3 Reasons to Buy Life Insurance Before 2022 Ends

If any of these apply to you, it's time to start shopping for quotes.

At this time of the year, you're probably busy planning out your holiday menus, decorating your home with dozens of lights, and making sure you've checked all of the necessary items off your gift list. You're probably not all that focused on buying life insurance.

But if you don't have a life insurance policy in place, you should know that you're leaving your loved ones vulnerable. And if these situations apply to you, it pays to get moving on your life insurance applications now so you have coverage in place before the year comes to an end.

1. You recently added to your family or are expecting a new addition

For some people, it's the birth of a child that moves them to get life insurance. If you've recently had your first child, or if you're expecting a baby in 2023, then now's a good time to set up some coverage. That way, you'll know your child is protected if something happens to you and you're unable to provide for your family.

2. You recently took on a large expense with a spouse

Maybe you and your spouse just bought your first home. If so, congrats -- that's a big accomplishment, especially given today's challenging real estate market.

But buying a home could mean that you now have a large mortgage hanging over your heads. And while you might have no problem paying it off while you're both working, if one of you were to pass away, would the other be able to cover those payments in full? If the answer is no, that's reason enough to get life insurance as soon as you can. You wouldn't want to put your spouse at risk of losing the home you worked so hard to purchase.

3. You want to be able to work your premium costs into your 2023 budget

There are steps you can take to keep your life insurance premiums affordable, such as opting for term life insurance over whole life insurance, or by applying for coverage at a relatively young age so you're able to snag lower premiums based on the state of your health. But either way, a lot of people take time at the end of the year to set up a budget for the new year and start off on the right foot. And it will help you to know what life insurance premiums you're looking at so you can work them into your 2023 budget. That's why now's a good time to start shopping for insurance -- and ideally, finalize your coverage before the end of the year.

Having a life insurance policy in place might help you sleep better at night. And you should especially prioritize life insurance if you're bringing a child into the world or now have a large joint debt with a spouse.

But don't rush through the process, either. Spend a little time gathering quotes to find the most affordable option. There's no sense in paying more than you have to for life insurance, and shopping around might prevent that from happening.