I was newly married, in my 20’s, when my good friend suggested that I meet with his father who was a life insurance agent with a large life insurance company. My first reaction was, “life insurance? I’m too young for that. Besides, I have other, more important expenses now that I own a home and have two car payments.”

This was and still is a typical response to life insurance needs when we are “young”, and we think we will live forever. I eventually met with my friend’s father who laid out an affordable executive $100,000 term life policy for me and my wife. I think the payment was something like $18.00 a month. As Cher sings, “If I could turn back time…”. Or as Rod Stewart and Faces sing, “I wish that I knew what I know now, when I was younger.”

Both songs offer good advice when it comes to decisions about life insurance. Hindsight is always 20/20. We procrastinate because death protection is most likely the furthest thing on the horizon when it comes to where we spend our hard-earned dollars.

The bottom line is that we all need it. The irony is that it is less expensive the younger we are for the simple reason that life insurance is risk protection for our family and our assets, and the risk of dying is obviously lower the younger we are, provided we are in good health. Here are five reasons to consider buying life insurance:

1. Debt Cancellation – Do you have debt that will outlive you such as a mortgage, credit cards, auto loans? Unless you have a big pot of cash set aside for paying off these debts, your heirs will be stuck with the bill. You should consider mortgage life insurance, a debt cancellation policy or a term life policy.
2. College Education – Do you have young children who want to go to college? Should you or your spouse die, are there funds to cover their college expenses.
3. Estate Taxes – Are estate taxes an issue? Why use your investments to pay for those when a life policy can be set up to pay your estate taxes, so your heirs inherit more of the nest egg.
4. Income Replacement – Are you the sole income provider? Should you die, how will you replace the income your family depends on? Again, life insurance can be a solution.
5. Affordability – Coverage is affordable. Most people can afford life insurance. The younger and healthier you are, the lower the premiums. Your advisor will help you compare policies and find the one that best fits your needs.

Many people approach the life insurance discussion much like they do when buying a car. They are skeptical and often distrusting of the agent. Like any important decision you make such as buying a house or investing your money, you want a professional to help you with these important decisions. So, it is with life insurance.

Speak with a financial advisor or life agent and find one that you can trust, and feel is working for your best interests. Don’t let the fear of being bullied into buying something you don’t need keep you from making this important financial planning decision.

I eventually did buy life insurance. Unfortunately, I waited until I was in my 30’s and, of course, I paid more than I would have as a newlywed. Better late than never. The best time to plant a tree was 20 years ago. The next best time is today. Do not let procrastination get the best of you. Have a financial professional help you assess your life insurance needs today!