Get Married, Have Kids, Buy Life Insurance
The order in which we traditionally reach life’s main milestones has changed quite substantially over the last twenty years. Whilst people would traditionally get married first, before returning from their honeymoon to move into their first house together, things have changed now, and the average first time buyer is now in their late 30s. People still like to get married, and the recent success of the royal wedding has seen more and more people tying the knot after years of marriage decline.
Whilst some people are waiting longer and longer to have children, others are still having their children young as well, throwing the order of life’s big milestones into disarray for some families. Of course people would traditionally have bought life insurance when they bought their first homes, as it was also the time they got married, and would traditionally have been before they had children.
Buying life insurance should not be left until you buy your first house now, especially if you get married and have children years before.
You may ask why not, as life insurance is seen as being a policy to pay off the mortgage if the worst happens, and whilst it is, the reason you want to see your mortgage paid off if you die is so that your children and loved ones still have somewhere to live.
If you were to die before you bought a home, but you still had children where would they live? Where would they get the money to support themselves as a family? The answer is life insurance, and that’s why it so important to make sure you take it out as soon as you have a family to look after.
Tradition has been ripped up and changed for the last twenty years and you’ve got to make sure you understand that life insurance is designed to protect your financial responsibilities, like your children, and not just to pay off your mortgage.