Why you shouldn't wait to get Life Insurance
Life insurance is considered a fundamental element of sound financial planning.
For a minimal monthly fee to a provider, you can obtain financial security for your loved ones in the event of death. These policies are extremely important in ensuring the well-being of your family, and getting a policy sooner rather than later can greatly benefit you in the cost and coverage you get.
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."
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 grow 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.
But if you act now, when you're young, healthy, and less likely to have your beneficiaries cash out a policy, you can secure a low 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.
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."
So, to both 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. Unfortunately, during the height of the pandemic, millions of Americans had to confront those issues. With that context, you should 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 Takeaway
Now is the time to act to get the best life insurance plan you can get. The best thing you can do is talk to an expert, so here at Monarch BA, we are prepared to talk to you and answer your questions to help you get the best policy you can. Contact us today.