For so many things in life, timing is everything. So how do you know when it’s the best time to buy life insurance?

In general, it’s never too soon to get covered. Checking life insurance off your to-do list means your family will be protected financially. It provides an important safety net – one that you hope you’ll never need to use but is still good to have around.

When you choose a life insurance policy, you agree to pay a monthly or yearly premium, like auto or health insurance. If you die while the policy is active, your family receives a lump sum cash payout. They can use this money for whatever they need: to pay bills like utilities or auto insurance, take care of the mortgage, credit card balances and other debts, or save for the future.

Still wondering when to get life insurance? The best time to apply for life insurance is as soon as you need it, but here are a few times when it makes the most sense.

At what age should I get life insurance?

There’s no clear-cut best age for life insurance. That said, the younger you are, the more affordable life insurance rates tend to be, especially if you are in good health. For example:

• A healthy, single, employed 30-year-old man can get a 20-year RAPIDecision® Life policy for as little as $26 per month, with coverage up to $250,000.
• At 40 years old, he would pay $40 a month for the same amount of coverage – an increase of over 53% in 10 years.

Some people put off buying life insurance to focus on more immediate financial needs, like saving for a down payment for a home or paying off their student loans. But it’s better to buy sooner, because it can mean significant savings for you and your family. In short: Buying life insurance earlier in life could ultimately save you thousands over the life of your policy. Life insurance premiums also tend to be more affordable than people think. That means that it’s not a big monthly investment now – but that small investment can make a big difference down the road.

Buying life insurance when you’re young doesn’t just mean getting lower rates, it also helps you avoid the risk of being turned down because of a health issue that crops up later in life. More than one in four (27%) of American adults under the age of 65 are living with a pre-existing health condition – which can make it tougher to get covered. Existing health issues can make buying a policy more expensive, or prevent you from qualifying for one at all.

The good news is, once you’re covered, you’re set for the entire length of your policy, no matter what happens to your health. If you apply while in good shape, you’re more likely to get better coverage as well as a better deal.

Here’s a guide to life insurance by age:

Life insurance in your 20s

When you’re in your 20s, you’ll have the most options and the lowest rates available to you. You might just be starting out, but life insurance can help protect you and your loved ones should the worst happen to you.

Most likely, you’ll choose between term life insurance and permanent life insurance. Term insurance is the most affordable and tends to be your best bet for coverage when you’re young. Learn more about buying in your 20s.

Life insurance in your 30s and 40s

This is the prime time for buying life insurance: Many people in their 30s and 40s are reaching big life milestones like buying a house, getting married, and having children. These events all require financial protection, which life insurance can provide. In your 30s and 40s, you’ll have lots of options and rates that are still affordable – although they’ll rise as you get older. You’ll still choose between term or permanent life insurance options in this age range.

Life insurance in your 50s and 60s

As you get older, your life insurance needs may change. You no longer have young children or a mortgage, but you still may need some kind of financial protection. It can be the right time to buy life insurance if you need a few years of coverage before retirement, or want to leave a legacy for your kids and grandkids. Term and permanent life insurance options may still be available to you, but you can also buy final expense insurance after 50. Final expense insurance is designed to cover end-of-life costs like medical and funeral expenses and can help offset the financial burden on your family during an already difficult time.

Life insurance in your 70s and 80s

At this age, life insurance is mostly for covering funeral expenses or other end-of-life needs so that your family has financial support when they need it most. If you’re in your 70s or 80s, you still have life insurance options available to you, including term and permanent life insurance, in some cases. Fidelity Life offers:

• RAPIDecision® Senior Term Life Insurance (up to age 70)
• RAPIDecision® Senior Whole Life Insurance (up to age 85)
• RAPIDecision® Final Expense and Guaranteed Issue insurance (up to age 85)

When should I consider buying life insurance?

The biggest question to ask yourself when buying life insurance: Does anyone depend on you financially? If so, you’ll need the protection life insurance offers. Buying life insurance helps make sure that your family has enough to live on should the worst happen to you. The payout from life insurance can help ensure that they aren’t burdened by everyday expenses, bills, or paying off debts.

There are a few milestone moments in life that can prompt a purchase:

• When you get married. Getting married means building a life together with someone, and that also means planning for your financial future together. If your spouse relies on your income, or you have other financial needs to consider like student loans, make sure you buy enough coverage to pay for those costs.
• When you have kids. When you welcome children into your family, it’s time to consider the kinds of costs you might face as you raise them. Life insurance can help cover everything from groceries to schooling expenses.
• When you buy a home. Buying a home often means taking on a mortgage and the monthly payments that come with it., If you die, life insurance can help make sure your family is able to keep the home and avoid burdening them with debt.
• When you take on debt. Beyond your monthly mortgage payments, student loans, car loans, and other debts can fall to your family members to pay if something happens to you. Life insurance helps cover those kinds of debts and expenses.
• When your career changes. If you’ve gotten a raise or landed a new job, make sure that you’re buying enough coverage to match any salary increases. It’s recommended that you get coverage for seven to 10 times your annual salary to make sure everyday expenses and bills are covered.

Big milestones like these, and even big birthdays or anniversaries, can put life in perspective and make you realize how much you have to protect. They’re great times to take a closer look at your responsibilities, talk to your financial advisor, and decide whether your current coverage is enough – if you have any. If there are people who depend on you financially, make sure to put some type of coverage for them in place, just in case. You can use our term insurance calculator to figure out how much coverage you need to buy.

Is there a right time of the year to buy life insurance?

The best time of year to buy life insurance is more about your individual needs, and we recommend consulting with a financial advisor. There are no big sales on life insurance rates, but there are certain times of year life insurance might be top of mind, and it can pay to shop then. For instance:

• Many people choose to shop at the beginning of the year, especially if better budgeting or planning is on their list of new year’s resolutions.
• If you receive a refund during tax season, consider putting part of your refund aside to cover your premiums.
• For families, fall can also be a big turning point in the year as kids go off to school, and if you’re taking on debt to pay for college tuition, consider insuring that with life insurance.
• Many people buy because of a milestone birthday. If you’re approaching a big birthday, though, don’t wait too long to lock in prices for your current age. Some life insurance companies round up your age once you reach your half birthday.

Getting the timing right on peace of mind

Getting covered is quicker and more affordable than you might think. So why waste time? Don’t wait for the next big life change to coverage. Fidelity Life can walk you through the process. Get in touch with one of our agents or start your online quote today.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.