When Should I Have Life Insurance? 
The best answer , I think , is when you are young and healthy . The younger you are , the less expensive the coverage and the more coverage you can get for you premium dollar . In addition to providing the obvious financial security , owning life insurance also protects your `` insurability '' . Consider this example . A 30 year old man buys $ 500,000 worth of life insurance and , continues to maintain his payment plan in good order . When he is 45 , he is diagnosed with Crohn 's disease , a chronic auto immune disease usually affecting his digestive system . Because of the nature of that disease , he will never be cured of it and may face years of possible related health issues . Many companies will as a result , determine him to be un insurable from that point on meaning the only coverage he has is the coverage he bought when he was younger . They ca n't take it away from him , but he wo n't be able to buy more if he needs it . 