The secret of life insurance: get it before you need it

Posted : April 26, 2020

Updated : November 8, 2023

Key takeaways

Getting life insurance earlier may help you qualify for lower premiums while you’re in good health.
Major life milestones like marriage, parenthood, or buying a home may change your coverage needs over time.
Planning ahead may help you feel more prepared for future financial responsibilities.
Reviewing your coverage regularly can help ensure your policy continues to align with your life and goals.
Some life insurance programs may offer rewards or savings opportunities tied to healthy lifestyle choices.

You’re young and healthy. Life’s major milestones like having kids and buying a house are still in front of you. So why should you get life insurance? The reality is that there’s no better time than right now.

Get coverage while you’re healthy

Here’s the thing: the best time to get life insurance is before you feel like you need it. The unexpected can happen. Even temporary conditions or lapses in good health can affect your ability to qualify at an affordable rate.

Applying while you’re in good health can get you a lower premium. This allows you to make a big impact on your future, while putting a smaller dent in your income now. These days, it’s also quick and easy to get the process started. Filling out the form for a free quote takes minutes, and you can apply for a policy online.

Plan before major milestones happen

If you don’t have children or dependents, planning for a life down the road where you do can feel a little abstract. But we don’t need to tell you that a lot can happen in just three to five years. That’s more than enough time to go from living on your own to having a family to look after. In the future, you’ll have a lot on your plate. You’ll appreciate not having to worry about getting insurance now that you really need it.

Buying earlier may lower your costs

If you apply for life insurance when you’re younger, your premium will likely be lower. The difference in cost between getting a policy in your twenties and waiting until your forties can be significant. Yes, you’ll have a monthly payment earlier, but we’re talking about something that you may have for life. When you look at the big picture, the long-term savings can outweigh the early investment.

Plus, with new, life insurance innovations like the John Hancock Vitality program, you can save even more on your premium and earn rewards just for the healthy choices you’re already making.

Review your coverage as life changes

So, you’ve decided to be proactive and started a life insurance policy. You’re done, right? Set for life? It’s actually not that simple. When you reach those major milestones of homeownership, parenthood or even retirement, it’s important to consider whether you need to expand your coverage. As your life grows and evolves, so should your life insurance.

Conclusion

Life insurance may not always feel urgent when you’re young and healthy, but life can change quickly. As your responsibilities grow through milestones like marriage, parenthood or homeownership, having coverage already in place may help you feel more prepared for the future. Starting earlier may also make it easier to qualify for coverage and lock in lower premiums while you’re in good health.

Need more answers and inspiration? Get some life insurance basics here and be sure to check out all of our helpful Ideas & Insights articles.

Frequently asked questions

Some life insurance policies may include administrative fees or costs depending on the type of policy and the features selected. Reviewing your policy details carefully and asking questions about premiums, riders and other charges can help you better understand how your coverage works and what costs may apply over time.

Disclaimer: This content is provided for general informational and educational purposes only and should not be considered financial, insurance, legal, or tax advice. Individual situations may vary, and readers should consult with a qualified professional before making decisions related to life insurance or financial planning.

Insurance policies and/or associated riders and features may not be available in all states.

Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock.

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

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