When should I get life insurance?
Because life insurance rates increase as you get older, applying sooner means you can lock in your lowest possible rate. With that said, there are several milestones in life when you should reevaluate the coverage you have—or get some for the first time—to make sure you’ve got everything covered. These milestones include
• Getting married • Having a child • Buying a home • Taking on debt, like student loans
• Starting a business • Planning for retirement • End-of-life planning
What if I already have coverage through work?
You may already have some life insurance coverage from your employer. However, that policy might only provide a fraction of the coverage you actually need. Employer-sponsored policies typically offer coverage that is about 1 – 2X your annual salary. Financial experts recommend having coverage that is about 10X your salary. This disparity can result in a large gap in protection if you’re solely relying on your policy through work—which is why many people buy individual term policies to supplement the coverage they receive through work.
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