Term Life insurance generally isn't expensive. Two factors dictate the premiums, morbidity tables and interest rates. Since people are living longer and interest rates are low, premiums are the lowest today. When is the right time? The right time is as soon as possible. When it comes up in conversation and you realize you don't have enough or any. Word to the wise, your employers life insurance policy won't carry over when you leave. At least not at a comparable cost. The right time is now when you are at your youngest and healthiest, it is cheapest.