5 reasons not to wait until you’re expecting a family to get life insurance

• If you know that you want to start a family in the future, it’s better to consider life insurance before you need to. 
• Getting life insurance now could help you save money on your monthly payment, have one less thing on your to-do list once the baby arrives, and help keep your coverage if you decide to be a stay-at-home parent.
• Life insurance is simple to shop and sign up for, and it’s a step in the right direction if you’re considering starting a family. 
• Policygenius can help you compare coverage to find the right life insurance policy for you, at the right price »

If you know you want to start a family in the future, it’s better to get life insurance sooner rather than later.

Experts generally recommend life insurance for anyone with dependents, like children or aging parents they support. Term policies (as opposed to whole-life policies) are fixed-rate policies that tend to be more affordable, and cover the policyholder for a set period of time — say, 30 years — before they expire.

There’s no reason to wait to get coverage. Here’s why you might want to consider doing it now rather than later, no matter how far down the road starting a family may seem. 

1. Life insurance is cheaper when you’re younger

You’re not getting any younger, and that means life insurance isn’t getting any cheaper.

The difference between what you could pay each month for coverage as you age is staggering. Eric Rosenberg writes for Business Insider that life insurance is three times cheaper at age 30 than at age 50, according to data from Quotacy. “A $100,000 term life insurance policy for a healthy 30-year-old male is just $12 per month, on average. At age 40, it goes up to $20 per month. At age 50, it’s $36 per month,” he writes. 

When you get your policy when you’re younger, you lock in that rate, making it cheaper to get life insurance now than to wait. 

2. Life insurance can come in handy before you have a family

Your new family isn’t the only reason to get life insurance. It’s can also be important to have if you have debt, or if you own your own business. 

Debt doesn’t go away if something happens to you — often, it will fall to your family. If you have a cosigner on your loan, it becomes their responsibility. Life insurance could help them cover that debt. And, for business owners, life insurance could help pay your employees and keep your business afloat if something happens to you. 

3. It could help your spouse, even if you don’t have children

Life insurance is a must-have for people with dependents, but it’s a nice-to-have for anyone who shares their household with another family member like a spouse. 

Policygenius can help you compare coverage to find the right life insurance policy for you, at the right price »

If your spouse loses you, they lose your income as well. And that could mean they’d need to cover all the expenses your income used to cover on their own. Life insurance could help them maintain their standard of living, and help cover expenses like a mortgage. 

4. If you’re planning to be a stay-at-home parent, you could lose any life insurance you have through your employer

Many policies offered through employers aren’t portable, and you’ll lose them if you decide to leave your job to stay at home or switch jobs.

If you or your partner are considering becoming a stay-at-home parent, or think that you’ll switch jobs in the near future, you might as well sign up now so you don’t have to worry about losing coverage. 

5. It’s one less thing to juggle when you have your hands full with a newborn

The last thing you’ll want to do after bringing home your new baby is shop for life insurance. It’s easy to get it out of the way now, and can help start your coverage (and peace of mind) sooner rather than later.

Spend an hour today gathering quotes, and take care of any necessary medical exams while you have the time. Then, you’ll have coverage when the time comes, and you can focus on spending time where it matters.