So many people put off the decision about purchasing life insurance either because they don’t believe the worst could happen to them or because they don’t know enough about the incredible value that life insurance provides. Now, however, is the best time to purchase life insurance. This is not a decision where you should procrastinate because it can only hurt you in the long run. Investigate your life insurance options now and save you and your family a great deal of headaches and trauma.
“It Won’t Happen To Me”
A lot of people think this, but sadly, I am sure that many of you have faced the sudden death of a friend or family member. That person may have been completely healthy but unexpectedly suffered a medical issue. Perhaps they were the victim of a car accident. Whatever the circumstances, it’s likely that that person and their family didn’t expect the worst to happen to them, either. Sometimes life is cut short. Although life insurance is a critical product, it’s something you buy that you hope you won’t need for a very long time. Ideally, you’ll stay in great health and be saved from any accidents. Unfortunately, that isn’t always the case. Deciding that it won’t happen to you can be a major mistake if it ever does happen to you. Plan for the unexpected and give yourself the peace of mind that just in case something happens to you, your loved ones will be protected.
Of course, we hope that you will buy a life insurance policy and never need it. We hope it sits in a drawer until you’re of old age and that you pass away from natural causes after a long and fulfilling life. As we all know, however, we’re only in control of our own destiny to a certain extent. Life insurance can help your family pick up the pieces.
“But I’m Not Extremely Wealthy”
It doesn’t matter. Does your family depend on your paycheck? Are you cutting mortgage checks each month? What about your children- were you hoping that they could attend college? All of these are reasons that you have to shift your mindset about being “wealthy”. Life insurance is for everyone. It allows you to replace income but it also offers so many more opportunities. It gives your family the freedom to continue life, cover debts, and afford educational opportunities that you might have planned for your children. Life insurance is not about wealth, although it’s a great tool that can be used for wealthy families, too.
Many financial experts recommend that you have at least six months of savings in the bank in case of a job loss or other emergency. With so many American families living paycheck to paycheck, it’s unlikely you’ve accumulated these savings. Even if you have, funeral and burial expenses could obliterate those savings in a matter of days. Think about it- how long do you think your family could continue to make it on the savings in the bank today? Would they be able to stay in their current house? Drive your current cars? Consider all of this when making your life insurance decision. For a very reasonable cost, you could safeguard all of these investments and protect your family from a financial disaster.
“I’m Still Healthy- Can’t I Put It Off Until Next Year?”
You certainly could, but what if you developed a medical condition? What if you were suddenly affected by cancer, barring you from ever getting insurance with the majority of life insurance carriers? Or what if you developed diabetes, a condition that can jack up your life insurance rates immediately? The best time to buy life insurance is when you don’t think you will need it- young and healthy means cheaper premiums and a better overall value for the life of your policy.
While you could put off your life insurance purchase, you’re only hurting yourself in the process. After all, every year that ticks by puts you at higher life insurance rates. Don’t forget that there is a cost associated with putting off your life insurance purchase. Why wait when you could purchase a 20 or 30 year term policy at a cheaper rate? Don’t wait until it’s too late- if you find yourself with a health problem down the road, you’ll be extremely happy that you locked in the rates of a young and healthy individual so many years before.
“But life insurance premiums are pretty stable, right?”
The life insurance industry is subject to government regulations just like everyone else. Since life insurance benefits are tax free, many times legislators turn to exploring this as an extra avenue for revenue. This means that over time, regulations have tightened on the insurance industry, requiring more life insurance carriers to funnel money into their reserves. Of course, the industry has undergone many changes in even just the last decade, but there are many companies who offer a stable selection of products. With major changes, however, that can lead insurers to increase the costs to their customers in the form of premiums. None of the premiums quoted today are guaranteed years down the road. You want to lock in your coverage before any major change in the government causes insurers to protect themselves or alter prices in order to be compliant. Based on how well everyone in Washington gets along (or really, doesn’t get along) these days, you’re better off not relying on the government to help the cause of making insurance affordable.
At the end of the day “now” is always the best time to buy life insurance. You will never be as young as you are today, so its best to lock in those rates and protect yourself from any and all risk.
If you have any questions feel free to call us at 888-492-1967 or get life insurance quotes online from all the top A rated carriers.
