The younger you are when you purchase life insurance, the better. That said, you would want to wait until an additional annual or monthly life insurance premium is a bill you can handle. Considering life insurance at times when you make certain changes in your life is also a good bellwether.
Since life insurance pays money out on your death, you can probably hold off until there are people in your life, such as a spouse and/or children, who may need some financial help if you die suddenly. However, keep in mind that your life insurance rates are never going to be cheaper than they are today.
Let’s take a look at when it’s wise to consider speaking with a life insurance agent.
1. Purchase Life Insurance in Arizona When You Are Young
One of the best times to purchase life insurance is when you’re in your twenties. Unfortunately, most young people aren’t really thinking about this type of insurance yet. Buying quality life insurance at a fairly young age is a great way to lock in a good rate. If you’re still relatively young, consider speaking with an insurance agent to determine what type of life insurance is a good fit for you. Ideally, you’ll be able to purchase a quality plan that you can carry throughout your life to protect you and your loved ones.
2. When You’re Getting Married
Another important time to consider purchasing life insurance in Arizona is soon after you have become engaged. Marriage means that you’ll have another adult depending on your income and vice versa, so it’s vital that you protect the assets that you’re building together. Life insurance helps ensure that your spouse can easily afford funeral expenses, pay off any medical bills you’ve accrued, and handle the costs of settling your estate. So while life insurance isn’t the most romantic topic, it’s an important one to discuss before you tie the knot.
3. When You’re Adding a Child to the Family
If you’ve decided to have a child or adopt, it’s another excellent time to shop for high-quality life insurance. You’ll need to make sure that you’re carrying life insurance on yourself, at the least, and possibly your partner, as well. Life insurance will help give you peace of mind and ensure that you don’t have additional financial stressors to handle.
4. Making a Huge Investment in a Home in Arizona
Buying a home is a big responsibility, and it’s important to be sure that everyone involved is financially prepared, both today and in the future. Buy life insurance at the best rates so that you and anyone who’s dependent on you will have the funds needed to handle any expenses left when you pass on. With the right coverage, your loved one won’t be left with the pressure of a mortgage hanging over their head or be left dealing with funeral expenses. A life insurance policy helps make sure that your family is financially secure after your death.
5. When Becoming Your Own Boss in Arizona
Starting a business in Arizona means that there are other people depending on you and your financial choices, especially if you’re starting one with a partner. If you are launching a business, it may be time to purchase additional life insurance. This will help make sure that everyone involved is financially protected if you pass away and can help limit the liability to your business partners and loved ones after your death.
6. Other Dependents Who Rely on You
If you are currently in a family or caregiving structure in Arizona where another person relies on your income, it is important to carry life insurance. This includes individuals who are taking care of children, an older family member, or those involved in civil unions. If your income helps provide a specific quality of life for another person, it’s important that you purchase life insurance and designate them as a beneficiary. This helps ensure that they will be taken care of after your death, but also that they aren’t financially burdened if you pass away suddenly.
7. When Your Debt May Become a Burden
If you carry debt, it’s also wise to purchase quality life insurance so that anyone who might inherit this debt won’t be financially burdened. Life insurance can help make sure that your children aren’t paying off debts that you’ve incurred during your life, that your estate is settled, and that your loved ones can move on without worrying about your finances after you’ve passed away.
8. When Your Funeral Will Be a Financial Burden
The average cost of a funeral in Arizona is $7,530. If this amount of money would be a burden to the family you’d leave behind, it’s important to have life insurance to cover the cost. Purchase a quality life insurance policy and add your family members as beneficiaries. This will make it easy for them to handle your funeral expenses without having to worry about where they’ll find the funds to do so.
Plan Ahead With Quality Arizona Life Insurance
Death is often a taboo topic, but it’s vitally important to discuss life insurance costs when it comes to long-term planning. This helps to protect your surviving loved ones financially in the event of your death.
Life insurance doesn’t have to be incredibly expensive to give you peace of mind. Reach out to the skilled professionals at Oasis Insurance to get a fast and free life insurance quote online today. Or learn more about Arizona life insurance by calling us at 800-330-5190, or stop by one of our locations to speak to an agent in person. Our talented agents can help you evaluate your options to decide what works best for your individual circumstances.
