Life Insurance: Procrastination Can Cost You
Before this starts to sound like another insurance salesman telling everyone in the world that they need life insurance and to hurry out and buy it today, let’s go over a few things. First of all, ask yourself this question: If I die tomorrow, would my death negatively impact anyone financially? In other words, is anyone else dependent on my future income besides me? If you answered YES, then you need life insurance. If you answered NO, you probably don’t need life insurance. It’s as simple as that.
So for you YES folks, here are two good reasons why procrastination will cost you.
- You will get older. This is guaranteed. The fact is a 30-yr old male in great health can get a $500,000 20-yr level term policy for about $20-25/month (assuming preferred non-tobacco rating). If he waits until he’s 35, assuming the same preferred rating, he’ll pay a little more…about $25-30/month. Not that big of a deal. BUT…see #2…
- As you age, things in your health history start to change. They may not necessarily be major, life-threatening type of things, but they can be things that prevent you from getting preferred rates from insurance companies. Some examples would be high blood pressure or cholesterol, your weight starts to creep up, and other minor health issues that do not make you uninsurable, but could prevent you from getting the best rates. Let’s re-visit our 35-yr old and assume that something has happened in the past 5 years that now only qualifies him for standard non-tobacco rating. The $25-30/month has just turned into $50-60/month. BIG difference!
Term life insurance is an extremely competitive product. The best way to make sure you get the best rates possible is to shop. If you don’t have the time to shop yourself, I know a guy who can do the shopping for you. His website is HERE.