need the peace of mind to enjoy retirement

Many people in this phase of their lives start to get concerned about issues such as funeral costs. It can be a real worry to think that you don’t have enough savings to avoid putting any financial strain on your family.

This is why more mature people will typically be interested in some sort of life insurance for a modest amount. A lot of cover would be expensive at over 50, but an over 50s plan designed to cover the likes of funeral costs, or leave a little extra behind for future generations can be very reassuring.

When to get life insurance is up to you

All in all, no matter what age you are just now, there are some great reasons for taking out life insurance. The most important thing is to consider your situation rather than your age (it’s just a number anyway) when deciding whether a life insurance policy is the right way to go.

If you are considering to buy life insurance and are looking for more guidance as to which type of policy is right for you, then have a read through our helpful guide to life insurance to help make the right choice.