When should I take out life insurance?

Life Insurance is no doubt something a lot of you have heard of, but chances are you have yet to find the right plan.

Various issues might be preventing you from doing so, including a lack of awareness over what life insurance is and what benefits it can bring.

One thing that most people are uncertain of is exactly when they should think about taking out life insurance - although there are no hard and fast rules, there are some situations when it should be considered.

Getting married? Think about life insurance

One of the most popular times to think about life insurance is when you are getting married.

Starting a new life with someone comes alongside all sorts of financial commitments, with one of them no doubt being how to support your spouse.

Life insurance will offer financial security to your spouse should you suddenly pass away, giving you peace of mind that they will not suffer hardship in the event of your death.

There are various different types of policy available, so it largely depends on what circumstances you want life insurance to pay out and how much you want to spend.

Life insurance companies will assess both you and your partner if you take out a joint policy.

Consider cover when having kids

Another life event that may make you think about the future is having children.

As with getting married, you will suddenly have someone else who is financially dependent on you, meaning they will need to be catered for in the event of your death.

Knowing that there will be a payout should the worse happen gives you peace of mind, which is something that life insurance is able to offer.

Take stock as you approach significant birthdays

Getting older often means that people take stock of their lives and possibly even how they plan to provide for their loved ones.

In most instances, it is best to take out life insurance sooner rather than later to reap the maximum benefit and give you peace of mind for longer.

So, if you are fast approaching your 40th birthday, for example, and haven't yet thought about life insurance, it could be a good time to do so.

Many insurers will offer products for anyone between the ages of 18 and 65, but this will vary quite considerably between companies.