When Should I Buy Life Insurance?
The best time to purchase life insurance depends on financial and family conditions. It would be best to consider life insurance when your family relies on your income or have debts that will continue to grow after your death. You don’t want to leave your family to cope with financial obligations or owe credit card debts.
When you purchase life insurance, the more suitable the timing is when you’re young because you’ll have lower premiums at a younger age. As you age, you may suffer from health issues that can result in higher insurance costs or even prohibit the purchase of a plan.
Ottawa Life Insurance offers the most competitively priced plans with the security of a solid insurer. Call us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for further information.
Perhaps a better question is why you should get Life insurance coverage first. Maybe you’ll ask the thousands of people in Ottawa who spend over $13 billion each year in life insurance premiums.
There is no single answer, but the reasons for buying life insurance are often discussed and fall into three critical categories:
- Marriage or life partnership: If you want to help your partner or spouse financially if you die.
- Birth of a baby or adoption: You’re now a parent and want to protect the life of your child.
- When you purchase a home: A long-term mortgage commitment and the maintenance that your home requires to increase the chance of, you’d want to give your family the finest quality you can, even if you are not in the area.
Thus it’s clear that you can see that “why” can now be much more apparent. With sufficient life insurance, you’ll be more confident that your family members will be able to:
- Cover funeral costs and other expenses
- You can substitute all or a part of your earnings
- Make the final payment on the mortgage
- Be sure to have an emergency fund to assist in carrying on
- Taxes are due on your estate
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