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How old should you be to get life insurance?


Age isn’t relevant, at least not directly. What matters is what stage of life you’re in. You should buy life insurance as soon as you have someone depending on you for sustenance. If you’ve got a nonworking spouse and especially if you’ve got children, then it would be only prudent to get insurance to make sure your loved ones are provided for if the worst happens. An 18-year-old could be responsible for others’ wellbeing, while a single, childless 40-year-old may have no need for insurance.

Another consideration is the circumstances under which you might no longer require insurance. A couple who both earn good livings and have working, grown children may find insurance unnecessary, although it still may be desirable. I know a couple with two young children and a thriving business. They have decided to buy term insurance that’s due to run out when the kids are out of college, assuming that’s their destination. The couple’s thinking is that if they were to die after that, their children could run the business themselves or sell it. I think it still would make sense for them to have insurance after that, even if they don’t, but their point of view is one that you may want to factor into your thinking if the circumstances are relevant.

-Conrad de Aenlle