Is there a best time to buy life insurance?

Key takeaways

• The timing of when you buy life insurance can affect your coverage options and premiums.
• Buying life insurance earlier in life may provide access to lower premium rates.
• Major life events, such as marriage or starting a family, can influence when to consider coverage.
• Your health and age are key factors that insurers consider when determining eligibility and cost.
• Reviewing your needs over time can help ensure your coverage continues to align with your situation.

Deciding when to get life insurance may seem complex, but it often comes down to your personal circumstances. If your absence could create a financial burden for others, it may be worth considering coverage.

Life stages and the right time to buy life insurance

The need for life insurance can vary at different stages of life, depending on personal circumstances and financial priorities. Understanding how your needs may change over time can help you decide when to consider coverage.

Your 20s

At this stage, individuals may be focused on starting their careers and building financial independence. Some may begin exploring life insurance as part of early financial planning.

Your 30s

Life events such as marriage, homeownership, or starting a family may influence how individuals think about financial protection and future planning.

Your 40s

This stage may involve balancing multiple financial responsibilities, which can lead individuals to review their existing plans and consider whether adjustments are needed.

Your 50s

In your 50s, retirement planning and long-term financial goals often become a greater priority. Some individuals may review their life insurance coverage to help support income needs, estate planning goals, or financial responsibilities that may continue into retirement.

Your 60s and beyond

In your 60s and beyond, life insurance may become part of estate and legacy planning strategies. Some individuals use coverage to help transfer wealth, preserve assets for beneficiaries, support charitable giving goals, or help provide liquidity for estate related expenses.

Life events that trigger the need for life insurance

You are married, or soon to be

Now that there are two of you in the picture, it’s important to begin thinking about long-term financial security. If one of you were no longer around, would the surviving spouse be financially secure? Would there be enough to cover funeral expenses, credit card payments or other debts? If not, life insurance can help bridge this gap.

You have children, or are about to start a family

Now you’ve upped the ante. You have dependents who rely on you. You want to protect your family and make sure expenses, including education, are taken care of. According to a 2026 analysis by CBS, the average cost to raise a child to age 18 in the U.S. is now about $303,418.¹ Even if the surviving spouse works, would that income be enough to cover the loss of your salary? In addition, the surviving spouse may need to take over your part of the parenting and household duties, which could compromise his or her job.

You are a homeowner, or will be soon

Owning your home creates a wonderful sense of security, until you realize that if your paycheck disappeared the outstanding mortgage could be a burden to a grieving spouse. A term life insurance policy is a good way to pay off the mortgage and other debts should something happen to you.

You are retired, or nearly so

Perhaps you are caring for grandchildren or a disabled child. Or, should you die, your spouse could outlive you by 10 or 20 years, or more. Is there enough in your nest egg to make sure your dependents are covered, or that a comfortable lifestyle can continue for the rest of your spouse’s life?

Single and happy

You may think you’re off the hook, but most likely you still have some financial responsibilities, such as paying off credit card or college debt. According to the Institute for College Access & Success, 68% of graduates each average $30,100 in loans.² Also, more and more singles are helping out older parents. If something happened to you, what would happen to them? Life insurance can be very affordable when you’re young, and it’s a great way to boost your financial plan.

Conclusion

Life insurance can be a practical part of a broader financial plan, helping you think ahead with more confidence as your circumstances change. The right time to explore coverage is often the time that best fits your current priorities and responsibilities.

To better understand what may work for your situation, contact a John Hancock financial advisor. They can help you review your options and choose a path that supports your long-term goals.

Citations:
¹ CBS News: " Raising a child now costs over $300,000 in the U.S., study finds. See how your state compares." by Mary Cunningham, April 7, 2026,  https://www.cbsnews.com/news/cost-to-raise-a-child-300000-us-state-by-state/
 

² College Board: " Trends in Student Aid: Highlights",  https://research.collegeboard.org/trends/student-aid/highlights

This article is not an endorsement of any particular product, service or organization; nor is it intended to provide financial, tax or legal advice. It is intended to promote awareness and is for educational purposes only.

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02210 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.
 

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