When to Buy Life Insurance

Because you're reading this, chances are that you are considering buying life insurance but are unsure whether or not you need it already. Here's a quick answer for you: you need to buy life insurance today. We're not trying to sound alarmist, but it is always better to buy insurance sooner than later. After all, there's no telling what could happen in the future, so you need to do everything you can to secure it. This is especially so if you have a family who depends on you for their survival.

But that's just the short answer. Let us also share with you some of the reasons why it's important that you buy insurance soon. Here are some of them:

  1. It costs less. Some types of insurance become more expensive the older you get. This is common in term life insurance wherein you need to renew once the term is over. So if you bought this type of insurance when you're in your mid-20s, the premiums then would be cheaper than when you finally renew it 10, 20 or 30 years later. For this reason, it makes perfect sense to buy insurance today when you're younger, since the premiums will also be more affordable to you.
  2. You're still healthier. This is closely connected with the previous item. When you're young, you can still fight off diseases more effectively than when you're older. And for this reason, insurers will also likely charge you less in premiums, since you're at a lower risk of getting ill or dying. Of course, that would also depend on your lifestyle choices. So if you're a smoker, then your premiums may be higher than if you were a non-smoker.
  3. Your loved ones deserve it. This is probably the most important reason why you need to buy insurance soon. While the future is uncertain, you could lower that level of uncertainty by protecting them with life insurance. Depending on the type of policy you choose, you can provide for them even when you're unable to work due to an illness or injury, have money for your medical expenses, or secure them financially even when you die.
Here at Rate Detective, our qualified advisors are ready to help you buy life insurance today. They will assess your needs and, based on that, provide you with rate comparisons of Australia's top insurers. Contact us today for more details!

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Published on June 6-th, 2013 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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