Life insurance is the best decision you’ll make for your family, but it’s one decision that many people tend to put off. Nobody likes to think about their death or what would happen to their loved ones, but not planning ahead could leave your family with serious financial strain. Most adults really need some sort of life insurance policy. Here are a few reasons to stop putting off this important purchase.
- The Older You Get The More Expensive Life Insurance Gets
One of the main factors that drives life insurance premiums is the age of the applicant. Bottom line, the older you are when you apply for life insurance the more expensive it gets. That’s why if you are married and/or have dependents it’s best to make the decision to purchase some life insurance today while you are still young and can take advantage of the lower rates.Every year that you wait, your insurance premiums are going to get even more expensive. If you want to save yourself money through the years, you should go ahead and purchase a policy today. Why wait for something that you know you’re going to purchase eventually.
- Buy Life Insurance While You Are Still Healthy
Another very important factor in the life insurance company’s decision as to how much life insurance coverage will cost you is your general health. Unless you are applying for a no exam life insurance policy, you will have to undergo a very brief health examination which includes an evaluation of your height, weight, blood pressure, urinalysis and blood profile.The life insurance company will also request your medical history from your recent doctors visits (this is called an Attending Physicians Statement (APS). Based upon your medical records and health examination, the life insurance company uses that information to determine how much your policy will cost in premium.With that said if you are healthy and otherwise putting off the decision to purchase life insurance you may want to apply sooner than later while you are still healthy. After all, for most of us, with age comes more health complications and increasing life insurance rates. Once again, as we stated with the first point, it’s better to buy life insurance today rather than waiting.
- Better To Have And Not Need, Than Need And Not Have
I once heard another agent say, “It’s better to be a few days early than a day late” in response to a client mentioning they didn’t like the idea of buying life insurance when they knew they were still young and healthy and felt they didn’t need it.No body likes to consider the possibility of their death, but it’s a fact of life. Most of us will grow old and die having had the amazing opportunity of watching our children grow old and their children grow old. However, that doesn’t make the possibility of an early and unforeseen death very possible.In addition, nobody buys life insurance with the hope or expectation of using it, kind of like car insurance. However, if something were to happen where the need for life insurance was merited, you and your family are going to be happy you had it.
You can’t predict the future. You never know what’s going to happen tomorrow, but you can always plan for the worst. Every year we hear stories of people that suddenly lost someone close to them. The stories always go one of two ways. Either the person had life insurance, and they were extremely grateful for that coverage, or the person was uninsured and they found themselves with thousands of dollars in debt that made the whole situation much worse.
- Consider Future Needs and Lock-In Lower Rates Now
If you know you have, or will be having a need for life insurance in the foreseeable future consider purchasing enough life insurance to cover that need now. Purchasing life insurance you will need in the near future will help you lock in lower rates for that coverage now.An example of a future need for additional life insurance would be such as anticipating a pay increase or raise a few years down the road. If you are currently making $50,000, however anticipate in the next few years you will be making closer to $100,000 it may make sense financially to purchase the additional coverage now to lock in lower rates for your life insurance coverage.Another example would be holding off your life insurance purchase while you are engaged to be married. If you are certain you and the love of your life are surely going to be married after your two year wedding engagement, why not purchase the coverage now rather than two or three years down the road? Those three additional years you waited to purchase coverage can add up to be a substantial amount of additional premiums you are paying out over the life of the policy.
- The Health Exam Is A Piece Of Cake
If the health exam for your life insurance policy is holding up your decision to purchase the coverage you need, please don’t let that be the case.We recently purchased additional life insurance on my wife. We scheduled the exam to be on a weekend for a couple reasons. One, it was most convenient for us, and two, I wanted to be there for the examination because I like to see how different examiners and examination companies operate since I use these companies often for my clients.The examiner was literally in and out of our house in less than 15 minutes. It was quite amazing. He took my wife’s blood pressure, height, weight and collected a blood and urine sample in less time than it takes me to scarf down a quick lunch.
Another thing to keep in mind is that these health exams aren’t like an annual physical at your doctor’s office where they may grab and squeeze you in certain places as well as make you turn your head and cough. Your clothes stay completely on and the only time you are even touched by the examiner is for the blood pressure reading and blood drawing.
Which leads me to another point; these examiners are professionals at drawing your blood. Many of these examiners are actually EMT’s by night and medical examiners during the day. The take their job very seriously and they are educated, licensed and trained to do what they do.
The medical exam is one of the most common reasons that people don’t purchase a life insurance policy, but it shouldn’t be that way. Having a medical exam done is quicker and less stressful than having to go to the doctor.
Getting the Cheapest Life Insurance
The other reason that a lot of people skip getting insurance coverage is because of money. They think that a policy is going to be expensive, it just about every case, applicants are surprised to see just how affordable coverage is. If you want to get the most affordable policy, there are several things that you can do to get the lowest rates possible.
The first is by getting in the best shape possible. I mentioned that pesky health exam that you’ll have to take, well the results from the exam are going to play a role in how much you pay for your coverage, which means that if you want to save money, you’ll have to make sure you have glowing results from the medical exam. The best way to do that is by starting a healthy diet and getting regular exercise. Both of these will help you lose weight, lower your blood pressure, and improve your cholesterol levels. All of which are going to mean lower rates on your insurance plan and more money in your pocket.
Additionally, if you are a smoker, it’s time that you quit the bad habit once and for all. Smoking will cause your rates to double or triple depending on the company. If you want to save money on your plan, being listed as a non-smoker is the best way to do that.
Another way to ensure that you’re getting the best rates is by using an independent agent, like our agents at Life Insurance United, to help you compare rates from dozens of different companies. Instead only representing one insurance company, like at traditional insurance agent, our independent agents represent dozens of the highest rated companies across the nation. Because every company is so different, you could receive drastically different quotes for the exact same plan from two companies. If you want to save money on your policy, it’s vital that you get quotes from various companies before you choose the one that works best for you.
Hopefully this article gave you a better understanding as to some of the benefits and reasons to take the plunge and purchase you life insurance coverage sooner than later. If you are ready to take the next step to acquire a life insurance quote, simply fill out the form on this page.
If any of these are the reasons that you are waiting to buy life insurance, you could be making a terrible decision. If you have any questions about life insurance or the various types of policies, our agents will be happy to answer those questions for you. It’s important that you get the insurance coverage that you and your family needs. Don’t wait any longer.