The sooner, the better — why you need life insurance now

On your long list of to-dos, getting life insurance might keep falling to the bottom. You know it’s important to put this crucial safeguard in place for your family, but maybe you keep putting it off until another day.

While it’s easy to delay this critical task, the answer to the question of when you should purchase life insurance is always as soon as possible. The younger you are, the lower your premiums will typically be, so it’s often in your financial best interest to purchase a policy today.

In general, there is no wrong time to buy life insurance. However, the sooner you purchase a policy, the better. The older you are, the higher the premiums will likely be. Beyond that basic premise, though, some life events and situations (weddings, children, a new home, etc.) may make the need for life insurance even more urgent. Consider these questions when determining the right time for you to get serious about life insurance.

Whether you’re married, planning to get married or have a partner that would be impacted by your absence, life insurance is a good way to help your partner maintain financial stability if you die. Life insurance can allow your partner to make mortgage payments, afford daily expenses, contribute to retirement and more — without your income.

Kids can be a major motivator for purchasing life insurance. Raising children is expensive. Even if you don’t earn a salary, in your absence,  life insurance can help pay for childcare and other future expenses like college, helping to ensure your children are taken care of.

Unfortunately, in the event of your death, your mortgage, real estate taxes, property insurance, maintenance and utilities will still need to be paid. Life insurance can help relieve that burden for your partner or whoever those expenses might fall on after you're gone.

Outstanding college loans, credit cards, and other types of debt can also become a financial strain for your loved ones in the event of your death. A life insurance policy can help protect your beneficiaries from this potential hardship.

Even if you answer no to all of these questions, it may still be prudent to get life insurance now. Regardless of all other factors, the younger you are, the lower your premiums will typically be. Your future self will thank you for locking in a lower premium now.

Starting a life insurance policy early is the rare instance in which you can actually help protect yourself from the financial effects of aging. Consider the following example (calculated using Ladder’s life insurance coverage calculator ) to see the true impact of waiting to buy life insurance. Say you’re a healthy female, non-smoker, 5’6’’, 130 lbs, with a preferred plus rating (ie: you are a healthy and low-risk applicant), and looking for $1,000,000 of coverage for 20 years. If you open a policy when you’re 25, you’ll pay a premium of $34.50 per month. Wait until you’re 45, and that premium goes up to $91.80 per month, a 166% increase.

While you’re busy living your life, don’t forget to protect those who depend on you. Life insurance is a simple and effective way to help provide for your loved ones in your absence. Start planning now to lock in a lower rate today and help secure your family’s tomorrow.

Disclosures: Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see www.ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.