You May Want to Buy Life Insurance Even if You Don't Need It Now. Here's Why

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KEY POINTS

  • Life insurance is something most people end up needing during their lifetimes.
  • It may not seem necessary to buy coverage with no dependents.
  • Purchasing a policy early on could pay off.


Acting early could save you a lot of headaches -- and a lot of money.

Life insurance is necessary for everyone who has people depending on them. Often, people buy life insurance because they want to provide for a surviving spouse in case of an untimely death, or because they want to make sure money is available to raise their children if the worst occurs. But life insurance can also be bought for other reasons, such as to ensure there's money to care for aging parents or for a business partner to keep the company running after a death. 

Since there are many reasons to buy life insurance, most people will eventually need a policy because someone will depend on them in some way during the course of their lifetimes. But that doesn't mean everyone needs coverage right now. A person with no one who needs their income or services at the moment may not currently need this kind of insurance coverage. 

But, even if that's the case, they may want to buy it anyway. Here are two big reasons why. 

Waiting to buy life insurance until it is needed could mean it's too late

The biggest and most important reason to buy life insurance that is not yet needed is to ensure that coverage is available when there is an eventual future demand for it. 

After getting married, having kids, or starting a business, no one wants to find out they are unable to put a life insurance policy in place to provide necessary funding to those who would be left behind after a death. But that is exactly what could happen. 

See, a person who is relatively young and who is in good health can easily obtain coverage from the widest possible variety of different insurance companies. They can get a term or whole life policy, and can make sure it is in effect for decades to come or even for the rest of their life.

But if a serious medical issue happens -- which could occur even at a pretty young age while people are still dependent -- then the door could close on getting life insurance. Say, for example, a young person opts out of buying coverage because he has no dependents. He develops a medical problem, such as cancer or heart disease, and subsequently gets married.  When he goes to get covered, some insurers would likely deny him or charge him much more to put protections in place.

Having this happen isn't ideal, and it can be a good idea to get life insurance just in case it will later be needed to avoid these kinds of circumstances. The good news is, life insurance isn't expensive when purchased at a young age so it should not cost much more than a few dollars per month to get a term life policy that is in effect for decades and that has a reasonable death benefit. 

Don't delay and miss out on the chance to get covered

It is much better to have life insurance and not need it than to require coverage and not have it. So make sure to sign up for a policy today so when tomorrow comes and loved ones become dependent, protections are in place for them. 

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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