Most people know when they should purchase auto insurance or homeowners’ insurance, but not as many people know when they should acquire a Connecticut life insurance policy. If you aren’t sure whether or not it’s time to buy life insurance, there are a few situations that may indicate it’s time.
Although a Connecticut life insurance policy can benefit you while you’re single, most people typically purchase one once they get married. If you are married, you and your spouse may not require very much life insurance, but this insurance can make sure that your spouse is financially protected if something were to ever happen to you.
Married With Children
If you have children, they rely on you for almost everything. Once you have your first child is about the right time to purchase a life insurance policy if you don’t already have one. Under this policy, your children’s living expenses as well as their educational expenses would likely be covered if you were to pass away unexpectedly.
If you’re retired, this doesn’t mean that you can’t benefit from a life insurance policy. However, if you choose to purchase life insurance while you are retired, you may want to strongly consider buying a whole life insurance policy. This will make sure that your beneficiaries are allotted benefits, regardless of when you happen to die.