When should you buy life insurance?

We don’t wish untimely death on anyone, but sometimes accidents happen. We’re pretty sure, for instance, that Isadora Duncan didn’t plan on breaking her own neck with a silk scarf. And if the unexpected does happen, certainly the last thing any of us would want is for our family members to be caught unprepared and without financial resources. 

So while it’s clear why life insurance is important, what is sometimes less clear is when is the right time to buy it.

In general, it makes sense to purchase life insurance if you have people in your life who are directly dependent upon your income, but there are many other reasons you might consider it, including:

• If you’re planning to have a baby or get married
• If you have debt; this way, your spouse or dependents aren’t left paying off the outstanding balance
• If you’ve taken out a loan to buy a house; life insurance can cover your mortgage balance in the event of something unexpected
• If you have private student loans, because that debt won’t disappear if you die
• If you’re worried about who will pay for your funeral, and how (morbid, we know, but important to consider!)
• If you have elderly parents, because life insurance can help defray costs

But be aware: the older you get, the more expensive life insurance policies become since you, yourself, become a bigger risk. If you’re planning on buying coverage, it’s better to be young than just young at heart, especially if you purchase a permanent policy (meaning coverage that never expires). Same goes if you’re a smoker, or enjoy other behaviors or habits that insurers may consider “high risk.” 

Not only does the value of a permanent policy grow over time, but the older you are, the more of a liability you appear to be — which can make it harder to obtain a permanent policy in the first place. 

So if you are looking to buy life insurance later in life, you may want to consider a term policy, which can be more affordable and covers you for a specific set of years. And either way, we suggest you shop around so that you can find the policy that makes the most sense for you, and at the right price. 

While we know that Wile E. Coyote would have definitely benefited from some life insurance, you might too (even if you’re not constantly setting up Acme bombs!). You can always check out the Marble Marketplace to shop for life insurance — including options like Next by Pacific Life, which allows you to start small and increase your coverage as your family and your assets grow.

And once you've decided on a policy, you can always store it in your Marble wallet, where you can keep all your policies organized while also earning rewards just for having insurance.