However, if that need for life insurance arises when you are older, or unhealthy, you may or may not be able to qualify to buy a life insurance policy when you need it most.
That's why it's important to plan ahead when considering the purchase of life insurance.
Usually, people consider buying life insurance when they have a need, for instance, when they have someone who relies on them for financial support, or when they have a financial commitment, such as, a car loan or home loan they owe money on.
Many people buy life insurance when they have a significant event occur in their life, such as, getting married, buying a home, getting a promotion at work, when they are expecting a child, or just planning their financial future.
In addition, it's a good idea to review your financial plan and consider your life insurance needs each and every year so you are prepared and plan for your life insurance needs as your life changes.
Life insurance rates increase with age, so they older you are when you buy your life insurance policy, the higher your rate for your coverage.
In addition, as mentioned above, if you develop a health issue before buying life insurance, you may find it difficult to find affordable life insurance when you need, if you can even qualify for a policy.
Here's more information on explaining why do we need life insurance.