When Should You Buy Life Insurance? 
You should buy insurance before you need it . Once you need it you may not be able to qualify for it . For example , once you are in an automobile accident it is to late to purchase automobile insurance . For another example , if your house burns down it is to late to purchase homeowners insurance . The same goes for life insurance . If you wait until your health is bad you may not qualify for life insurance . You do not need to wait until you are married or have financial obligations . The best time to buy insurance is when you are young and insurable . That way , once you are married and have children -LRB- if these apply to you -RRB- and have other financial obligations then your finances will be protected . Then you can purchase life insurance for your spouse , your family , your business partners , your mortgage etc. as different milestones occur in your life . You should pay yourself first and purchasing life insurance is one of the best ways you can pay yourself first . Remember , life insurance is money . And , under the current tax laws if the insurance is set up properly the beneficiary should be able to receive the proceeds tax-free . 