Many people today are wondering when the right time to purchase life insurance is. Life insurance can provide your loved ones with financial benefits in the event of your death. Death is unfortunately an inevitable fact of life, and it can happen at any time. When you pass away, your loved ones may suffer emotionally from their loss, but they also must deal with your loss financially. For example, they may have to pay for funeral expenses and medical bills. They may also be forced to adjust their lifestyle due to lost income. By purchasing a life insurance policy, you are providing your loved ones with benefits that can ease the financial burden associated with your loss. 

Time Is of the Essence
When it comes to purchasing life insurance, time is truly of the essence. Both whole life and term life insurance rates are more affordable in your younger years. By getting life insurance quotes today, you can take the first step toward locking in a great rate on your coverage. Some term policies have up to a 30-year term, and some whole life policies may provide coverage for your entire lifetime. When you buy a policy in your younger years, your policy is more affordable than it may be several decades from now.

Changing Needs
Regardless of your current stage in life, you should consider the benefit associated with getting life insurance quotes today. Life insurance needs do vary over the course of a person’s lifetime. For example, a young, single adult may not have a significant need for a large life insurance policy, but as he or she gets older, starts a family, accumulates debt and has other life experiences, the need for coverage will increase. As that same adult gets older, his or her financial assets may increase, and the need for coverage may decrease slightly. However, the coverage may then be used to pay for medical expenses that may be left behind after passing, to support a surviving spouse or to provide a legacy to heirs. While the needs for coverage may change, there typically is always some need present. 

When shopping for term life insurance rates today, take a moment to get a quote for what your policy may cost if you were 5, 10 or 20 years older. This is a great way for you to see first-hand how age can affect the cost of insurance. Keep in mind that it may be better to purchase more coverage than you need right now to lock in savings if you believe your need for coverage will increase in the coming years.