When you’re in college

While you may not have many assets to your name or people depending on you, it would be a good idea to start preparing for your future. One of the things that may be on your mind are non-federal school loans, and you don’t want to burden your parents with that huge bill, assuming they were cosigners on said loan. So, while getting life insurance when you turn 18 may not be a priority, you can get ahead of debt for your parents if you’re still financially tied to them, should you unexpectedly die. The cost of term life insurance is also usually cheaper when you’re young and healthy (even as low as $9 a month).

When you’re single

If you haven’t tied the knot and aren’t living with a domestic partner, you may wonder why even bother getting life insurance at all. But you do have to think about yourself and the things you want to protect. Whether it’s caring for your furry friend, making sure your plants survive, or general debt, you want to sleep soundly knowing no one has to pony up the money to cover these expenses. You may also share your living space and expenses with roommates, and if you’re all on the lease and bill payments together, they may be on hook for your portion of the money if you have no financial protection.

When you get married

If you’re married, you obviously want to make sure your spouse is protected in case you kick the bucket. As you’re building a life together you might not consider coverage, since you may not have the house of your dreams or the 2.5 kids yet. But the truth is, any debt you incur in the present could be diverted to your beloved partner if you die.

Also if you had the wedding of your dreams, that could’ve cost a pretty penny. If the debt from your nuptials is still pending on your credit card, you can add that to your coverage so your spouse doesn’t have to figure out how to finish paying off the caterer, the florist, and the makeup artist for the bridesmaids.

When you have kids

If you decide to grow your family there are a lot more things, and people, to consider when thinking about the future. Having children is obviously a huge reason to get life insurance. You want to make sure that, if you pass away, they’ll be taken care of—from making sure the mortgage is paid, to their school loans, credit card debt, and more. If child-care is needed you can allocate money towards that as well. Basically, any necessity your kids will need can be added to your policy.

Term life insurance length can vary. You could buy coverage in 10, 15, 20, or 30-year increments. Life will inevitably change as time moves forward, so you can readjust and reallocate funds for your kids, or any beneficiaries, as you see fit.

So when’s the best time to get life insurance?

We answer that question with a resounding now! As long as you have responsibilities and people that rely on you, you want to have coverage to cover debts if you die regardless of your age. Seriously, even the cost of a funeral can be an enormous financial burden for families. As you research term life insurance rates and policies, make sure you find a company that puts the customer first; one that allows you to tailor coverage in a way that uniquely works for you.

Wysh has designed innovative tools to help you create your personalized protection. Our Wysh Builder feature lets you add Wyshes, which are your financial dreams and goals that you’d like to fulfill before you die. No matter what kind of coverage you get, make sure you not only think about your future but also what’s happening in the here and now.