Taking out a life insurance policy is a big decision, and requires a lot of forethought and contemplation before deciding what the best policy for you is.
Life insurance isn’t ‘essential’ (like car insurance) and you may not be thinking about it just yet – especially if you don’t have dependants who rely on your income. But if you are considering taking out a life insurance policy, then you may be wondering when the best time to do so is.
You don’t have to be a specific age or have certain circumstances in your life, but there are common life events which make the perfect opportunities to take out life cover.
These could be getting married, buying a house, having children, or anything else that includes taking on pretty big responsibilities. The reason these are ideal to take out cover is that your family will be protected financially in the event of your death.
Once you have made the decision to take out a policy, you have another big decision in deciding which type of policy you want. The infographic from Bobatoo below has information on the three main types – ‘whole of life cover’, ‘term life insurance’ and ‘mortgage life insurance’ to help you decide on which policy to take out.
When to get life insurance – by the team at Bobatoo