The best time to have life insurance is when you die or when you need access to money for opportunities and purchases.     The reason I say the best time to have life insurance is when you die, is so your family gets a death benefit.   It does you little good other than protect your income years, if you pass away with no insurance.   If you paid for term for 20 0r 30 years and now you die with no coverage, that is quite unfortunate.   Most assume that once you get to a point and you have accumulated enough money, you can self insure with your existing assets.  This is a strategy that the life insurance carriers certainly like as they don’t have to ever pay a death benefit.   All of the premiums paid during those years were pure profit to the company.   Only about two percent of term life policies ever actually pay a death benefit.

The other time it is great to have life insurance is when you need capital for whatever reason.  The reason could be  for investing or buying a new property or a car.  If you have a cash value policy, you can have access to the cash value that you have accumulated and you can borrow against it, to buy whatever you want.   I promise you will be happy when you want to make a down payment on a new home and there is enough money you can access in  your policy.   The other beautiful thing about a cash value policy is that it is permanent and your family will eventually get a tax free death benefit.