Entering Your 30s? 7 Reasons Why Now Might Be the Perfect Time to Invest in Life Insurance

Many people entering their 30s often feel they are in a good place in life. Many are in good health, have a career they enjoy and are working to meet future financial goals. However, it is also a good time to consider buying a life insurance policy. At this age, you can find affordable policies that fit your situation, and it is something to think about especially if you have loved ones who depend on you financially. Here are seven reasons why now may be the best time to get insurance coverage.

1. You’re married or in a committed relationship

Your spouse won’t struggle financially maintaining living costs. If you provide financially for your household, having insurance coverage helps cover household expenses. In most cases, the proceeds paid when a claim is filed are tax-free when made payable to family.

2. You own a home

Learning about the best term insurance plan options may have you thinking about your home.  If you own a home, insurance proceeds may help cover these payments to ensure your loved ones have a roof over their head.

3. You have children or want children later

People tend to incur debt as their life changes. Insurance proceeds can make sure your children are cared for in the way you intended. Proceeds may go toward whatever costs associated with maintaining your child’s quality of life.

4. Premium payments may be cheaper

Sometimes your age is a factor when insurers decide eligibility. Insurance experts often suggest getting coverage sooner than later. Many policies allow you to lock in lower rates for a longer period.

5. You have a business to protect

Having insurance is important if your business provides income for your family. If you own a business, insurance coverage ensures your business can continue the way you intended by your family or whoever you nominate to receive proceeds. It may also help with succession planning and dealing with other business-related transactions.

6. You have debt

Debt may not go away upon death. If you owe creditors, have outstanding loans, or had someone cosign for a loan, insurance proceeds can cover outstanding balances so your family has nothing to worry about.

7. You’ll have peace of mind if the unexpected happens

People go about their daily routines and often don’t think about how their family will move on financially if something should happen unexpectedly. Losing a loved one is a very difficult time for people involved and it can be hard to focus on managing finances or making burial plans if no monies were set aside in advance.

While being in your 30s may be the prime of your life, it is never too early to think about insurance coverage. There may be benefits to purchasing coverage depending on the plan you choose. Sometimes managing finances is stressful, but this is something you can do now and have out of the way so you can focus on what matters to you the most.