When should I get life insurance?

Life insurance rates increase as you age, so the sooner you get it, the lower your premium will likely be. Applying soon means you can lock in your lowest rate. Owning life insurance is important if you have just purchased a home and need to cover the mortgage, if you've recently had a baby or have plans to in the future, or if you would like to provide income replacement for your family in the event of your untimely death.