The best time to buy life insurance is when you are young, single, and healthy, and do not need the protection of life insurance policies.
Insurance companies are very weird. They do not sell you insurance products when they know that you need them.
For example, those people suffering from sickness are the ones who need insurance coverage most, but the insurance companies will never sell to them.
When you are young, single, and healthy, the insurance companies want to sell all kind of insurance products, including life insurance, to you. As this is the time that you do not need any life insurance, you should buy as many insurance policies as you can. Do invest in a few life insurance policies from different reputable insurance companies.
When you are young, single, and healthy, you can pay lesser in premium for guaranteed protection for life. The premium that you pay to the insurance companies will not increase, but the protection sum will.
Buying life insurance is a way to ensure that you save for rainy days. If you do not save the money, you are likely to spend the money to buy unnecessary items.
As long as you pay the premium for life insurance, you get protection for as long as you live. Nobody on Earth can get younger and younger every day, every one of us, including you, grows older and older.
The older you are, and the more family obligations you have, the importance of life insurance grows. You know that the insurance companies will pay to your dependents, should any unforeseen incident happen to you. This provides a peace of mind to you, knowing that your spouse and children will enjoy a similar standard of living when you are not around to take care of them.
When you buy life insurance, you can add on riders to enjoy other insurance coverage. Do add on medical coverage. You do not need the medical coverage when you are working full time, since you can enjoy the medical insurance that your company provides. However, your company does not, and cannot guarantee life long employment.
Companies do retrench employees when the times are bad. That is the time when the medical coverage rider can help you, if you need medical treatment while jobless.
The value of life insurance increases the older you are. Suppose you buy a life insurance policy when you are in your late teens, and you live to a ripe old age of 120 years old. The insurance policy is still in force. As the life insurance policy is a participation policy, the insurance company will declare bonus to the policy every year. The cash value and the protection value will increase every year.
When you need money in old age, you can surrender the life policy for cash.
The time to buy life insurance is when you are young, single, and healthy. Buy a few life insurance policies from different companies, so that you have protection in case any of the insurance companies go bust.