When is it advisable to obtain life insurance?

Obtaining life insurance is most advisable when there are people who depend on your income. This is because the primary purpose of life insurance is to provide financial security to your dependents in the event of your untimely death. If others, such as children, a spouse, or other family members rely on you for their financial support, having life insurance can ensure that they are taken care of and can maintain their standard of living even after you are gone.

In contrast, if you have no dependents, the financial need for life insurance is significantly reduced as there would be no one relying on your income. Similarly, while being about to retire may raise questions about financial planning, it doesn't necessarily warrant the immediate purchase of life insurance unless there are specific circumstances involving dependents. The idea that life insurance should only be obtained when reaching the age of 30 ignores the individual circumstances that might necessitate life insurance at any age, especially if there are dependents involved.