What is the best time to buy life insurance?

People often wonder what the best time to buy a life insurance plan is and end up putting it off but life insurance is a necessity to anyone. Think of life insurance as a safety net. As you go about your daily activities in life, you do not hope to use the net, but it is great to know that the net is there. If something happens to you, won’t you want the availability of a financial cushion for everyone you care about?

One of the major reasons people buy life insurance is to create financial security for the future of their family. A lot of people say they do not buy life insurance because they did not think they needed it. We are here to tell you that you definitely need a life insurance plan; whether it is to provide for your final expenses or to provide money for your family after you are gone, you definitely need life insurance.

Let’s talk about the best time to get Life insurance.


Faced with other necessities like feeding, debt, car payments, etc, people tend to put off buying life insurance. A lot of young people put off buying life insurance and because of that, a greater percentage of people currently buying life insurance are from the older generations. In truth, buying life insurance at a young age is way cheaper than putting it off. While it seems like a good idea to take care of basic necessities like feeding and day-to-day activities, missing out on buying life insurance while you are still young actually has significant economic impact. It is very similar to delaying savings for your retirement. The faster you purchase it, the better so if you buy life insurance while you are in your thirties you can end up saving thousands of naira.


Another important factor when it comes to getting life insurance is your health. Not only is it cheaper to buy when you were younger, buying life insurance when you are healthy actually helps you save costs. When applying for life insurance, you get evaluated for medical conditions like diabetes, cancer, heart disease, high blood pressure, etc. If you have a medical condition that is extremely serious or you are diagnosed with terminal illness, there is a probability that you will not get insurance coverage at all. You can easily avoid all these problems by getting your life insurance in place before any of these happens.

When you reach a milestone

There are some significant milestones in life like promotion at work, getting married, having kids or even buying a new home. When these changes take place, it’s the perfect time to get life insurance to cover your new needs. This helps you to be more proactive as you are able to anticipate any life changes and save money by getting your insurance early.

Life Insurance while working

While some companies give their employees life insurance, it is still a great idea to buy your own life insurance policy. The reason for this is that it’s a bad idea to rely on the life insurance given to you by your employer because you can lose that job, or decide you want to work somewhere else and lose your insurance policy. Remember, the older you get the more expensive your life insurance becomes so you are better off getting your personal backup insurance policy to ensure that you always have life insurance even if you lose your job.

Is there any reason to wait?

While it is easy to keep putting off getting a life insurance plan, the truth is, doing it actually brings peace of mind. If you know you are prone to forgetting it on your to-do list for months on end, you should consider getting it done today. Just check it off your to-do list, and enjoy the peace of mind that follows when you have the knowledge that you have it in place. It’s great to buy a life insurance policy even when you are young, healthy, and have no responsibilities. FBNInsurance offers some of the best life insurance policies across Africa –  FlexiEu and Guaranteed Lifetime Retriement Income Plan. These plans are quite flexible and provide for all your specific needs.

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