Watch CBS News

3 of the best times to buy life insurance

Parents with newborn at hospital
There are some times - like after having a child - where it makes sense to secure a life insurance policy. Getty Images

Life insurance providers policyholders financial protection after they have died (in the form of payment to their beneficiaries) and, depending on their policy type, access to cash while they're still alive. For its economic protections - and the peace of mind it provides - many financial advisors would recommend securing a robust life insurance policy. 

Life insurance is beneficial for Americans at varying stages of their life, however, there are better times to purchase a plan than others. By getting a policy during some specific times you can improve your chances of getting comprehensive care at a low cost.

You can get a free life insurance price quote online now by answering a few easy questions.

3 of the best times to buy life insurance

Life insurance can be valuable to have at many stages of your life. But if you're looking to get the most return on your investment, it helps to act during one of these three times:

When you're young

Life insurance is often thought of as something you'll need later in life and can afford to skip when you're young. But that's actually the opposite of what you should do. 

You'll never get better coverage (for a lower premium) than you will when you're younger.

Life insurance only becomes more expensive as you age and become riskier to insure to providers. That risk will be reflected in your premiums (assuming you're not rejected or severely limited for coverage altogether).

But when you're young and healthy you could get a term life insurance policy for hundreds of thousands of dollars (or even more than $1 million) for a minimal monthly charge (think under $100, depending on a series of factors).

So don't wait - get a policy now while it's still inexpensive. Start by getting a free price estimate here.

When you've gotten married/had children

Once you've gotten married it becomes even more important to have life insurance, particularly if you and your spouse are accustomed to splitting the bills. You don't want to leave your partner short-changed should something happen to you.

The same concept applies to having children. It's one thing to count on an employer-provided, baseline level of life insurance when you're single. But after you get married - and especially after you have kids - your financial responsibility will have increased significantly. It's important to have the corresponding protection in place.

Think about your economic contributions to your spouse and your family now. Then think about what could happen without you in the picture. If there's no obvious financial recourse then you should get a life insurance policy to fill the gap.

Explore some top life insurance providers now or use the table below to get started.

When you've bought a home

The biggest bill most American adults have to pay each month is their mortgage. 

Despite home prices varying from state to state, the median home price in the U.S. actually rose 6.6% in October from a year earlier to $379,100. 

It takes a long time to pay off that amount of money, with most mortgage terms coming in 15 or 30-year terms. 

It's possible that you already have enough money saved to pay off the home in the event of your death. But you also may be short. Review what you have and see if it's enough. 

Remember, life insurance is designed to ease the financial burdens of beneficiaries after the policyholder has died. A death in the family is already hard enough to cope with. Don't add home finances into the equation if it can be avoided

The bottom line

The above list is not exhaustive and there are other optimal times to buy life insurance, too. However, if you're young, recently got married or have young children, or purchased a home, now is a great time to act.

Start by securing a low rate today. Get a free price quote online now.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.