Life insurance is considered a fundamental element of sound financial planning.
In exchange for a minimal monthly fee to a provider, policyholders can obtain financial security for their loved ones in the event of their death. The importance of having a policy - both for beneficiaries and for potential use while alive - is significant, financial advisers say.
And yet, millions of Americans either don't have life insurance or are underinsured. This is particularly true for younger Americans. According to LIMRA, "nearly half (47%) of millennials (34 million adults) say they need (or need more) life insurance."
If you find yourself in either of these categories, reach out to a life insurance pro now. They can help you get started with a free quote so you know exactly what to expect.
3 reasons you shouldn't wait to get life insurance
When it comes to securing a life insurance policy there's no time like the present. Here are three reasons why you shouldn't wait any longer.
It will only become more expensive
Life insurance won't get any cheaper the longer you wait. In fact, as you get older it will only become more expensive. The older you are the riskier you will be to insure. That cost will be reflected in your premiums. Regardless of the type of insurance you get, it'll be more expensive when you're older and more likely to cash in.
If you act when you're young, healthy and less likely to have your beneficiaries cash out a policy, you can secure a lower rate. This is especially true for term life insurance policies, which many younger adults opt for due to their lower premiums. You can potentially secure a term life plan for hundreds of thousands of dollars - or even $1 million or more.
Act now while rates are still low and coverage is comprehensive.
Health issues could limit coverage
Not only will health issues as you age make your coverage more expensive, but they can also potentially cause a provider to deny you outright - or significantly limit how much protection they'll provide.
"Due to the added risk health problems create for insurers, some pre-existing conditions can raise your premium or even disqualify you entirely from certain types of life insurance," Progressive notes. "A few common examples of pre-existing conditions include high blood pressure, diabetes, cancer, and asthma."
"Previous injuries might be considered pre-existing conditions, depending on their severity and any lasting effects," the insurer continues. "Smoking and chewing tobacco, while not considered pre-existing conditions, will also make it more difficult to get approved and affect how much your life insurance costs. Quitting can result in a lower premium, depending on how long it's been since you stopped."
To save money and avoid potentially expensive and disqualifying health issues, adults who currently do not have life insurance (or those who don't have enough) should act now while they're still healthy.
Accidents could occur
No one likes to think about death or unfortunate circumstances. But it's wise to make sure your loved ones are protected in the worst-case scenario.
While life insurance is beneficial for a variety of people to have, it's especially important for a select few groups. This includes parents of young children (think under 18), those who have debt like mortgages and student loans, and those who share expenses with their husband or wife.
If you fall into one or more of these categories then you should shore up your life insurance policy now to protect your loved ones in case of an accident.
The bottom line
Life insurance can be helpful to have at many stages of your life. But those who don't have it at all - or need more coverage - should act soon before rates rise and their chances of coverage disqualification increase.
Speak to a life insurance expert now and get started!
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November 22, 2022 at 02:32AM
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Why you shouldn't wait to get life insurance - CBS News
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