Why You Should Not Wait Too Long to Buy Life Insurance
May 8, 2023
Do not wait too long to buy life insurance, as many hurdles could occur as you age, hindering the process. Ultimately, you can get life insurance very early in life. It is prudent to take advantage of these opportunities. Significantly, it could save you a lot in the long run.
3 Reasons Not to Wait to Buy Life Insurance
There are plenty of reasons to buy life insurance early. Likewise, we outlined three reasons to immediately secure a life insurance policy.
It Gets Expensive
Life insurance can get pricier as you age. Unfortunately, time works against you as you age. Time also creates more potential health issues. A 25-year-old would not likely see an expensive policy if they are fully healthy and active. Conversely, it would be different for a 55-year-old who has started to suffer from developing health issues. An insurance premium, especially life insurance, would be higher for someone older. The average rate for the increase can jump approximately 12% if you pass the age of 50. Therefore, the longer you age, the more complicated it could become. It would consequently make it more challenging to get an inexpensive plan.
Developing Health Issues
As noted, health issues could develop as you age. Barring extreme circumstances, you likely would not develop high blood pressure in your 20s. Additionally, these health issues could make it more challenging to secure a good policy. It could also disallow some coverage you received had you bought life insurance before the issue. Thus, it could cost you a chance to cover yourself when you need it the most. It is easier to secure a good life insurance policy when there are fewer signs of illness than if you were ill. Therefore, it is crucial to secure a policy before these issues develop.
Accidents
Accidents can play a role. Unfortunately, life is unpredictable, and an accident can throw your plan out the window. Consider that there is a significantly higher chance of an older person getting into an accident in the home than a younger person. Of course, there are some slight exceptions to the rule. But it goes back to the factors that age and health play in the pricing of a life insurance policy. Therefore, it is best to secure lifetime protection before the worst may befall you.
The Steps to Take to Buy Life Insurance
There are always options to take if you want life insurance. Ultimately, a life insurance advisor is always ready to work with you to determine your life insurance needs. Getting life insurance early can save you plenty of money and further issues.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.