When could be the right time to get life insurance
The best time to get a life insurance policy will be different for each person so there’s no blanket-rule that applies to everyone. Life insurance is ultimately about protecting your personal circumstances, so you’ll need to consider your specific financial needs to decide whether it’s right for you. You’ll also usually have to be at least 18 years old to apply for a direct policy in Australia.
When considering life insurance and comparing product cover, the younger applicant may have a higher rate of acceptance due to good health. Because as you age and experience health issues, the likelihood increases that your insurer may apply a loading or special exclusion to your policy, or you may even find that some insurers will decline to offer you cover.
Premium values for the same coverage may also vary with each insurance company due to their claims rates and running costs. Comparing the benefits, features and cover details may further assist in decision-making.
Many people consider taking out life insurance after major life events such as when they get married or have kids, but it could be worth looking into getting life insurance at any time depending on your situation.