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- I’ve always been told I don’t have to worry about life insurance until I have kids.
- But now that I’m 35, I’ve decided that my husband and I need policies.
- Now it’s cheaper to lock in interest rates, we rely on both sides’ income and I plan to help my parents.
When I turned 30, I decided to rethink my finances after going through the wrongs of my 20s. I spent months meeting with financial experts and asking for advice from friends and family members. family member to come up with a new money-making strategy.
The advice I received helped me start budgeting, invest in various index funds and stocks, open a retirement fund, and eventually have an emergency fund.
I also received advice that I should put off thinking about life insurance until later, when I have children. Until then, many people told me it would just be a waste and another monthly payment to think about. At the time, I was newly married and didn’t think about any kind of time to start a family, so I thought it was smart advice to follow.
However, now that I am about to turn 35 and still have no children, I have begun to reconsider that decision and start looking at life insurance policies. Here’s why.
Life changing is looming
My husband and I have started making some short-term future plans and have decided to start thinking more about having children. While we weren’t in a hurry, it made sense to explore life insurance before I got pregnant.
One benefit of taking up life insurance now is being able to take advantage of the possibility of getting a policy with lower premiums due to my age. If I wait a few more years, or even a decade, I may have to pay more, as the cost of life insurance depends on many factors including age, medical and family history, even lifestyle (smoking and tobacco use).
Since I will most likely have dependents in the future, It might be worth closing the deal now, at a lower interest rate..
I have a flexible income
My husband and I have very different sources of income. He works full time at a company and receives a steady salary. I am an entrepreneur and freelancer whose income varies dramatically every month. Since we both rely on our incomes to pay our expenses and can save very little monthly, we both have life insurance policies – especially since we both have We both plan to work until retirement age so we can be a dual income household.
If something happens to one of us who has life insurance, even without children, the other will not experience financial hardship due to the loss of one of our earnings. That person can still afford our current standard of living, pay off any outstanding debt, and be able to make smart savings and investment decisions without having to take on extra work or stress about the future. their financial future.
I have other dependents
Although I do not have children, I do take into account other dependents I may have in the future, such as my parents. Although they are in good health now and have some measures in place to support them as they age (like life insurance and long-term care insurance), I really look forward to supporting them financially. in some way in the future. I hope to be able to help pay for medical bills, emergency, long-term care, etc. That’s why I want them to benefit from my life insurance plan along with my husband.
If something happens to me while they are still alive, I want to make sure that my life insurance policy can help cover the costs I intend to cover them.
While I consider buying life insurance something that can be easily pushed forward, I have made it a goal to buy a policy before I turn 35 – even though I don’t have children yet.