When should a person typically consider buying life insurance?

Question

Yahoo! Canada Answers staff note: This question is asked by Gregory Ellis, co-founder of the the insurance shopping service kanetix.ca. Visit http://www.kanetix.ca/YAHOO_answers for more information.

Answer 1

when they have an "insureable interest" ie a dependant child spouse , parent or other OR debts that would not be covered upon death.

typically required for a family situation

$$ for final expenses

$$ for kids education

$$ for debts

$$ for income replacement

Answer 2

Generally speaking it is legal, but it depends where you live. Every state and province regulates their own insurance rules seperately. Some places it's legal, some places it isn't. Where I live it is completely legal, most other provinces in Canada it is illegal. How it works is: The buyer looks to buy policies where they can utilize the tax sheltering features to their maximum benefit. The buyer pays the seller a lump sum that is more than wha the cash value would be if the seller just cancelled the policy. It's a win/win. The seller gets more money (sometimes thousands and thousands of dollars more) than they would by cancelling it, and the buyer gets a good tax shelter and death benefit. If you're cancelling your policy anyways, you might as well get a few more bucks for it than what the cash value will pay out, right? Slowhand, this is not just assigning a beneficiary or something, this is litterally signing over ownership of the policy. The buyer attains all control over the policy and the seller gives up all rights to it (Basically, the seller can't cancel it for any reason...it's now the buyers full decision on what to do with it after the transaction).

Answer 3

I'm taking my cue from the Author of The Wealthy Barber.

The answer is "When you have something to protect"..home, family, income. The author (Chilton) believes -and I now agree, too late in my life - that when you are young, have your parents add a cheap rider to their insurance to cover your burial costs if such a thing is needed. Only when you have a spouse or family to protect if you die, should you buy insurance.



He also believes that you should only buy term insurance. It's cheaper and does the trick. "Whole Life" is basically lending the insurance company your money for decades which they invest and give you back only a partial amount- which is, relative to the amount you put in - fairly small.



Here's the CATCH.What do you do with the money you save? You MUST be disciplined and invest it in LONG TERM investments, just like the insurance co was going to. Everyone can lose in short term investments depending on the financial cycles at work. This can get complicated so consult an independent financial adviser. Or 2 or 3, before signing up. Find out how they make their money and what costs there will be to you. Some will have some products they will push for their commission- that's why you interview multiple advisers.

Answer 4

Life insurance, as with others, is a way of having satbility of finances or assets. It is realy a wager between insurer and client: you bet a small amount a "loss" or event will occur and the insurer bets that it won't in the amount of insurance to be paid if it does. The policy is like a continuous lottery ticket for a specified period, with premium payments into a common pool to cover the risk or chances of a payout. Far more premiums are needed than payouts for plans to work.



Insurance can be a very flexible way to establish an estate, build cash savings, rely on security against losses and all those features advertised. Buy it when there are assets to insure or risk of loss of health, limb or life. The criterion is "when" would that be and how "great" is the risk? The decision is usually whether premiums are affordable or can losses be covered from resources, should one look at buying life insurance.



Strategy in the matter of loss of life is a tough call. Basically, the level of risk of payout determines the premiums. However, advancing age brings higher premiums. If one is too insure, perhaps the sooner the better is best for many reasons, besides lower premium costs.



In a time when credit is relied upon, life insurance is even more important to assure obligations can be met. So, the more obligations and responsibilities one has the more reassuring it is to have life insurance...if even for only those oblgations.



Again, life insurance is really a bit of an estate building plan.

Guarding against untimely costs and losses at death as well as eventual death is a way to benefit from life insurance for peace of mind. It is a responsible way to save heirs from

financial burdens as well.



One might say: "DON'T LEAVE LIFE WITHOUT IT."

Answer 5

Life insurance should only be purchased by people whose death might cause financial hardship to others. Shop around for the best prices. In Canada, permanent insurance is required for estate planning purposes. Always check with a qualified and licensed insurance broker before making your decision. My advice is to buy term as it is cheaper and is much easier for the non-insurance broker to understand. For investment purposes it is always better to buy term and invest the difference between the cost of the term insrance and other insurance options. Investing is the kind of thing no one should do unless they are highly educated in that area or have consulted four or more investment counselors or brokers. Be aware that a broker's job is to sell you a product so always seek multiple opinions from multiple trustworthy sources. Just because you talk to some one, you ARE NOT obligated to sign any documents OR "locked in" to doing business with them. Remember: Term is cheaper and easier to understand and is a better product. Mos insurance brokers (approximately 80%) have term insurance. All of them will try to tell you that Whole Life/Universal Life policies are the best way to go. These policies have Cash Surender Values. That means that if you cash out the investment portion, you effectively cancel your policy. Also, if you borrow against your investment value, you're borrowing your own money and paying interest to the company that sold you the policy.

Answer 6

Life insurance is a difficult thing for a lot of people to talk about because they still have this teenage mindset that they are indestructible and never going to die.



Everyone should have two basic types of life insurance. A permanent policy that will last forever (i.e. a whole life) and a term policy to cover short term debts like a mortgage and to replace your income should you pass away before your kids have left the nest etc.



As far as when a person should get it, it all comes down to how much you want to pay. Eventually you will either have to buy a permanent policy or fork out your funeral costs entirely in cash. So you might as well get insurance when you are young. Also for all you parents out there, it would be wise to get your children a permanent policy so thier premiums are based on being 0 years old, it can't get any cheaper than that! That way they don't have to worry about it when they get older.



I would also reccommend that peple consider getting some sort of guaranteed insurability rider. This says that at certain intervals (usually every few years) you are able to buy extra chunks of insurance with no medical evidence. This is also helpful on childrens policies. I have seen a lot of cases of 12-13 year old kids being diagnosed with juvenile diabetes and no longer being able to get life insurance (or at least not at an affordable rate.) With these Guaranteed options it eliminates the problems these situations create.



I offer life insurance in Barrie, ON, feel free to contact me for more information.

Answer 7

I believe that if you have a family, or shared assets, then absolutely, in order to protect those that you love, you should have at least enough to cover your funeral expenses, and maybe a bit left over to pay off your half of everything.



Getting life insurance young is a great idea. Generally, if you take life insurance, it is based on an age tier, so the older you are, the more it's going to cost you to cover yourself. So get it as early as you can, and consider it a monthly expense.



Trust me, as a financial representative at credit unions for 7+ years, I have seen some huge heartache when people pass away. And then you dump the bills on top of the survivor, and you have even more.



No one wants to deal with death, but the sad truth is, we all will die. I am 28 years old, and have already had more than one brush with the reaper...luckily, I am still here, but it does press the point.



Get a will...and get insurance.

Answer 8

Typically you should buy life insurance as young as possible! The younger you are the cheaper it is and the more options you have. Life insurance isn't about predicting death. Everyone is going to die sometime or another. There is no one specific moment. Most parents have insurance policies on themselves so that the guardien of their children has money to take care of them as well people don't know that if you get it for your child, they can convert it at a later age without having to take a medical. Most parents have insurance on their kids because having to bury a child is the worst thing imaginable and added expenses of the funeral is the last thing that you want to be thinking about. Most spouses have it so that if the other dies, then they can pay off the mortgage and not have to worry about it on one income. As well you should get it from outside your workplace. What if you are let go or fired? Then you have to get on from an independant brokerage and by that time, you may not qualify due to health reasons. Life insurance is about making sure that the people you leave behind (parents, spouses, partners, children) don't get left with nothing but debt.

Everyone should think about it!

Answer 9

Anytime there is a change in your life that effects your financial responibilities is a good time to look at life insurance (bought a house, having a child, new job, getting married or divorced, retiring, estate planning, etc). The key is the younger you get it done the cheaper it is. Until they find a fountain of young you know you are going to die someday (if you think you will live forever, sorry for the reality check...), why not put some inplace when it is cheap (when you are youngest). If you already have insurance, review it anytime there is a change. And make sure you fully understand the difference, benefits and faults in each type of insurance (term, whole life, universal life and creditor insurance), so you can chose an appropriate product for your personal situations.



Avoid anyone that offers you only one cookie cutter solution to all of his/her clients like "Only buy term and invest the rest" or "only buy whole life becuase you build equity in it". These people have been trained to seel only one product line and are normally misinformed with flawed strategies that work for some, but not all people and should not be preached as gospel. Make sure they can explain the benefits of both all types of insurance and explain why they are recommending this to your personal situation.



I just skimmed through most of the posts, so I don't think it was mentioned, but Life Insurance is also one of the few legal tax shelters that are available to Canadians that CCRA actually encourages people to use right in the income tax act.



And to the person that said never but life insurance because it doesn't prevent you from dying. Do you also advise people to cancel their home, auto, health and group benefits insurances as well? Life insurance isn't there to prevent you from dying, it's to prevent your family/beneficiaries from the financial burdens that come with someones death and makes sure that they are able to maintain their lifestyle. This isn't a fear factor, this is reality...there is a cost to dying. If you know of a lawyer that doesn't charge to settle an estate, or a funeral home that offers free caskets, burial and services or where in your income tax act is says "When you die you don't pay the taxes on your income from that year or on the assets you pass on...EVER"...please share it. Following this person advice would be very irresponsible and unpractical as his advice is very misleading in my opinion.

Answer 10

The best time is when you are young… with the way rates are ... you get a better deal in your twenties than in your fifties... also even though you may not have children... it maybe a good idea to have a policy so you can either help your spouse or family member (child, sibling or niece/nephew)... also good idea to look at it when buy a home... the mortgage insurance form the banks depreciates while the rates through a life insurance provider stay the same (in ten years the mortgage company will pay you what is leftt on the mortgage... while a life policy will pay you the original amount)

Answer 11

The younger you are when you purchase life insurance the better. As you age your monthly premiums will increase dramatically, so if you lock in at an early age you will save a lot of money in the long run. I bought my policy when I was 25, and it covers me until 75. If I had bought the same insurance to cover me untill 75 at the age of 40 the premiums would have been so much more expensive that over the course of the 35 years of coverage it would have cost more than the 50 years of coverage from age 25!

Answer 12

There is really a simple answer to this, and it usually applies to everybody. Life insurance should only be bought where there is a need to take care of an obligation should a certain person die. Where there is a debt (e.g a mortgage) or where there are minor kids that would require a lump sum to provide financial security- then life insurance becomes necessary. Where such a need does not exist e.g a single, childless debt free person, then there is usually no reason for life insurance either.

Answer 13

The only time you should consider buying life insurance is when you have a dependent and/or debt. Term life insurance is the only type of insurance you should ever consider buying. Whole/cash value are not as they appear (actually read these policies and you will find out for yourself) Term is affordable and the amount of insurance decreases over time as your debt becomes less (decreasing responsibility) thus decreasing your premiums. Your term insurance has riders for specific periods say like 10 yrs / 15 yrs as things are getting paid off. So in a nutshell as debt goes down life insurance decreases. The insurance world is complicated. There was a recent news cast on Marketplace that targeted life insurance companies, you can find it online on CBC.

Answer 14

You need to purchase life Insurance as Young as you can,as the rates go up with your age ,as well as other health issues may come up. You should have your own life insurance ,and not depend on any company benefit plan. There are many options out there , my thoughts are is to buy a permanent life insurance ,as it will be there when you die .If you purchase a term ,well its for a "term" ,and most will end by the time you are 65 , and you will not have much choice by that time ,and if there is something out there ,it will be expensive ,or you will be un insurable .If you have the will power ,buy a term, but save money aside ,in your own investments ,and be your own life insurer by the time your "term insurance ends" ,but you must have the commitment to do that ,otherwise you will see the growth of that investment disappear on something else you want to buy .Permanent life insurance , forces that commitment on you ,maybe not the best return on money ,but you will have something to leave when you pass on to your next life

Answer 15

Life insurance is needed when your "Living Estate" (your total assets less your total liabilities and obligations) is insufficient to wind down your estate in the event of your death. For the average single person with no children their main obligation would be the funeral costs - which are typically less than the liquidation value of their assets. In that case NO insurance is needed. At the other extreme, a young couple with children almost certainly needs insurance to ensure that the surviving spouse and the offspring are properly provided for. The benefit must be sufficient to address all outstanding debt (losing a spouse is stressful enough without worrying about how to pay the mortgage!) and replace your most valuable monetary contribution to the family: your earning power.



The viewpoint to avoid is looking at life insurance as a lottery for the surviving beneficiary. It about making sure your loved ones NEEDS are addressed.

Answer 16

If you are single, living at home with your parents, and do NOT have any dependants, you do NOT need life insurance, but your parents should get term life insurance.

After all, if you die, the benefits do NOT go to you; they go to you parents.

If you are married, and have dependants including your spouse, you should consider purchasing term life. Do not waste your money on a Whole Life policy, which promises you to save money for you; unfortunately, if you read the fine print, not a single person has ever collected the 'savings' from a Whole Life or Universal Policy. The companies that sell this type invariably have 'fees' that allows them to keep your money.

Answer 17

Whenever you can usually. If you can afford it. I am 23 and in school, and I probably wouldn't have it otherwise, but it is really important when you consider that your life can end at any time, sometimes very abruptly. The costs associated with a funeral and burial run into the tens of thousands. If you have anyone in your life who is a dependent or who would need assistance if your life were to suddenly end it could make the difference with them being able to go on to lead a normal life. Be careful not to be fooled, though. Most life insurance is conditional in that it won't cover your death if it doesn't fall within a certain criteria. It is easy to have your money thrown down the drain in this case.

Answer 18

I think a person should by life insurance when he or she gets married, or is in a committed relationship with another person,or if they have children. If children are involved, and the parents are not married, I think they still should get life insurance on each other in case one parent dies, the other would have some way to support the children and a way to pay for funeral expenses.

In some states the spouse is legally responsible for any debts left behind. Life insurance can be used to pay off those debts, or to put the money in a trust fund for a child's college education.

If I had gotten myself into a situation with children and a "dead-beat dad", I'd take some insurance out on him, for sure. You'd get money from him sooner or later. Especially if he was living the "gangsta" life, or liked to indulge in alcohol or drugs. At least the kids would have some money to go to school with, or something to show for his sorry a**!

Answer 19

I'm 20 years old and I got life insurance this past summer. I think 18 is a good age. Generally that is when you are working and a lot of life insurance covers accidents and hospital stays you could have at work so it's always good to have. I get mine for $20 a month and the price will never increase and when I have a husband and kids, they can come onto the plan for like, next to nothing and the coverage is great. It's good to look in the future like that and save yourself money and headache.

Answer 20

the sooner is better. Why, because of the price. Younger you are cheaper it is. You can complete more easily when you need. But as soon as you have a family. It is a good thing to buy one. You protect your family this way.



But don't buy with out a good advise. Be sure that your insurance policy won't drop value at 65 or that you will have to pay a high premium all your life. It has to grow with years not much at first but as time past it will grow more and more.



I am not an expert but try different agent and insurance company before you buy. See what they offer and at which price. But be sure of what you want and what you need.

Answer 21

When a protection is the top lists priority for oneself, a family, such that a medical and life insurance, you sign -in your policy for the best insurance company to give you the optimum returns for your investment, and life coverage to answer the needs of your family once anything goes wrong with the insured.

Answer 22

To the extent that one's death leaves a financial burden then he or she needs life insurance.

It will help to relieve the economic loss and not the emotional loss

The purchase of life insurance on children is complex because it is in no way a savings plan but the insurability factor can creep in later so one needs to look for professional help here.

To the extent that you would like to leave funds to a charity, to pay taxes or to leave a legacy and do not have any other resources then life insurance is the answer

Before you purchase look at whether or not it is NEEDED (to determine the amount), then HOW LONG (to determine the type) then AFFORDABILITY

Answer 23

Having been joined to a financial company just recently, the time to buy or get a life insurance is NOW! Why? Days are uncertain and we want NO ONE LEFT BEHIND.I learned the lesson myself and my family when my brother passed away at a young age of 22.Losing a precious brother is tough, but at least he left us with a legacy.Take the UNIVERSAL LIFE Insurance.I started 7 yrs ago.Life insurance benefits in Canada is TAX FREE.If u guys interested, we will show you how.Its free educational.

Answer 24

Primerica (the investment people) came by and said that life insurance is not a good deal. They said, if you put the life insurance payments into a mutual fund rather than into life insurance, you will end up with much more money than the life insurance payout--and that money will belong to you, not the insurance company. Of course they want you to invest with them. If you pass away soon after you start, you won't have much put away...

Answer 25

Life insurance is very important for family & financial security. The best time to buy the life insurance is when you are young and healthy. More you wait, premium get more expensive. There are many products e.g. Term, Whole etc...If you buy young Term insurance may not be enough as it might run out. Consider Whole life or Term to 100.

Answer 26

Buy life insurance when you have dependants, large credit debt to cover such as a mortgage or new car, or if you would like to leave something behind and have not been successful at saving. Also, only buy term so it only covers the time frame of most need. Whole life is too expensive for what you get.

Answer 27

I am a personal Financial Planner here in Toronto and people do differ with my opinions but I personally think as soon as you have some disposable income to spare, start. The younger the better because your policy is cheaper and rates for the most part cannot be hiked on you. If you would like more answers feel free to email me at [e-mail]

Thanks

Answer 28

insurance is a simple game, they are betting your going to die and your betting you wont. i can tell you if you are looking to spend some real stupid money i will take your bet, i will give you a million dollars of insurance if you ever get killed in an accident. just think of the odds, 300 million Americans

Motor vehicle 41,200

Falls 16,600

Poisoning* 8,400

Drowning 4,100

Fires and burns 3,700

Divide that amount into 300 million and you would never have to worry again. so insurance is no gamble at least when they check out your medical record and turn your claim down because your doctor wrote you had high blood pressure and dint tell you. or you lied in order to be accepted. they don't pay for persons who have died of Cancer who didn't report about a bad PSA test. do yourself a favour buy real estate don't waste your money on a national scam, If you still insist on getting insurance's go to a reputable Life insurer and get all the test that will satisfy them and then sit and wait until you die. even mortgage home insurance fails most times. they don't say anything until one dies, then the search your records and find your not eligible because of one thing that may not have anything to do with your death. and never pay for insurance on your personal credit line, a super waste of money, people should always have a financial adviser most banks have them and the cost is most times free.

Answer 29

I don't think a person needs life insurance when they are young. If they invest wisely they can easily have enough to cover the funeral. Once they have dependants things change. You may need enough insurance to leave your spouse money for your funeral and replace your income for a few years. If there are children you will probably leave the same amount for your spouse, but you may need to include babysitting money for a few years and if you don't have investments to allow enough to for college education, add that to your insurance.

Answer 30

Basically, as soon as you can. I started with life insurance AND a pension at 20, and the benefits have reaped the rewards. I started the pension in the recession in the late 80's/early 90's. this allowed my fund manager to buy stocks low and they went through the roof! You never know when something bad is going to happen. How many employers/corporations these days give benefits that cover you? Not many, that's for sure. If you can afford it, also think about Critical Illness cover. I am not a salesperson for any insurance company - I work for the Government of British Columbia. Ask any CFP (Certified Financial Planner) like Edward Jones, Franklin Templeton, etc. Good luck!

Answer 31

Insurance can be a very flexible way to establish an estate, build cash savings, rely on security against losses and all those features advertised. Buy it when there are assets to insure or risk of loss of health, limb or life. The criterion is "when" would that be and how "great" is the risk? The decision is usually whether premiums are affordable or can losses be covered from resources, should one look at buying life insurance.



Strategy in the matter of loss of life is a tough call. Basically, the level of risk of payout determines the premiums. However, advancing age brings higher premiums. If one is too insure, perhaps the sooner the better is best for many reasons, besides lower premium costs.

Answer 32

He also believes that you should only buy term insurance. It's cheaper and does the trick. "Whole Life" is basically lending the insurance company your money for decades which they invest and give you back only a partial amount- which is, relative to the amount you put in - fairly small.



Here's the CATCH.What do you do with the money you save? You MUST be disciplined and invest it in LONG TERM investments, just like the insurance co was going to. Everyone can lose in short term investments depending on the financial cycles at work. This can get complicated so consult an independent financial adviser. Or 2 or 3, before signing up. Find out how they make their money and what costs there will be to you. Some will have some products they will push for their commission- that's why you interview multiple advisers.

Source(s):

Answer 33

cover your funeral expenses, and maybe a bit left over to pay off your half of everything.



Getting life insurance young is a great idea. Generally, if you take life insurance, it is based on an age tier, so the older you are, the more it's going to cost you to cover yourself. So get it as early as you can, and consider it a monthly expense.



Trust me, as a financial representative at credit unions for 7+ years, I have seen some huge heartache when people pass away. And then you dump the bills on top of the s

Answer 34

I would say the moment you were born since you are young and the premium is litle and by that time your 10 or 15 yrs old your paid off and your insured for the rest of your life. or if you don't have life insurance buy when you have small children at home to protect them from unforseen situation.

Answer 35

I started buying life insurance when I was 21. I didn't own a house or have a family of my own. It was much much cheaper to start when you were younger as opposed to older. It's a great habit to get into... especially great before something happens to you health-wise.

Answer 36

While you can still get it and DEFINITELY before you get sick or injured. No one will insure you after that, not for anything that's worth anything. And if you smoke, forget it.



It's never too early to have life insurance but of course the minute you're left without it will be the time you will come to need it.



And your kids, insure them at school. Those broken teeth or arms and legs can come back to haunt you in future.



These days with all the diseases out there...you just never know, no one is too young for protection and you should think of all these factors and make sure you're covered for them.



Now whether you can afford to is another question altogether and whether they will cover you for such things, well make sure you have a good magnifying glass for the fine print.

Answer 37

I think that at any age is a good age to get insurance, but maybe 18 seems to be a good generalized age to start insurance. Most people are out working, or trying to start a life for themselves. It is best to get insurance while you are young and usually healthy.

Answer 38

Life Insurance is income protection so if you have loved ones depending on your income that would be one time.



Another is simply as a precaution for funeral expenses. My mother died before I was 21 with no insurance and me and my sister had to pay for 6 years payments monthly just to pay off the funeral home. Do people really want those they leave behind stuck like that. Paupers graves still exist. I had to count steps and rows, no stones or numbers or dates or names until we got the body moved when the final payment was made.

Answer 39

This question is answered in several good books on financial matters, I would recommend "Idiots guide to finance" or "Finance for Dummies" for starters. You can answer this question by asking yourself this question. "who will suffer financially from the loss of my income if I die?" If it is no one , you don't need insurance. You see, life insurance is for protecting one's ability to earn income that others rely on, which is an asset. Period. Get as much as you need, for cheep as you can, for as short a time as possible. Stick to term insurance. A word for the person pushing Gerber whole life: you're an ***hole for pushing a bad product to an uneducated (financially anyways) public using the emotional impact of a baby's picture. Jerk

Answer 40

most people buy life insurance when something big happens in their lives - marriage, kids, major car accident. the best time to get it is when its nothing big going on in your life. just pay the premimums and you will be set. i know i got my policy a couple years ago, and at the time i never thought that id ever need it. now, i realize that if i ever do need it, i have it.



a good rule of thumb on how much to get is about 8-12 times your current yearly income.



also be careful of the kind of policy that you get. whole life is costly and you only get a small policy. term life is best because you can get a high face amount policy for 25% less than the other kind. i wouldn't go with any policy that combines a savings with the life insurance policy.

Answer 41

Never , for the amount you contribute every year , the return is not good , unless you die . The better investment is to find a long running good stock and leave it there but keep track of them just in-case though .

Answer 42

you should buy life insurance when:



you have spouse , kids or other dependent family members

you have debts and mortgage

you are working and earn money - to replace your income

you want to donate



only time you don not need insurance when you are single, have no income and have no dependents or family members.



Always buy term insurance, because its cheaper and you can get as much as coverage you need.



term insurance will cover you for specified period of time and mean while time you can save for your retirement and pay your financial obligations.

Answer 43

Anyone should consider buying life insurance as soon as they can to keep the cost lower because of their age , as well other factors will determine your premiums for your life insurance . You health and your occupation will determine the risk to the insuring company before an insurance policy is issued on your life . If your health and regular occupation doesn't meet the standard of the issuing company , you may be able to get your life insurance with an additional rating above your regular premium , either permanent or temporary . For those who can't get life insurance either because of their health or their occupation may be able to get coverage trough specializing companies with guaranteed issue for a much higher cost and with limited coverage as well . Generally with the guaranteed issue policies the death benefit within the first 2 years is limited to the refund of premium only should you die of natural causes .



Once an insurance policy has been issued on you life it can't be taken away as long as you pay the sheduled premium

for the term insurance or if you failed to do so the policy will lapse and you may never be able to get it back because of your health has deterioted . I personnally chose the permanent insurance plan with paid additions and its nonforfeiture option . I have had life issurance since I was child that my parents have bought and purchase more life insurance throughout my life as my situation required more life insurance to protect my family and my estate . Its a relief for a wife with children to know that there will be somehow a sense of normality in the event of a prematured death on the husband when there is life insurance to provide some immediate cash , for the cost of funeral and may be other cost relating to the death of a love one . I review my life insurance every year and it does give me a sense of security in the event of my death to protect my wife from unplanned sudden death . Buy life insurance as soon as you can and good luck



Life insurance as well is tax free to the beneficiary and its handy because you never know where and when death will occur at any time

Answer 44

As soon as you become independent. The earlier you get into the habit of purchasing insurance, the better off you will be.

Answer 45

I believe a parent should have one for a child up to the time that child has pursued their career and begin working (this child/becomes adult ultimately is guided to pursue his/her financial and insurance responsibilities) Therefore this person is relatively 23/24 years old independently.

Answer 46

You only need life insurance if you want to protect your family or your spouse from financial hardship if you die. Especially, if you are the primary income earner.



If you are single and no dependents you do not need it. Insuring yourself for money that you will receive after you are dead is frankly, weird behaviour.

Answer 47

when they feel like it, Not when it's forced on them. They didn't have life insurance in the early 1800's and everyone was buried without a high cost. But because this has become a world of money and material. It's made to make people think now we need money to die.

Answer 48

When you can AFFORD to pay. Most low paying jobs just do not pay enough to warrent forking out an extra $100 a month for life insurance.

Answer 49

Once you are independant from your parents and have large enough debt that your family could not easily take care of it -- once you are independant from your family if they could not afford to bury you the way they would want to -- or once you have someone dependant (spouse, child) on your income for their well being.

Answer 50

The common answer, which I agree with, is as soon as you are working full-time & accumulating debts of any sort. And forget whole-life. It is a poor investment vehicle. Term is the way to go.

Answer 51

My husband and I JUST got life insurance. We don't have kids, but will one day. And we don't have a home. However, my husband just bought a motorcycle. Though I know my husband wouldn't be a moron on it, we know what other drivers are like. Figured we'd get it now while we're young and it's inexpensive!

Answer 52

I believe that the day you start asking yourself if you should buy life insurance is the day you should buy life insurance.

Answer 53

The older you are, the more expensive life insurance premiums are. Beware of whole life policies ... make sure you get all the facts from your agent.

Answer 54

Never - insurance companies hold big promises but never deliver what they promise. If you want to invest and make that money grow - insurance is not a good option.

Answer 55

From the moment she gets a job and is work for about 2 years on.

At last, nobody knows the death time

Answer 56

Im 22 years old and I have had life insrance my entire life. When I started post secondary, I started paying for it myself (my mom paid previously). I do not understand why people do not have insurance, its completely affordable and gives a ease to the mind

Answer 57

I personally have had life insurance since I was 2 years old. I think there is no certain time you should buy it.

Answer 58

Are you soliciting new slogan for your company? There is already a good one floating around.



Buying life insurance is not for the insured, it's for the one(s) he / she leaves behind.

Answer 59

As soon as you start a permanent job or regular job all should buy insurance to ensure your remains are looked after and money left over to pay any out standing bills.



As you advance in age, marriage, children you should get more insurance on their behalf. See an insurance person--they are like hawks but some are very good in helping you prepare for an early demise and help you safe for the future.

Answer 60

Only when you have a family. The younger you are the better too. Also be sure to get one that doesn't have a limit, so when you get older your insurance isn't dropped, or you are forced to get a medical done.

Answer 61

As soon as possible. Preferably when you get a job that covers insurance

Answer 62

When they have a reason to such as having children, or when they have something of value behind them such as owning a home. Also if they have any dependents that relies on them for financial security, like a spouse or elderly parents.

Answer 63

should buy income protection if any body realizes on your income. all so you should be investing as well . when your

investments are worth more than your life insurance you should think about cancelling your policy..because you are self insuranced.. buy term and invest the difference..

Answer 64

I'm never going to buy it. Despite being 24 my premiums are too high and having no dependents it is completely unnecessary

Answer 65

After marriage

Answer 66

I think when you are young it's good to think about, especially if you have loans out for cars or schools so if something should happen to you, you aren't leaving your loved ones with your debts. You can also get a better rate sometimes if you have multiple insurance policies for different things from the same provider. Another time to think about life insurance would be when you are seriously involved with someone - dating or engaged or married, definitely. That is another person who, if you are financially tied, could potentially end up paying back your debt when you're gone so you want to think about not leaving that with them. That's what I think and what my provider suggested to me, but I don't know what is widely believed.

Answer 67

I think it's a great gift for a parent to purchase a whole life insurance policy for a newborn baby. This may be the most valuable investment made in their life. Newborn babies very rarely have pre-existing conditions and that may prevent the child from getting insurance as an adult.

Answer 68

I think around the same time you get married...when you have to start thinking about the other people in your life, although, I guess it's never too soon...

Answer 69

People are aware of life & health Insurance. Younger you are the better. Do refer!

Answer 70

I would say when your young so if anything happens bad or unexpected your good!

Also you have to put your currant health in consideration because if you have bad health in the future it will be harder to obtain!

I even think i have it and Im only 13!

Have fun your the best!

-christina

Answer 71

You need to have life insurance when your Liabilities exceed your Assets.

Answer 72

depend on the style of your life,, I'm a biker married with kids at home so if I have to die better if my family could live better, and my dad ,my mom , and my brothers and sisters, so at soon you feel that you death will cause too much financial problems at you family, and when you feeling you getting getting old

Answer 73

i am in full agreement with david chilton(see his answer further on) I am a life agent in the kingston brockville smithfalls area

contact me for more info

Answer 74

A person should have even a small policy for death, but if you are married with a family you should always have a policy.

Answer 75

technically life insurance should be purchased once an individual enter the workforce and start to accumulate debt..

usually at a young age, 18 yrs old up, and the insurance should be sufficient enought to cover unexpected events.

Seek a good adviser that understand your need and not their

commission.

Answer 76

After 60when you have more chance of dieing

Answer 77

I advised my children to open one as soon as they started work

Then a superannuation one as well

That being the most important one when you retire

Answer 78

ASAP. the younger the cheaper.

however, life events are usually when the thought comes to mind.

new baby,

marriage,

first home

recent death in family

I would look into a term policy to meet your needs for loans and such if whole life/permanent life insurance is not affordable at this time

Answer 79

You should buy life insurance before you are dead.

Answer 80

As soon as you know you will have either financial obligations or a dependent.

Answer 81

as soon as possible

Think of the loved ones

Answer 82

as young as you started your career (around 24)

Answer 83

when you have bills that you don't want your family to be stuck with



term life ins on a car loan or mortgage.



a 10k-25k basic full life in to cover burial if you tko at any time



ins to cover debts of a business or to buy out a partner if the partner dies



all sorts of things



the basic full life should be around 16

Answer 84

When one has dependents, like children or a life-partner.

Answer 85

Hi Doc!



IMO I'd say that is better to be insured because you'll never know what tomorrow will bring us



have a nice day doc!



Mr. Ramos

From Vancouver, BC

Answer 86

I guess as soon as you have kids



I can tell you one thing for sure, I wouldn't have insurance with you again

Answer 87

When your income is depended upon to support loved ones.



If you are a primary source of income for your family and they could not continue their current standard of living if they were without your income, you should buy insurance.

Answer 88

when you need it like a change in your life new job . getting married. birth of a child

Answer 89

As young as possible - parents should buy a policy for their child/children, and if not, a young adult should invest in a good whole life policy when they're young and healthy.

Answer 90

I think the younger the better, alot of ppl think they dont need it until they get a lot older but policy is cheaper and i think its a good investment to start so you can leave something for your children

Answer 91

I think as soon as you can afford to or immdediately you get dependants as in children

Answer 92

I'm nearly 63, male, NS, ND, no drugs, 5'6", 180 lbs. work full-time. I should get about $50 -$100, 000 life ins. sometime; get me a quote please.

Answer 93

Get life insurance the moment you MIGHT acquire a dependant or two - and get it while you're young and healthy.



More about insurance and risk http://pokerpulse.com/news/viewtopic.php?t=1862&highlight=insurance

Answer 94

A person should consider life insurance when he/she is responsible for the welfare of another, and when the person for whom care is given is not capable of caring for themselves.



This would include: children, or a spouse without any marketable skills.



.

Answer 95

When are financially independent (when they have a job). You really never know what can happen and it is responsible to have your expenses covered should one pass suddenly.

Answer 96

Shortly before you drop dead.

Answer 97

I've always heard that if you marry or have children, that it is time to get life insurance, in order that they have something to fall back on should you pass away.

Answer 98

Usually when there is an event where it is a turning point, eg. birth of first child or close to retirement. Or when life becomes uncertain.

Answer 99

A small amount is needed at birth. Your children need enough to cover funeral expenses and time off for grieving parents. ..... Once you get married you need enough for your spouse to not have to fret over the loss of your income as well as the loss of you. ...... When you have children you need enough for your spouse /significant other to raise the children/pay for the home and pay for funeral expenses. It is not a nice subject but it does need to be addresses

Answer 100

It only gets more expensive as you get older, and if you wait too long you may not be insurable for health reasons. So sooner the better (and cheaper).

Answer 101

Before they jump.

Answer 102

i think the soon the better

Answer 103

when they have someone close to them they'd want to benefit from it.... if you're all alone, why benefit someone you'd rather not leave an estate to?

if it is an investment option where you can pull money back out of it for retirement then, asap

Answer 104

when you are alive.....does not matter your age, does get more expensive the older you are

Answer 105

as soon as you work and can afford to buy it

Answer 106

ummm..thats a hard one...but probably before you die ...what a dumb question

Answer 107

Never.



(I suppose that in a few cases it may be important but even in those cases I think that there are other better options. For the vast majority of situations its just another form of making money off people's fear - and what bigger fear is there than fear of death? No amount of insurance is going to prevent death and before you chastise me for not understanding the concept, let me say that I understand it quite well, I just don't agree with it. Fear sells even better than sex.)

Answer 108

Whenever they can afford to do so. The sooner the better, 'cause you never know.

Answer 109

When you are a baby! The Gerber life insurance looks good. you can die any time, might as well be prepared!

Answer 110

when they start work and the job pays for it cause you never know, I was in an almost deadly car accident and I am only 26 so...

Answer 111

nred

Answer 112

Sooner you can afford to do so.

Answer 113

Probably well before one is terminally ill. That'd be like, ideal.

Answer 114

When you have something to lose.

Answer 115

when you are just born

Answer 116

As soon as the birthday check from my grandmother clears.

Answer 117

ASAP!

Who knows when you have a car accident???

Or something else!

Please answer my question:

https://answersrip.com/question/index?qid=20080201165434AAE6bVH

Answer 118

hopefully before you die

Answer 119

when ill!

Answer 120

before they die

Answer 121

back up of life.

Answer 122

now..