The ideal time to buy a life insurance policy is when a person with dependents starts working. The reasons being the risk of death that can cause financial loss to the dependents and the fact that life insurance is cheaper for younger individuals. Hence it is wise to buy a life insurance policy as early as possible.
Apart from the age, the other factors that could impact the cost of life insurance are the health conditions, the lifestyle of the individual, and the medical history of the family. Also, those who are involved in dangerous professions or hobbies like if one is a pilot or frequently goes for mountain climbing, may have to pay a higher price for a life insurance policy.
When one buys an insurance policy, he can decide whether to avail coverage for a short period of time or coverage for a lifetime. This again is directed by the purpose of the policy and the cost too.